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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk12 | poration documents” means the principal documents governing the formation of a collective scheme and includes the trust deed, memorandum and the articles of association and all material agreements as the case may be; “information memorandum” means any prospectus or document, notice, circular, advertisement or other inv... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk13 | um in respect of asset backed securities and a supplementary prospectus; “insider” means any person who is or was connected with a company , or is deemed to have been connected with a company and who is reasonably expected to have access, by virtue of such connection, to unpublished information which, if made generally... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk14 | o, for remuneration— (a) carries on the business of advising others concerning securities ; or (b) as part of a regular business, issues or promulgates analyses or reports concerning securities ; or (c) deleted by Act No. 22 of 2022 , s. 53; (d) deals with long term financing equity and debt and acts as adviser or unde... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk15 | it is distributed only to subscribers to, and purchasers of, the newspaper for value; (B) the advice is given or the analyses or reports are issued or promulgated only through that newspaper; (C) that person receives no commission or other consideration for giving the advice or for issuing or promulgating the analyses... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk16 | y in practice whose carrying on of that business is solely incidental to the practice of his profession; (iv) a trust corporation within the meaning of the Trustee Act ( Cap. 167 ); (v) a dealer or his employee whose carrying on of that business is solely incidental to the conduct of his business of dealing in securiti... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk17 | itions, corporate restructuring involving companies listed or quoted on a securities exchange , privatisation of companies listed or to be listed on a securities exchange or underwriting of securities issued or to be issued to the public and to engage in the business of a stockbroker or dealer ; “investment company” me... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk18 | executive officer, chief financial officer, chief compliance officer, secretary to the Board , chief internal auditor, or any manager of licensed persons; and (b) any person who holds a position or discharges responsibilities of any person referred to in paragraph (a) ; “licence” deleted by Act No. 3 of 2000 , s. 4 ; “... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk19 | e managed by or on behalf of the body corporate; (b) the investments of the participants are represented by shares of that body corporate; (c) the body corporate is authorised by its articles of association to redeem or repurchase its shares otherwise than in accordance with section 68 of the Companies Act ( Cap. 486 )... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk20 | d number of securities or any other instrument at a fixed price on or before a given date; “over the counter” means the trading of securities except in exchange-traded derivatives contracts otherwise than at an approved securities exchange ; “promoter” means a person acting alone or in conjunction with others directly ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk21 | exchange , or a derivatives exchange includes the displaying or providing, on a securities exchange or a derivatives exchange , of information concerning— (a) in a case where offers to sell, purchase or exchange the securities at particular prices, or for particular consideration, are made or accepted on that securitie... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk22 | to sell, purchase or exchange the securities at particular prices or for particular consideration, those prices or that consideration; or (c) in any other case, the price at which, or the consideration for which particular persons, or particular classes of persons, propose, or may reasonably be expected, to sell, purc... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk23 | art of it or otherwise, to participate in or receive profits or income arising from the acquisition, holding, management or disposal of the real estate or interest in the real estate or sums paid out of such profits of income; “registered venture capital company” means a company approved by the Authority and incorporat... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk24 | on , a listed company or a person approved to offer securities to the public; "REIT manager" means a company incorporated in Kenya and licensed by the Authority to provide real estate management services in respect of a real estate investment trust ; “representative” means a representative of any person licensed by the... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk25 | creating or acknowledging indebtedness which is issued or proposed to be issued ("debt securities"); (c) loan stock, bonds and other instruments creating or acknowledging indebtedness by or on behalf of the Government, Central Bank, or public authority ("Government and public entities"); (d) rights, options, or intere... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk26 | t of securities or other assets or property; (h) securities and collective investment scheme products structured in conformity with Islamic principles for investments; (i) units in a collective investment scheme , including shares in an investment company , or other similar entities whether established in Kenya or not;... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk27 | securities for the purposes of this Act, but does not include— (i) securities of a private company , other than asset backed securities ; (ii) bills of exchange; (iii) promissory notes, other than asset backed securities ; (iv) certificates of deposit issued by a bank; and (v) any other instrument prescribed by the Aut... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk28 | elf-regulatory organization” means an organization whose object is to regulate the operations of its members or of the users of its services and includes the organizations that may be recognized as such, by the Authority ; “share” means a share in the share capital of a body corporate, a unit in a unit trust or an inte... