ADVOKS GLOBAL · KENYA
The Capital Markets (Derivatives Markets) Regulations
13. Revocation of licence
Edition: 2025-02-14 · In force
13. Revocation of licence
(1)The Authority may, by notice in writing, revoke a derivatives exchange licence granted under these Regulations with effect from the date specified in the notice if the derivatives exchange—(a)ceases to comply with the eligibility conditions specified under regulations 5, 6, and 7;(b)ceases to operate a derivatives market that it has been to operate under regulation 10;(d)fails to comply with any requirement of the Act or these Regulations;(e)fails to comply with a direction of the Authority;(f)fails to provide the Authority with information required by the Authority;(g)provides false or misleading information;(h)is operating in a manner detrimental to the public interest; or(i)requests the Authority to do so.(2)For the purposes of subsection (1), a derivatives exchange shall be deemed to have ceased to operate its derivatives market if the derivatives exchange has ceased to operate its derivatives market for more than thirty days unless the derivatives exchange has obtained prior written approval of the Authority to do so.(3)The Authority may, by notice served under subregulation (1), allow the derivatives exchange to continue, on or after the date on which the revocation is to take effect, to carry on such activities affected by the revocation as the Authority may specify in the notice for the purpose of—(a)closing down the operations of the derivatives exchange; or(b)protecting the interests of the public.(4)The Authority shall not, except where responding to a request under subregulation (1)(i), revoke a derivatives exchange licence without giving the derivatives exchange an opportunity to be heard.(5)Where the Authority revokes the licence of a derivatives exchange, the Authority shall publish a notice of that revocation in at least two newspapers of nationwide circulation in Kenya.