ADVOKS GLOBAL · KENYA
The Capital Markets (Demutualization of the Nairobi Securities Exchange Limited) Regulations
5. Procedure by Authority upon receiving application
Edition: 2022-12-31 · In force
5. Procedure by Authority upon receiving application
(1)The Authority may, if it considers necessary and in the interest of the capital markets, direct the Exchange to make appropriate amendments to the documents and information submitted under regulation 4.(2)Where the Exchange does not comply with the requirements of Regulation 4 or a directive under paragraph (1), the Authority shall—(a)give the Exchange an opportunity to be heard; and(b)make a decision and communicate the decision, as the case may be, recommending the appropriate measures that for the Exchange may take in order to comply.(3)Upon the receipt of all the information submitted under regulation 4, subject to any amendments under subparagraph (1), the Authority may approve the demutualization application with or without conditions and specify the term within which the entity shall stand demutualized:Provided that the Authority may, upon the application of the Exchange, vary the term specified in the approval.