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk29 | ny , partnership, association or a trustee on behalf of a trust which, either alone or with any associates on a joint account subscribes for securities with an issue price as the Authority may prescribe from time to time; “spot commodity trading” means the purchase or sale of a commodity at its current market or spot p... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk30 | means a person, not being a salaried employee of a stockbroker , who, in consideration of a commission, solicits or procures stockbroking business on behalf of a stockbroker ; “stock exchange” means a market, exchange or other place at which securities are offered for sale, purchase or exchange, including any clearing... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk31 | sonably be expected to result, whether directly or indirectly, in the making or acceptance of offers to sell, purchase or exchange securities ; or (c) information is regularly provided concerning the prices at which, or the consideration for which, particular persons, or particular classes of persons, propose, or may r... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk32 | d securities exchange ; "trustee" in relation to real estate investment trust or a collective investment scheme , means a person appointed under a trust deed of a real estate investment trust or a collective investment scheme , as the case may be, as its trustee; “underwriting” means the purchase or commitment to purch... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk33 | nterest or undivided share (unit of investment) in one or more groups or blocks of specified securities and to participate proportionately in the income or profits derived therefrom. “Virtual asset service provider” has the meaning assigned to it under section 2 of the Virtual Asset Service Providers Act ; ( Act No. 3 ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk34 | ng of the term associate For the purpose of this Act— "associate", in relation to— (a) an individual, means— (i) a spouse, son, adopted son, step-son, son-in-law, daughter, adopted daughter, step-daughter, daughter-in-law, father, step-father, father-in-law, mother, step-mother, mother-in-law, brother, step-brother, br... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk35 | (i) , has control of twenty per cent or more of the voting power on appointments to the board of directors or entitlement to dividends in the company , whether such control is exercised individually or jointly; (iv) any employee of that individual; or (b) a company , means another company in which the first mentioned ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk36 | (1) Where any property held in trust consists of or includes securities in which a person knows, or has reasonable grounds for believing, that he or she has an interest, he or she shall be deemed to have an interest in those securities . (2) A person shall be deemed to have an interest in a security where a body corpo... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk37 | that person is, or the associates of that person or that person and his associates are, entitled to exercise or control the exercise of not less than fifteen per cent of the votes attached to the voting shares in the body corporate. (3) A person shall be deemed to have an interest in a security in any one or more of t... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk38 | he fulfillment of a condition or not; (c) where he or she has the right to acquire a security, or an interest in a security, under an option, whether on the fulfillment of a condition or not; or (d) where he or she is entitled, otherwise than by reason of his having been appointed a proxy or representative to vote at a... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk39 | r the purpose of determining whether a person has an interest in a security, it is immaterial that the interest cannot be related to a particular security. (6) There shall be disregarded— (a) an interest in a security if the interest is that of a person who holds the security as bare trustee ; (b) an interest in a secu... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk40 | y reason of his holding a prescribed office; and (d) a prescribed interest in a security being an interest of such person, or of the persons included in such class of persons as is prescribed. (7) An interest in a security shall not be disregarded by reason only of— (a) its remoteness; (b) the manner in which it arose;... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk41 | Authority shall be a body corporate with perpetual succession and a common seal and shall be capable in its corporate name of— (a) suing and being sued; (b) taking, purchasing or otherwise acquiring, holding, charging and disposing of both movable and immovable property; (c) borrowing and lending money; (d) entering i... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk42 | ix other members appointed by the Cabinet Secretary; (c) the Principal Secretary to the National Treasury or a person deputed by him or her in writing for the purposes of this Act; (d) the Governor of the Central Bank of Kenya or a person deputed by him or her in writing for the purposes of this Act; (e) the Attorney-G... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk43 | omics or insurance matters. (4A) The Chairperson and every member appointed under paragraph (b) of subsection (3) shall hold office for a period of three years and shall be eligible for re-appointment for a further term of three years. (4B) The members of the Authority shall be appointed at different times so that the ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk44 | om office on the grounds that he or she is incapacitated by mental or physical illness or is otherwise unable or unfit to discharge the functions of a member or is unable to continue as a member ; (c) he or she has been absent from three consecutive meetings of the Authority without leave or good cause; (d) he or she i... