ADVOKS GLOBAL · KENYA
The Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations
3. Application
Edition: 2022-12-31 · In force
3. Application
(1)These Regulations shall apply to all offers of securities to the public in Kenya whether or not the issuer is seeking a listing on any securities exchange in Kenya.(2)The Authority shall be the competent authority to grant approval for all public offers and listing of securities on any securities exchange in Kenya.(2A)A Securities Exchange may approve the listing of a security on a Growth Enterprise Market Segment if—(i)that security is not offered to the public; and(ii)the listing is by way of introduction.(3)A securities exchange shall list all securities approved for listing by the Authority upon being satisfied that the issuer has—(a)obtained a letter of approval from the Authority for the listing of securities confirming that the issuer has satisfied the eligibility requirements prescribed under regulation 7(1) and the disclosure requirements prescribed under regulation 10(1) with respect to the market segment in which the securities are to be listed; and(b)attained the—(i)total minimum subscription of shares as disclosed in the approved prospectus by the Authority in respect of public offering and listing of securities;(ii)minimum shareholders prescribed for the respective market segment under regulation 7(1)(a) and (b); and(c)with respect to additional issue and listing of securities of the same class as those already listed, obtained a letter of approval from the Authority confirming that the issuer satisfied the requirements for additional issues prescribed under regulation 11.(4)Every issuer of securities approved for listing by the Authority at a securities exchange shall pay the listing fees prescribed under the Sixth Schedule, to the securities exchange at which its securities are listed.(4A)An issuer of securities approved for listing by a securities exchange shall pay the listing fees as set out in the Seventh Schedule.(5)Every person whose securities have been approved by the Authority for a public offer or listing shall state that fact on all announcements of the public offer or listing.(6)A person whose securities have been approved by a Securities Exchange for listing shall state that fact on all announcements of the listing.