ADVOKS GLOBAL · KENYA
The Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023
89. Continuing obligations.
Edition: 2023-12-15 · In force
89. Continuing obligations.
(1)Each issuer whose securities have been offered to the public, including special purpose acquisition vehicles, and listed on any market segment shall comply with the continuing obligations specified in the Thirteenth Schedule.(2)In relation to the continuing obligation to disclose information, an issuer shall make immediate public disclosure of information which might reasonably be expected to have a material effect on market activity and the price of its securities.(3)Subregulation (2) shall not apply to information which would be a breach of law or contractual obligation not to disclose or meets any of the following conditions—(a)information is of confidential nature;(b)the information concerns an incomplete proposal or negotiation or matters of supposition or which is insufficiently definite to warrant disclosure;(c)information is for internal management purposes; or(d)the information is a trade secret:Provided such information will be made available for review by the Authority to enable it to determine the extent to which it meets the foregoing criteria for exemption.(4)The information required to be disclosed under these Regulations shall be disclosed within twenty-four hours after the event simultaneously to the Authority, the securities exchange at which the issuer’s securities are listed, if applicable, and to the public during non-trading hours of the relevant market segment.(5)The announcement shall state whether the consent of the Authority or securities exchange or other person is necessary and where necessary, the issuer shall apply for such consent.(6)An issuer shall publish, by way of a cautionary announcement, information which could lead to material movements in the ruling price of its securities if at any time the necessary degree of confidentiality cannot be maintained, or that confidentiality has or may have been breached.(7)An issuer who fails to comply with any continuing obligation within the prescribed time shall be liable to pay a default fine at the rate prescribed by the Authority for the continuing time of default, such fine to be imposed notwithstanding that the Authority may have on request, extended time for compliance.