Regulatory Alerts2017-09-04
Added · Updated
Capital Market Guidelines on Issuance of Commercial Papers
The Capital Market Authority of Rwanda issued Guidelines No. 11 to establish a regulatory framework for eligible companies to raise short-term funding through unsecured commercial paper. Issuers must maintain a minimum equity of Rwf 500 million, present a clean Credit Reference Bureau report, and issue notes maturing between 30 days and one year at a discount determined by prevailing treasury bill rates and credit ratings. The framework permits both private placements and public offerings with minimum denominations of Rwf 100,000 and Rwf 1,000,000, respectively, while requiring licensed advisors and specifying eligible investor categories to deepen the domestic money market.
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