ADVOKS GLOBAL · KENYA
The Capital Markets (Online Foreign Exchange Trading) Regulations
10. Suspension of a licence
Edition: 2023-10-06 · In force
10. Suspension of a licence
The Authority may, after giving an applicant an opportunity to be heard, by order, in writing, suspend the licence of an online foreign exchange broker or money manager for such period as the Authority may specify in the order or take such administrative action as it considers appropriate where the Authority is satisfied that a dealing or non-dealing online foreign exchange broker or money manager has—(a)failed to comply with any conditions subject to which the licence was granted under these Regulations;(b)failed to comply with any requirement of the Act or these Regulations or directions made or given thereunder;(c)failed to adhere to any standard of conduct set out in these Regulations;(d)failed to comply with the directives of the Authority in respect of business conduct, dealings with clients and financial prudence;(e)failed to furnish any information relating to its transactions as may be required by the Authority;(f)failed to submit periodical returns as required by the Authority;(g)furnished the Authority with wrong or false information;(h)failed to settle an investor complaint where such complaint had been adjudicated by the Authority;(i)not co-operated in any enquiry or inspection conducted by the Authority;(j)engaged in price manipulation, rigging, insider trading or cornering activities or any unlawful activities in foreign exchange transactions and all related products;(k)experienced or is experiencing financial position deterioration to an extent that the Authoriry is of the opinion that the continuance of the online foreign exchange broker or money manager in the business of foreign exchange trading is no longer in the interest of investors;(l)failed to pay the annual fees;(m)failed to utilize its licence within one year after grant of its licence or has ceased from conducting the licensed business for a period of more than thirty days unless it has obtained the approval of the Authority to do so; or(n)conducted its activities in a manner that is detrimental to the public interest.