ADVOKS GLOBAL · KENYA
The Capital Markets (Corporate Governance) (Market Intermediaries) Regulations
20. Management of a market intermediary
Edition: 2022-12-31 · In force
20. Management of a market intermediary
(1)The management of a market intermediary shall operate and manage the market intermediary on a day-today basis.(2)The management of a market intermediary shall—(a)implement and adhere to the policies, practices and standards developed by the board;(b)adhere to the systems established to facilitate efficient operations and communications;(c)adhere to the planning process that has been developed to facilitate achievement of targets and objectives;(d)promote human resource development and training and deal with other issues relating to staff;(e)comply with the code of conduct, the Act and any other relevant laws; and(f)keep and maintain record, and comply with all the reporting requirements.(3)The management of a market intermediary shall ensure that—(a)each employee has a job description that defines his duties and responsibilities;(b)all employees familiarize themselves with and adhere to the code of conduct;(c)employees, collectively, have the necessary knowledge, skills, information and authority to establish, operate and monitor the system of internal controls;(d)the areas of discretion of each employee and the criteria governing the actions of each employee are adequately defined, and that each employee is subject to oversight by another employee and in the case of management, oversight by the board;(e)the ability of any employee to commit the market intermediary to expenditure, market positions or any other trading matter is sufficiently defined; and(f)there are adequate financial controls, including a requirement for dual signatures for material payments.(4)Every intermediary shall report any change in its management as required under regulation 17(2).