ADVOKS GLOBAL · KENYA
The Capital Markets (Investment-Based Crowdfunding) Regulations
5. Application for licence and accompanying documents
Edition: 2022-12-31 · In force
5. Application for licence and accompanying documents
A person who intends to be a crowdfunding platform operator shall apply to the Authority for licensing in the form set out in the First Schedule accompanied by the following documents—(a)a certified copy of certificate of incorporation;(b)evidence of its financial soundness and capital adequacy confirming the financial position of the company including audited financial statements, management accounts and certified bank statements, where applicable;(c)rules for the operation of its business setting out the planned activities and conduct of its platform users;(d)details of the organization structure and profiles of the directors, management and other key personnel including duly completed fit and proper forms as provided in the Second Schedule;(e)evidence of adequate human resources with adequate knowledge and competence on crowdfunding business;(f)a business plan that includes financial projections;(g)detailed information of the crowdfunding website or application to be used including system capacity and security measures and evidence of its functionality;(h)details of platform outsourcing arrangements, if any;(i)proposed procedures to verify the completeness, correctness and clarity of the information of the issuer and investment hosted on the platform;(j)business continuity and disaster recovery plan;(k)record keeping procedures including audit trail for daily operations to meet emergencies;(l)adequate risk management framework that includes details of its fraud detection and prevention measures;(m)the proposed standard offer document to be used;(n)data protection policy in compliance with the relevant laws;(o)policy on prevention of anti-money laundering and terrorism financing;(p)the application fees set out in the Third Schedule; and(q)any other additional documents or information as the Authority may require.