The Capital Markets (Licensing Requirements) (General) Regulations
2. Interpretation
2. Interpretation
In these Regulations, unless the context otherwise requires—“Act” includes a reference to the Capital Markets Act (cAP. 485A) and the Regulations and Guidelines made thereunder;“Authority” has the meaning assigned to it in the Act;“close relation” means a relationship supported by documentary evidence of a spouse, parent, sibling, child, father-in-law, son-in-law, daughter-in-law, mother-in-law, brother-in-law, son-in-law, grandchild or spouse of a grandchild;“Compensation Committee” means the Investor Compensation Committee appointed under regulation 71;“Compensation Fund” has the meaning assigned to it in section 2 of the Act;“custodian” means a bank licensed under the Banking Act (Cap. 488) or a financial institution approved by the Authority to hold in custody funds, securities, financial instruments or documents of title to assets registered in the name of local investors, East African investors or foreign investors or of an investment portfolio;“demutualization” means the separation of the ownership of an exchange from the right to trade on such exchange;“demutualized exchange” means a securities exchange in which ownership and rights to trade are separate;“liquid capital” in relation to a licensed entity, means the amount which the liquid assets of a licensed entity exceed its liabilities, as may be prescribed by the Authority;“private transaction” means a transfer of a listed security outside a securities exchange authorized by the Authority from one security holder to another whether or not it involves any consideration or change of beneficial interest or is otherwise authorized by the Authority under section 31 of the Act;“professional” means a person giving an opinion in respect of listed securities or in relation to a public offer or listing of securities and includes—Source: Kenya Law