The Capital Markets (Corporate Governance) (Market Intermediaries) Regulations

30. Compliance officer

Edition: 2022-12-31 · In force

30. Compliance officer

(1)The board shall appoint a compliance officer who shall—

(a)monitor compliance with the regulatory requirements prescribed by the Authority, and shall not be involved with any function that is the subject of compliance;

(b)have sufficient authority to carry out such function;

(c)have unfettered access to information;

(d)have direct access to the board;

(e)take necessary action to rectify any non-compliance;

(f)report any non-compliance issues that cannot be rectified to the board;

(g)report to the board any material breaches of the regulatory requirements; and

(h)submit an annual corporate governance report to the board.

(2)The officer in charge of compliance may be held personally liable for the failure to ensure compliance by the market intermediary with the regulatory requirements of the Authority.

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Source: Kenya Law