ADVOKS GLOBAL · KENYA
The Capital Markets (Licensing Requirements) (General) Regulations
29. Specific requirements for approval
Edition: 2023-10-06 · In force
29. Specific requirements for approval
(1)The application under regulation 28 shall be submitted together with—(a)certificate of incorporation or registration;(b)memorandum and articles of association in case of a company;(c)a statement of the un-audited accounts for the period of the accounting year ending not earlier than six months prior to the date of application and the applicant’s audited accounts for the preceding two years (where applicable);(d)a business plan containing the particulars on—(i)the management structure;(ii)the directors, including one or more executive directors, their qualifications, addresses and details of other directorships;(iii)the shareholding structure, disclosing whether any of the shareholders will have an executive role to oversee the day-to-day operations of the business;(iv)the evidence of a minimum paid-up share capital of not less than ten million shillings for fund managers;(v)the qualifications, experience and expertise of the chief executive;(vi)the proposed management and qualifications of key personnel;(vii)the financial projections for three years;(viii)the particulars of the proposed operating and information technology system;(x)two business references;(xi)the proposed premises suitably located and equipped to provide satisfactory service to clients in the field of activity to which the licence relates or evidence acceptable to the Authority that such premises will be available;(xii)the staff capable of providing professional services to clients in the field of activity to which the licence relates or evidence acceptable to the Authority that such staff will be available;(xiii)the proposed independent auditor where applicable;(e)the fees prescribed in the Second Schedule.(2)Every person who is, or is to be, a director, chief executive or manager of an investment adviser or fund manager, shall be fit and proper to hold the particular position which he holds or is to hold.(3)A person shall not carry on or hold out himself as carrying on the business of a fund manager of a registered venture capital company unless that person is a fund manager licensed by the Authority.(4)An application for a licence under paragraph (3) shall be made to the Authority in writing and be accompanied by—(a)a detailed information on qualifications, experience and expertise of the directors, chief executive and senior investment in managing venture capital investments and private equity; and(b)information proving ability to provide technical and managerial expertise to eligible venture capital enterprises.(5)The Authority shall publish the names of all fund managers it has licensed to manage registered venture capital companies in the Kenya Gazette.