ADVOKS GLOBAL · KENYA
The Capital Markets (Licensing Requirements) (General) Regulations
75. Disclosure of interest in shares
Edition: 2023-10-06 · In force
75. Disclosure of interest in shares
(1)Where any person—(a)by his knowledge acquires a notifiable interest in shares in a listed company’s relevant share capital, or ceases to be interested in such shares; or(b)becomes aware that he has acquired a notifiable interest in the relevant shares of a listed company or that he has ceased to be interested in such shares in which he was previously interested,such person is under an obligation to notify the listed company of the interest which he has, or had in its shares.(2)Every listed company shall make a monthly report to the securities exchange giving particulars of—(a)all persons from whom the listed company has received a notification under paragraph (1);(b)all directors holding one per cent or more in the relevant share capital;(c)cumulative holding of the relevant share capital by directors.(3)A person is taken to be interested in shares—(a)if he is an employee of the listed company;(b)if he is a director or chairman of the listed company;(c)in which his spouse, any infant child or step child of his is interested; or(d)if a body corporate is interested in them and—(i)the body corporate or its directors are accustomed to act in accordance with his directions or instructions; or(ii)the person is entitled to exercise or control the exercise of one-third or more of the voting power at general meetings of the body corporate; or(iii)the person is a director or a shareholder of the body corporate.(4)The existence of the obligation in a particular case depends—(a)on circumstances obtaining before and after whatever is in that case the relevant time; and(b)in a case within paragraph (1)(b), the time at which the person became aware of the facts in question.(5)In this regulation—(a)a “director” means a director of a listed company;(b)“relevant share capital” means the company’s issued share capital of a class carrying rights to vote in all circumstances at general meetings of the company; and(c)a “notifiable interest” means three per cent or more of the relevant share capital of a listed company.