ADVOKS GLOBAL · KENYA
The Capital Markets (Online Foreign Exchange Trading) Regulations
25. Business conduct regulations
Edition: 2023-10-06 · In force
25. Business conduct regulations
(1)An online foreign exchange broker or a money manager and the associates of online foreign exchange brokers or money managers shall observe high standards of commercial honour and uphold just and equitable principles of trade in the conduct of its foreign exchange business.(2)An online foreign exchange broker or a money manager shall, in the conduct of foreign exchange business comply with the respective practices and standards relating to the conduct of the foreign exchange business for which it is licensed specified in these Regulations.(3)An online foreign exchange broker or a money manager shall comply with the Capital Markets (Conduct of Business)(Market Intermediaries) Regulations (L.N. 145/2011) to the extent applicable including—(a)advertisement by or on behalf of an online foreign exchange broker or money manager;(b)the disclosure to a client of the financial risks in respect of trading forex recommended by the online foreign exchange broker or money manager to a client;(c)the avoidance of any conflict of interest between the online foreign exchange broker or money manager and a client;(d)recommendations made by an online foreign exchange broker or money manager;(e)submission of annual audited accounts; and(f)any other matter relating to the practices and standards of conduct required of an online foreign exchange broker or money manager in conducting foreign exchange business for which it is licensed.(4)An online foreign exchange broker or a money manager shall submit to the Authority reports and accounts on monthly, quarterly, semi-annual basis and on such other intervals as the Authority may request.(5)An online foreign exchange broker or a money manager shall prepare and submit to the Authority an annual report demonstrating how compliance with these Regulations was achieved in the year that the report relates to.