ADVOKS GLOBAL · KENYA
The Capital Markets (Licensing Requirements)(General) Regulations, 2025
46. Application for licence
Edition: 2025-12-11 · In force
46. Application for licence
(1)A person who wishes to carry on business as a trustee shall apply to the Authority for a licence in Form 1 as set out in the First Schedule and pay the fee prescribed in the Sixth Schedule.(2)A person is eligible to be granted a licence to carry on business as a trustee if that person—(a)is a company or such body corporate incorporated, formed or established in Kenya;(b)has an initial and continuous issued and paid-up capital of at least twenty million shillings;(c)has a minimum liquid capital of five million shillings or eight per cent of its liabilities whichever is higher which must be maintained throughout the duration of the license;(d)have as its directors and shareholders, persons who are fit and proper as provided under section 24A of the Act;(e)has sufficient financial, technical operational, and technological resources and experience necessary to enable it to effectively conduct its business and carry out its obligations as a trustee;(f)has staff with adequate experience and capacity to provide professional services as trustees; and(g)have in place adequate system, policies, processes, procedures and the necessary control environment to conduct its business.(3)An application under subregulation (1) shall be accompanied by—(a)certified copy of incorporation or formation documents;(b)evidence in the constitutive documents authorizing the entity to carry on trustee business;(c)audited accounts for the preceding two years, where applicable;(e)letter of no-objection from the primary regulator, if any;(f)adequate insurance cover commensurate to its liabilities; and(g)details of the proposed external auditor.