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk45 | ted under subsection (3)(b) the Cabinet Secretary may appoint another person to hold office for the unexpired period of the term of office of the member in whose place he or she is appointed. (7) If any member of the Authority appointed under paragraph (b) of subsection (3) is temporarily unable to perform his duties, ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk46 | the Authority (1) The Board shall meet not less than six times in every financial year and not more than two months shall elapse between the date of one meeting and the date of the next meeting. (2) The quorum for the conduct of the business of the Board shall be six members including the chief executive. (3) The Chair... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk47 | ity shall be decided by the vote of the majority of the members present and in case of an equality of votes the Chairperson shall have a casting vote. (5) If the Chairperson of the Authority , by reason of extended illness or absence is temporarily unable to perform the duties of his office, the President, on the recom... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk48 | ect interest in any decision that is to be taken on any specific non-rule making matter by the Authority , shall disclose the nature of such interest at the meeting of the Authority where such decision is being taken and the disclosure shall be recorded in the minutes of the meeting, and if either the member or majorit... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk49 | ermine that the experience or expertise of the interested member is necessary for the deliberation on the matter, they may permit such member to participate as they deem appropriate. ( Act No. 3 of 2000 , s. 6.) 7. Seal and execution of documents (1) The common seal of the Authority shall be kept in the custody of the ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk50 | ed by law to be under seal, made by, and all decisions of, the Authority may be signified under the hand of the Chairperson, or, in the case of a decision taken at a meeting at which the Chairperson is not present, under the hand of the person presiding at such meeting. ( Act No. 3 of 2000 , s. 7.) 8. Appointment of ch... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk51 | be qualified for appointment under this section unless such person— (a) has at least ten years’ experience at a senior management level in matters relating to law, finance, accounting, economics, banking or insurance; and (b) has expertise in matters relating to money or capital markets or finance. (3) The Cabinet Sec... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk52 | ore than two terms. (5) The chief executive shall, subject to the general direction and control of the Authority , be charged with the direction of the affairs and transactions of the Authority , the exercise, discharge and performance of its objectives, functions and duties, and the administration and control of the s... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk53 | s. (2) The officers and servants appointed under subsection (1) shall be remunerated in such manner and at such rates, and shall be subject to such conditions of service, as may be determined by the Authority . (3) Every officer or servant appointed under subsection (1) shall, subject to this Act, exercise such powers ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk54 | f the Authority or in the performance or intended performance of any duty or in the exercise of any power under this Act or the regulations guidelines or notices made thereunder. (2) Any expenses incurred by any person referred to in subsection (1) in any suit or prosecution brought against him or her before any court ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk55 | of 2013 , s. 5.) 11. Objectives of the Authority (1) The principal objectives of the Authority shall be— (a) the development of all aspects of the capital markets with particular emphasis on the removal of impediments to, and the creation of incentives for longer term investments in, productive enterprises; (b) to fac... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk56 | ued and traded in an orderly, fair and efficient manner, through the implementation of a system in which the market participants are self-regulatory to the maximum practicable extent; (d) the protection of investor interests; (e) the facilitation of a compensation fund to protect investors from financial loss arising f... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk57 | effect linkages among functions provided by licensed persons or other market participants and describes technology platforms that allow— (a) the transfer and dissemination of market information to a wider number of users within and between networks; (b) the offer , distribution or delivery in electronic form of securit... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk58 | powers, duties and functions— (a) advise the Cabinet Secretary on all aspects of the development and operation of capital markets; (b) implement policies and programmes of the Government with respect to the capital markets; (c) employ such officers and servants as may be necessary for the proper discharge of the functi... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk59 | scribed: Provided that the financial penalties shall be recoverable summarily by the Authority as civil debts; (ii) ordering a person to remedy or mitigate the effect of the breach, make restitution or pay compensation to any person aggrieved by the breach; (iii) publishing findings of malfeasance by any person; (iv) s... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk60 | ence to any person to operate as a stockbroker , derivatives broker, dealer or investment adviser , fund manager , investment bank , central depository or authorised securities dealer , and ensure the proper conduct of that business; (f) to grant approval to any person to operate as a securities exchange , commodity ex... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk61 | ders in accordance with the Virtual Asset Service Providers Act ; (ff) recognize any person duly licensed by a prescribed foreign authority to carry on any licensed activity in Kenya which requires a license or an approval under this Act; (g) register, approve and regulate collective investment schemes; (ga) license, a... