ADVOKS GLOBAL · KENYA
The Capital Markets (Commodity Markets) Regulations
36. Approval of spot commodity contract specifications
Edition: 2022-12-31 · In force
36. Approval of spot commodity contract specifications
(1)The commodity exchange shall submit spot commodity contract specification to the Authority for approval prior to becoming eligible for listing on a commodity exchange.(2)Where, after the approval of the spot commodity contract specification, the Authority finds the application or operationalization of the approved spot commodity contract deficient in any material respect or that the commodity exchange has failed to comply with any conditions or requirements or that the continued listing of the spot commodity contract would not be in the public interest, the Authority may—(a)direct the relevant commodity exchange to correct the deficiency;(b)direct the relevant commodity exchange to comply with the condition or requirement given by the Authority within the specified time;(c)amend the specification of any spot commodity contract; or(d)revoke the spot commodity contract.(3)The Authority may require an application for approval of a spot commodity contract to be accompanied by an expert opinion regarding any of the information contained in the contract.(4)An application for approval of a spot commodity contract specification shall not be rejected and an approval of a spot commodity contract shall not be revoked unless the relevant commodity exchange has been given an opportunity to be heard by the Authority.