ADVOKS GLOBAL · KENYA
The Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023
38. Qualification to issue shelf prospectuses
Edition: 2023-12-15 · In force
38. Qualification to issue shelf prospectuses
(1)A shelf prospectus published under regulation 37 may only be issued and published by a legal entity, whether listed or not—(a)that has net assets of at least five hundred million shillings as at the date of the last audited balance sheet;(b)that has a consistent track record of distributable profit for the preceding three years;(c)that has no regulatory action pending against it before any regulatory authority including the Authority, Central Bank of Kenya or Insurance Regulatory Authority; and(d)that is not in default of any material obligation including the payment of debts as they fall due and payment of dividends or repayment of any loans, and has not been in such default in the preceding three financial years.(2)Each shelf prospectus shall comply with the disclosure requirements for public offers of securities for the relevant market segment under these Regulations.(3)Not more than five issuances of securities may be made through a single shelf prospectus.