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk62 | blicly offered or traded on an approved securities exchange or on an over the counter market; (i) give directions to any person which the Authority has approved or to which it has granted a licence and any public company the securities of which are publicly offered or traded on an approved securities exchange or on an ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk63 | investment scheme or public company the securities of which are publicly offered or traded on an approved securities exchange or on an over the counter market, if such action is deemed to be in the interest of the investors, at the expense of such collective investment scheme or company ; (n) grant compensation to any... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk64 | ization securities or exchange-traded derivatives contracts exchange, derivatives exchange or central depository in actions by parties aggrieved thereby; (q) co-operate or enter into agreements for mutual co-operation with other regulatory authorities for the development and regulation of cross-border activities in cap... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk65 | person who, upon investigation by the Authority , is found to have engaged in any fraudulent dealings in an issuer and its securities or insider trading; (u) in writing, order caveats to be placed against the title to such assets or prohibit any such person from operating any such bank accounts as may be directed by t... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk66 | h principles set out under the Data Protection Act ( Cap. 411C ); (w) do all such other acts as may be incidental or conducive to the attainment of the objectives of the Authority or the exercise of its powers under this Act. ( Act No. 10 of 1994 , s. 2, Act No. 3 of 2000 , s. 9, Act No. 9 of 2007 , s. 46, Act No. 8 of... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk67 | o— (a) a committee of the Board ; (b) a recognized self regulatory organization; or (c) an authorized person. (2) The Authority may, at any time revoke a delegation made under this section. (3) A delegation made under this section shall not prevent the Authority from performing the delegated function. ( Act No. 37 of 2... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk68 | okers and dealers; (ii) persons who acquire or dispose of securities or exchange-traded derivatives contracts; and (iii) a securities exchange ; (c) the keeping and proper maintenance of books, records, accounts and audits by all persons approved or licensed by the Authority and regular reporting by such persons to the... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk69 | issue and subsequent trading in Kenya, of offers approved outside Kenya; (i) the issue, transfer, clearing and settlement of securities ; (j) securities clearing and settlement or depository organisations; (jj) the operations and supervision of online forex trading activities and online forex brokers; (k) fund manager... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk70 | for breach of rules, guidelines or notices made or issued by the Authority or non-compliance with the requirements imposed by the Authority ; (p) the fees payable annually by a securities exchange , derivatives exchange or central depository or for securities or exchange-traded derivatives contracts' transactions, lic... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk71 | ed for sale to the public or a section thereof. (2) All rules and regulations formulated under subsection (1) shall— (a) take into account and be consistent with the objective of promoting and maintaining an effective and efficient securities market; and (b) be exposed for comment by stakeholders and the general public... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk72 | other institutions whose operations have, in the opinion of the Authority , a bearing on the development and regulation of capital markets in Kenya. ( Act No. 10 of 1994 , s. 3, Act No. 3 of 2000 , s. 10, Act No. 15 of 2003 , s. 46, Act No. 4 of 2004 , s. 74, Act No. 8 of 2008 , s. 49, Act No. 37 of 2011 , s. 3, Act No... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk73 | n particular— (a) for the regulation of capital markets activities and products subject to the assessment of the extent to which they appropriately cater for— (i) efficient, orderly and fair operation of the segment, product or intermediaries; (ii) adequate provisions for risk management and controls on market misfeasa... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk74 | ny power, duty or function conferred or imposed on the Authority under this Act or any other legislation administered by the Authority ; (e) the supervision of persons licensed by a prescribed foreign regulatory authority; and (f) the operation of any provision of this Act or any other legislation vesting responsibilit... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk75 | of issue, and notification for that purpose shall be made through advertisement in at least two daily newspapers of national circulation and in the electronic media. ( Act No. 48 of 2013 , s. 8.) 12B. Powers on anti-money laundering, combating the financing of terrorism and countering proliferation financing matters (1... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk76 | nd supervised by the Authority and whom the provisions of the Proceeds of crime apply. (2) In undertaking its mandate under subsection (1) , the Authority may— (a) vet proposed significant shareholders, proposed beneficial owners, proposed directors and senior officers of a reporting institution; (b) conduct onsite ins... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk77 | ); (f) impose monetary, civil or administrative sanctions for violations related to anti-money laundering, combating the financing of terrorism countering proliferation financing purposes; (g) issue regulations, guidelines, directions, rules or instructions for anti-money laundering, combating the financing of terroris... