ADVOKS GLOBAL · KENYA
Nairobi International Financial Centre Act
7. Powers and functions of the Authority
Edition: 2022-12-31 · In force
7. Powers and functions of the Authority
In order to realise its objectives, the Authority shall have powers and functions to—(a)formulate and implement policies relating to the establishment, operations and administration of the Centre;(b)develop, in collaboration with other relevant agencies, the necessary infrastructure to support the conduct of qualified activities;(c)certify firms to conduct activities under the Centre;(d)review and recommend in consultation with the relevant agencies, the development of legal, the regulatory and institutional framework including mechanisms for judicial redress for the purposes of aligning them to the needs of the Centre;(e)impose administrative penalties for breach of any rules, regulations or directives;(f)determine, impose and levy, in consultation with the Cabinet Secretary, any rates, charges or fees for any services rendered by the Authority;(g)promote the Centre as the leading operating framework for financial services and related activities;(h)co-operate and enter into association and agreements with local and international bodies, institutions and organizations to support the functions of the Authority; and(i)undertake any other activity necessary for the fulfilment of its objectives under this Act.