ADVOKS GLOBAL · KENYA
The Capital Markets (Licensing Requirements) (General) Regulations
53B. Change of shareholders, directors, etc.
Edition: 2023-10-06 · In force
53B. Change of shareholders, directors, etc.
(1)Any person licensed by the Authority shall not change its shareholders, directors, chief executive or key personnel except with the prior confirmation, in writing, by the Authority that has no objection to the proposed change and subject to compliance with any conditions imposed by the Authority.(2)Where any person proposed to be appointed under paragraph (1) is found to be a former employee or otherwise connected with another licensee of the Authority, details of the reasons for their departure shall be forwarded in support of any request for no objection.(3)Every licensee shall lodge with the Authority in every year, and update the same within five days of any change thereto, a list of all key personnel working with the licensee, which shall include the individual’s full name, national identity card number, job designation and description of responsibilities and, where they have worked with other licencees of the Authority, details of their former employers.