ADVOKS GLOBAL · KENYA
The Capital Markets (Corporate Governance) (Market Intermediaries) Regulations
2. Interpretation
Edition: 2022-12-31 · In force
2. Interpretation
In these Regulations, unless the context otherwise requires—“board” means the board of directors of the market intermediary;“close relation” means a relationship supported by documentary evidence of a spouse, parent, sibling, child, father-in-law, son-in-law, daughter-in-law, mother-in-law, brother-in-law, sister-in-law, grand child or spouse of a grandchild;“management of a market intermediary” means the persons who the Authority has been informed, in writing, are responsible for the day to day administration of a market intermediary;“market intermediary” means a company licensed under Part IV of the Act;“independent non-executive director” means a director who:(a)has not been employed by the market intermediary in an executive capacity within the last five years;(b)is not associated to an adviser, consultant to the market intermediary or a member of the market intermediary’s senior management or a significant client or supplier of the market intermediary or with a not-for-profit entity that receives significant contributions from the market intermediary; or within the last five years, has not had any business relationship with the market intermediary (other than service as a director) for which the market intermediary has been required to make disclosure;(c)does not have a contract of service with the market intermediary, or a member of the market intermediary’s senior management;(d)is not a close relation of an adviser, consultant to the market intermediary or a member of the market intermediary’s senior management or a significant client or supplier of the market intermediary; or(e)has not had any of the relationships described in paragraphs (a), (b), (c) and (d) with any affiliate of the market intermediary.