ADVOKS GLOBAL · KENYA
The Capital Markets (Licensing Requirements) (General) Regulations
39. Application for licence and specific requirements for approval
Edition: 2023-10-06 · In force
39. Application for licence and specific requirements for approval
(1)An application for a licence to operate as an investment bank shall be submitted to the Authority in Form 1 set out in the First Schedule.(2)The application referred to in paragraph (1) shall be submitted together with—(a)the certificate of incorporation;(b)the memorandum and articles of association;(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 applicant’s audited accounts for the preceding two years (where applicable);(d)a business plan containing the particulars on—(i)management and shareholding structure of the investment bank;(ii)directors, including their qualifications, addresses and details of other directorships;(iii)evidence of paid up share capital of a minimum amount of two hundred and fifty million shillings;(iv)qualifications, experience and expertise of the chief executive and dealers that must be relevant to effectively manage or operate the business of an investment bank;(v)proposed operating systems including dealing infrastructure suitably located and equipped to provide satisfactory service to clients; and(vi)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;(e)the fees prescribed in the Second Schedule;(f)the name of the proposed independent auditor.(3)An Investment Bank which intends to be admitted as a trading participant at a securities exchange shall submit a letter from the securities exchange which the applicant is seeking admission as a trading participant confirming the admission of that applicant upon securing a license from the Authority.