ADVOKS GLOBAL · KENYA
The Capital Markets (Commodity Markets) Regulations
12. Appointment of a chief executive officer
Edition: 2022-12-31 · In force
12. Appointment of a chief executive officer
(1)A commodity exchange shall determine the qualification, manner of appointment, terms and conditions of appointment and other procedural formalities associated with the appointment of the chief executive officer.(2)A person shall not be appointed as the chief executive officer of a commodity exchange where the person is—(a)a significant shareholder or an associate of a shareholder of any commodity exchange; or(b)a significant shareholder or an associate of a market participant.(3)The tenure under any contract of appointment of the chief executive officer of a commodity exchange shall not be less than three years and not exceeding five years and may be renewable once.(4)A commodity exchange may change its chief executive officer upon prior written notice to the Authority.(5)The Authority may recommend to the board of the commodity exchange the termination of the appointment of a chief executive officer of a commodity exchange if the Authority considers the chief executive officer has not met the fit and proper requirements as set out in section 24A of the Act.