ADVOKS GLOBAL · KENYA
The Companies (Beneficial Ownership Information) Regulations
4A. Nominee shareholder and nominee director
Edition: 2023-10-19 · In force
4A. Nominee shareholder and nominee director
(1)A person, whether formally or informally, acting as a nominee shareholder or a nominee director shall disclose to the company their status as a nominee and provide the particulars of the nominator within the prescribed timelines under the Act.(2)The company shall upon validating, reviewing and verifying the nominee status, note the nominees in its register of nominees.(3)The company shall submit a copy of its register of members or register of directors with the Registrar as provided for under the Act.(4)The Registrar shall put an asterisk to the names of directors or shareholders who are directors or shareholders, appearing in the register of members or register of directors.(5)The company shall—(a)where a nominator is a natural person, enter the particulars of the nominator in the register of beneficial owners; or(b)where a nominator is a legal person, enter the particulars of the beneficial owners of the legal person in the register of the beneficial owners,and submit a copy of the register of beneficial owners and any change to it, in accordance with the provisions of the Act and these Regulations.(6)A nominee who falsely declares or fails to disclose the nominator commits an offence and shall be liable, on conviction, to the penalty provided under section 872 of the Act.(7)For purposes of this regulation “informally” means, without any form of written legal contract such as based on loose forms of control where a family member, friend, employee or associate stands in for the nominator, who can be the beneficial owner.