ADVOKS GLOBAL · KENYA
Prevention of Fraud (Investments) Act
12. Refusal and revocation of licences
Edition: 2023-12-11 · Not commenced
12. Refusal and revocation of licences
(1)The Minister may refuse to grant an application for a licence, or may at any time revoke a licence, if—(a)the applicant or the holder of the licence has not furnished such information relating to himself, and to any circumstance likely to affect his methods of conducting business, as may be prescribed, or has furnished such information otherwise than in a prescribed manner; or(b)it appears to the Minister that by reason—(i)of the applicant or the holder of the licence, or any person employed by, or associated with, such applicant or holder for the purposes of his business, have been convicted, in Kenya or any other country, of an offence, his conviction for which necessarily involved a finding that he acted fraudulently or dishonestly; or(ii)of such applicant holder or person having been convicted of an offence under this Act or having committed a breach of any rules under this Act for regulating the conduct of business by holders of licences; or(iii)of any other circumstances whatsoever which are likely to lead to the improper conduct of business by, or reflect discredit upon, the method of conducting business of, such applicant, holder or person, the applicant or holder, is not, or, as the case may be, is no longer, a fit and proper person to hold a licence.(2)The Minister may also revoke a principal’s licence at any time if it appears to the Minister that the holder of such licence is not carrying on in Kenya the business of dealing in securities.