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk78 | of the Proceeds of Crime and Anti-Money Laundering Act ( Cap 59A ) and any regulations, guidelines, rules, instruction or direction made or issued thereunder. (3) For purposes of this section, "reporting institution" has the meaning assigned to it under section 2 of the Proceeds of Crime and Anti-Money Laundering Act ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk79 | l such returns or information as specified in such notice. (2) The Authority or any member thereof, or any officer or servant of the Authority , shall not disclose to any person or use any return or information acquired under subsection (1) except for the purpose of achieving the objectives of the Authority unless requ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk80 | ments which— (a) are enforced or administers by that regulatory body; or (b) relate to securities transactions regulated by that regulatory body, and where it is of the opinion that the request meets the requirements of subsection (5) , provide the assistance requested for by exercising any of its powers under this Act... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk81 | under this Act. (5) A regulatory body which requests for assistance under subsection (3) shall demonstrate that— (a) it is desirable or expedient that the assistance requested should be provided in the interest of the public; or (b) the assistance shall assist the regulatory body in the discharge and performance of it... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk82 | nce within its jurisdiction in response to a similar request for assistance from Kenya. (7) Nothing in this section shall be construed to limit the powers of the Authority to cooperate or coordinate with any other regulatory body in the exercise of its powers under this Act, in so far any such cooperation or coordinati... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk83 | ion (1) may, where he or she is satisfied that a person has committed or is reasonably suspected of committing an offence under this Act in Kenya or elsewhere, apply to a magistrate for a warrant to search the premises of that person. (3) The magistrate may issue a warrant authorizing the officer to exercise all or any... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk84 | so required; and (c) to direct any person who has control over such assets to take any action with respect to such assets as the Authority may reasonably require with a view to protecting the assets until the court determines the appropriate course of action. (4) In the interest of bank confidentiality, the powers of ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk85 | nce has been committed under this Act; or (b) a director , manager or employee of a licensee, approved person or an issuer or any other person, may have engaged in embezzlement, fraud, misfeasance or other misconduct in an issuer, licensee or approved person in connection with its regulated activity; or (c) the manner ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk86 | under subsection (1) may require any person whom the investigator reasonably believes or suspects to be in possession or in control of any record or document which contains, or which is likely to contain, information relevant to an investigation under this section— (a) to produce to the investigator, within such time ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk87 | under paragraph (a) ; (c) to attend before the investigator at the time and place specified in writing by the investigator, and to the best of his ability under oath or affirmation answer any question relating to the matters under investigation as the investigator may put to him or her; and (d) to assist the investiga... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk88 | re for not more than three months to prevent further damage pending completion of an of inquiry. ( Act No. 35 of 2012 , s. 5, Act No. 15 of 2018 , s. 4.) 13C. Data protection principles The principles of personal data protection as set out in the Data Protection Act ( Cap. 411C ) shall apply to the collection and proce... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk89 | ittee such of its powers as the Authority may deem appropriate. (2) Without prejudice to the generality of subsection (1) , the Authority shall establish— (a) a committee to hear and determine complaints of shareholders of any public company listed on an authorized securities exchange , relating to the professional con... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk90 | tion in respect of any application made in accordance with rules established by the Authority for that purpose. ( Act No. 3 of 2000 , s. 11.) 15. General fund (1) The Authority shall have its own general fund. (2) There shall be paid into the general fund— (a) all such sums of money as may be paid as fees under this Ac... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk91 | , functions and duties. 16. Financial year of Authority The financial year of the Authority shall be the period of twelve months commencing on the first day of July in each year. 17. Accounts The Authority shall cause proper books of accounts to be kept of its income and expenditures, assets and liabilities and all oth... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk92 | tractual obligations. (2) The Compensation Fund shall consist of— (a) such moneys as are required to be paid into the Compensation Fund by licensed persons; (b) such sums of money as are paid under this Act as fines or penalties or under section 34 as ill-gotten gains where those harmed are not specifically identifiabl... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk93 | of a public issue or offer for sale of shares of a company listed or to be listed on an approved securities exchange , between the closing date and the date of dispatch of refund cheques, or, where there is no refund, the date of dispatch of share certificates or crediting of securities accounts, to be determined at th... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk94 | of money referred to in subsection (2) : Provided that— (a) this provision shall not apply to any officer of the Authority ; (b) the reward payable under this subsection shall be three per cent of the amount recovered subject to a maximum of five million shillings; and (c) the reward referred to in paragraph (a) shall... