ADVOKS GLOBAL · KENYA
The Capital Markets (Online Foreign Exchange Trading) Regulations
4. Application for a licence
Edition: 2023-10-06 · In force
4. Application for a licence
(1)A person who intends to operate as a dealing online foreign exchange broker, non-dealing online foreign exchange broker or money manager, shall apply to the Authority for a licence in the Form as set out in the First Schedule.(2)An application under paragraph (1) shall be accompanied by-(a)the documents, information and declarations specified in regulation 5;(b)in the case of an application for a dealing online foreign exchange broker or a non-dealing online foreign exchange broker licence, a letter from a recognized online foreign exchange trading platform stating that the applicant meets all the relevant requirements of that platform and that the platform will admit the applicant if licensed by the Authority;(c)in the case of a money manager, an agreement with an online foreign exchange broker who is licensed by the Authority;(d)client on-boarding policies;(f)individual risk assessments;(g)Anti-Money Laundering and know your client checks;(h)product sensitization framework including client appropriateness assessment;(i)internal dispute resolution mechanisms to be adopted to resolve customer complaints and disputes;(j)all relevant service level agreements with other online foreign exchange market service providers, where applicable; and(k)the fees as set out in the Second Schedule.