ADVOKS GLOBAL · KENYA
The Capital Markets (Licensing Requirements)(General) Regulations, 2025
26. Specific requirements for licensing
Edition: 2025-12-11 · In force
26. Specific requirements for licensing
(1)The application under regulation 25 shall be accompanied by—(a)a certificate of incorporation;(b)the memorandum and articles of association;(c)a statement of the audited accounts for the preceding two years where applicable and un-audited accounts for the period of the accounting year ending not earlier than six months prior to the date of application;(d)a business plan containing the particulars stated in the Second Schedule of these regulations;(e)evidence of paid-up share capital as provided in regulation 28(1);(f)qualifications, experience and expertise of the chief executive officer must be relevant to effectively manage or operate the business in which the applicant is seeking a license;(g)the proposed management and qualifications of key personnel;(h)the proposed information technology and access to the trading network in compliance with the trading, clearing, delivery and settlement requirements of the securities exchange to which the applicant intends to be admitted as a trading participant under these Regulations;(i)the proposed premises suitably located and equipped to provide satisfactory service to clients in the field of activity to which the license relates or evidence acceptable to the Authority that such premises will be available;(j)evidence of staff capable of providing professional services to clients in the field of activity to which the license relates or evidence acceptable to the Authority that such staff will be available;(k)written confirmation from the securities exchange stating that the applicant complies with the admission requirements of the securities exchange and shall be admitted to the securities exchange upon securing the licence from the Authority;(l)the proposed independent auditor; and(m)a written declaration that a director or any person who holds a beneficial interest in the stockbroker does not, either directly or indirectly, hold a beneficial interest in any other trading participant of a securities exchange.(2)Each person who is, or is to be, a director, chief executive officer or any other key personnel of the broker-dealer shall be fit and proper to hold that particular position.