Capital Market Authority (CMA) is a public institution established by Law No.23 /2017 of 31/05/2017 responsible for developing and regulating the capital markets industry, commodities exchange and related contracts, collective investment schemes and warehouse receipts system. CMA was previously referred to as the Capital Market Advisory Council (CMAC) which was a council established by Prime Minister's Order N0 01/03 of 28 March 2007 to initially guide the development of a Capital Market in Rwanda.