ADVOKS GLOBAL · KENYA
The Capital Markets (Investment-Based Crowdfunding) Regulations
7. Criteria for licensing
Edition: 2022-12-31 · In force
7. Criteria for licensing
The Authority shall license an applicant as a crowdfunding platform operator if it is satisfied that the applicant—(a)has complied with the licensing requirements set out in regulation 5;(b)has the capacity to operate an orderly, fair and transparent market in relation to the securities or investment instruments issued through its platform;(c)has as its directors and key personnel determined as fit and proper persons as prescribed under section 24A of the Act;(d)has demonstrated that the platform to be used has the adequate functionality, capacity and security measures necessary for the conduct of its business;(e)has demonstrated ability to manage any risks associated with its business and operations;(f)has demonstrated ability to take appropriate action against any person in breach including directing such persons to take any necessary remedial measures;(g)has robust rules to guide operations of the crowdfunding activities; and(h)has sufficient financial, human and other resources for the operation of its crowdfunding platform.