ADVOKS GLOBAL · KENYA
The Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023
86. Approval of a private transaction
Edition: 2023-12-15 · In force
86. Approval of a private transaction
(1)Where it is intended to effect a private transaction of a listed security under regulation 84 (a), (b) or (e), a central depository agent representing the proposed transferee, shall assess, endorse and submit a written application with the required information and supporting documents to the Central Depository where the securities held.(2)Where an application is made under regulation 84 (a) or (b), the central depository, shall notify the central depository agent within seven days after receiving the application whether the central depository objects to the private transaction or not, after examining and satisfying itself that the proposed transfer is eligible for consideration as a private transaction in accordance with these Regulations.(3)The securities exchange or central depository, as the case may be, shall, upon determination of any application made under regulation 84 (a), (b) or (e), approve and simultaneously notify the Authority that the application complies with regulation 84 (a), (b) or (e).(4)A private transfer application emanating from a change of custodian or fund manager shall be approved by the Central depository, in the case of equities and corporate debt securities and the securities exchange in the case of government debt securities.(5)The securities exchange and central depository shall jointly submit to the Authority, guidelines for approval in respect of the processing requirements of a private transfer under regulation 84 (a) and (b).(6)The guidelines stipulated under subregulation (5) shall apply to all stockbrokers.(7)The Authority may delegate to a securities exchange the approval of private transactions.