ADVOKS GLOBAL · KENYA
The Capital Markets (Derivatives Markets) Regulations
17. Shareholding in a derivatives exchange
Edition: 2025-02-14 · In force
17. Shareholding in a derivatives exchange
(1)At least fifteen percent of the paid up equity share capital of a derivatives exchange shall be held by a Kenyan entity.(2)No individual or corporate person shall—(a)control or be beneficially entitled directly or indirectly, to more than twenty five percent of the issued share capital or voting rights of a derivatives exchange;(b)be entitled to appoint more than twenty-five per cent of a board; or(c)be entitled to receive more than twenty-five percent of the aggregate dividends to be paid in any given financial year.(3)Where an applicant under subregulation (2) is an individual and does not meet the requirements of this regulation, that individual shall be required to comply with the requirements of this regulation within five years from the date of issue of a licence to operate a derivatives exchange.(4)Subregulation (2) shall not apply where the ownership structure of a corporate shareholder is sufficiently diverse and no single person holds or controls more than twenty-five percent of its shares, votes, directorship appointments or dividend.