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk95 | e Authority aids another person to get and provide information under subsection (2A) ; (c) provides false information under subsection (2A) , commits an offence and shall on conviction be liable to a fine not exceeding five million shillings or to imprisonment for a term not exceeding five years. (3) Moneys which have ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk96 | ION OF SELF-REGULATORY ORGANIZATIONS 18B. Recognition of self-regulatory organization (1) An organization which intends to operate as a self-regulatory organization shall apply to the Authority , in the prescribed form, for recognition as such. (2) An application made under subsection (1) shall specify the functions an... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk97 | isfied that the organization— (a) has a constitution and internal rules and policies which are consistent with this Act or related legislation; (b) has the capacity and financial and administrative resources necessary or desirable to carry out its functions as a self-regulatory organization , including dealing with a b... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk98 | thout being recognized as such by the Authority commits an offence. (5) The Authority may, in writing, delegate any of its powers or functions to a self-regulatory organization . (6) A delegation made under subsection (5) shall specify— (a) the function or power delegated to the self-regulatory organization ; (b) the e... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk99 | which a self-regulatory organization shall submit periodical reports to the Authority in respect of the exercise of a delegated power or function; and (f) any other matter which the Authority may prescribe. ( Act No. 37 of 2011 , s. 6.) 18C. Rules of self-regulatory organizations (1) A self-regulatory organization shal... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk100 | f the self-regulatory organization taking into consideration the interests, rights and liabilities of its members, consumers, investors and users of their services; (b) rules of membership and conditions for approval and admission of members; (c) the procedure for dispute resolution between members, users, investors an... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk101 | nce with the Data Protection Act ( Cap. 411C ). (3) The rules made under subsection (1) shall not be implemented unless they have been approved by the Authority . (4) A self-regulatory organization shall submit any amendments to its constitution to the Authority for approval before the amendments come into operation. (... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk102 | nity to make representations about the matter; or (b) considers, on a reasonable ground, that a delay in making the decision will prejudice a class of consumers. ( Act No. 37 of 2011 , s. 6.) 18E. Disciplinary action by a self-regulatory organization (1) A self-regulatory organization may take disciplinary action again... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk103 | luding the amount of any fine and the period of suspension, if any. (3) The Authority may, on its own motion or on application by an aggrieved person, review any disciplinary action taken under subsection (1) and may affirm, modify or set aside the decision after giving the aggrieved person and the self-regulatory orga... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk104 | nder subsection (4) , give the licensed person and the self-regulatory organization an opportunity to be heard. (6) Any action taken by a self-regulatory organization under subsection (1) shall not prejudice the power of the Authority to take any further action that it considers necessary with regard to the licensed pe... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk105 | of directors, employee or agent of the self-regulatory organization ; or (ii) any member of any committee established by the self-regulatory organization , in respect of anything done or omitted in good faith in the discharge of the duties delegated to the self-regulatory organization under this Part or in the perform... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk106 | tion that it has no objection to the proposed change. ( Act No. 37 of 2011 , s. 6.) 18H. Directions to a self-regulatory organization (1) The Authority may, after giving a self-regulatory organization a reasonable opportunity to be heard in respect of any matter, give a direction, in writing, to the self-regulatory org... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk107 | s constitution in the manner specified in the direction so as to bring it in conformity with this Act, or any other law; (c) require a self-regulatory organization to amend its rules; or (d) require a self-regulatory organization to implement or enforce its constitution or its rules. ( Act No. 37 of 2011 , s. 6.) 18I. ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk108 | zation is likely to be detrimental to the self-regulatory organization , or may prejudice the interest of investors and consumers of financial services or members of the relevant sector or industry, after giving the officer and the self-regulatory organization an opportunity to be heard, direct the self-regulatory orga... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk109 | n the corporate governance policy of the self-regulatory organization ; (b) financial statements prepared and audited in accordance with the accounts and audit requirements for regulated persons; and (c) such other requirements as may be specified by the Authority . (2) An auditor who, in the course of his audit, has r... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk110 | of this Act, or directions issued by the Authority ; (c) a financial crime has been or is likely to be committed; or (d) serious irregularities have occurred, shall report the matter, in writing, to the Authority . (3) A report made under subsection (2) shall not constitute a breach of the duties of the auditor. ( Act ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk111 | ities market or a derivatives market unless he or she has been approved as a securities exchange , commodities exchange or a derivatives exchange by the Authority in such manner as the Authority may prescribe. ( Act No. 3 of 2000 , s. 13, Act No. 37 of 2011 , s. 7, Act No. 48 of 2013 , s. 10, Act No. 38 of 2016 , s. 72... | {
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