ADVOKS GLOBAL · KENYA
Capital Markets Act
22. Disciplinary action by securities exchange
Edition: 2025-12-11 · In force
22. Disciplinary action by securities exchange
(1)Where a securities exchange or a derivatives exchange reprimands, fines, suspends or expels, or otherwise takes disciplinary action against a trading participant or a listed company, it shall within seven days give notice to the Authority in writing, giving particulars including the name of the person, the reason for and nature of the action taken.(2)The Authority may review any disciplinary action taken by a securities exchange or derivatives exchange under subsection (1) and, on its own motion, or in response to the appeal of an aggrieved person, may affirm or set aside a securities exchange or derivatives exchange decision after giving the trading participant or the company and the securities exchange or derivatives exchange an opportunity to be heard.(3)Nothing in this section shall preclude the Authority, in any case where a securities exchange fails to act against a trading participant or a listed company or a derivatives exchange fails to act against a futures member, from itself, suspending, expelling or otherwise disciplining the subject person, but before doing so the Authority shall give such persons and the exchange an opportunity to be heard.