ADVOKS GLOBAL · KENYA
The Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023
6. Delegation of approval of offers and listing
Edition: 2023-12-15 · In force
6. Delegation of approval of offers and listing
(1)The Authority may, upon application by a securities exchange approved as a self-regulatory organization, delegate to the securities exchange the functions set out in subregulation (2) if the Authority is satisfied that the securities exchange has the technical, human resource and financial capacity to carry out the delegated role.(2)The Authority may delegate to a securities exchange the approval of—(a)the information memorandum for an offer of securities on any segment of that securities exchange;(b)a public offer and listing of securities on any segment of that securities exchange;(c)a secondary issue and listing of securities of issuers on any segment of that securities exchange;(d)any announcement, circular or corporate action in relation to securities listed on any market segment of that securities exchange; or(e)any other matter relating to any market segment of a securities exchange that the Authority may approve.(3)A delegation under subregulation (1) shall be in writing and may be upon such conditions as the Authority may impose.(4)A securities exchange to which a delegation has been made under this regulation shall notify the Authority of any approvals for public offers and listings granted by the securities exchange under the delegated authority.(5)The Authority may, for reasons to be specified in writing, withdraw any of the powers delegated by it to a securities exchange under subregulation (6) if—(a)any authorization granted to a securities exchange to operate as a self-regulatory organization is cancelled or suspended;(b)where the securities exchange breaches any of the conditions imposed by the Authority on such delegation;(c)the securities exchange ceases to hold any qualifications which enabled the Authority to so delegate; or(d)where, in the opinion of the Authority, it is in the interest of the public to withdraw the delegation.(6)The Authority shall give the securities exchange the opportunity to be heard before the withdrawal of a delegation under this regulation.