Reciprocity is required for foreign investors to obtain authorisation from the central bank (i.e. National Bank of Rwanda) to establish and carry out the activity of securities depositors in Rwanda.
"Chapter II - Authorization for taking up the activities of participant
Article 3 – Licensing
Without prejudice to provisions under the law, only a company authorized to do so by the Central Bank may act as a Participant within the meaning of the Law [Law governing holding and circulation of securities].
A company governed by Rwandan law intending to carry out the activity of holding Book-Entry Securities on behalf of third parties in Rwanda is required, before starting operations, to be duly authorized by the Central Bank, irrespective of any other place where it may carry out its activities.
[...]
Article 4 – Licensing requirements
Authorization may only be granted if the institution making the request meets the following conditions:
1° having the status of Bank or intermediaries of the capital market governed by Rwandan law, and
2° fulfilling the other requirements provided under this regulation.
The Participant must have the resources and procedures which are necessary to carry out the activity of holding Book-entry Securities on behalf of third parties.
These requirements relate to matters such as human resources, information systems, accounting, customer protection and the compliance and internal control system.
[...]
Article 9 – Requirements for foreign participant
Securities depository under the laws of another State and authorized pursuant to the law of that State to hold book-entry Securities on behalf of third parties can be authorized to act as Participant under the following conditions:
1° that it be subject to legislation providing a supervisory regime whose level of requirements is identical to that provided by the Law and this Regulation;
2° the law of the foreign State governing the foreign Participant must allow access to the territory of this State by persons acting on behalf of the Central Bank for the exercise of their supervisory duties.
3° A License to operate in the home/base country, where applicable;
Article 10 – The prerogative of Central Bank to authorize or not a foreign participant
The Central Bank may refuse to authorize a Participant governed by the law of a State which does not offer reciprocal market access under the same conditions to Participants governed by Rwandan law. [...]" (Regulation No 8 of 2010 of the National Bank of Rwanda on the Licensing Requirements Participants in the Central Securities Depository and the Protective Measures of Securities)
-------------------------------
"Article 2 – Interpretation of terms
Under this law, the following terms shall have the following meanings: [...]
12° “CSD”: the Central Securities Depository;
13° "participants in CSD": institutions authorized to open and hold Securities Accounts with the CSD; 
[...]
Chapter II - Central Securities Depository and its participants
Section One – Central Securities Depository
Article 3 – Exercise of the functions of the Central Securities Depository
The Central Bank shall perform the functions of Central Securities Depository system which is abbreviated as “CSD”.
[...]
Section 2 – Participants in CSD
Article 6 – Persons who qualify for participation within CSD
Participants within CSD are as follows:
1° banks;
2° intermediaries of the capital market;
3° any other authorized persons and who fulfil the conditions set by the Central Bank.
Article 7 – Rights of participants in CSD
Only Participants are authorized to hold Book-entry Securities on behalf of third parties. [...]" (Law 26 of 2010 governing the Holding and Circulation of Securities)
Regulation No 8 of 2010 of the National Bank of Rwanda on the Licensing Requirements Participants in the Central Securities Depository and the Protective Measures of Securities
Law 26 of 2010 governing the Holding and Circulation of Securities
[<a href="https://www.amategeko.gov.rw/document/legislation/2010_12_27_2010_12_30_LT_REG_BUS_TL_licensing_requirements_for_participants_in_central_securities_depository_and_the_protection_of_securities_holders_08_2010">Reg</a>],[<a href="https://rwandalii.org/akn/rw/act/law/2010/26/eng@2010-05-28">Law</a>]