Regulatory Alerts2017-01-01
Policy Guidance Note on Global Depositary Receipts (GDRs) and Global Depositary Notes (GDNs) in Kenya
This policy guidance note establishes the operational environment, listing requirements, and regulatory framework for Global Depositary Receipts and Notes in the Kenyan capital markets. It mandates clear roles for issuers, custodians, and depositary banks while defining eligibility criteria, disclosure obligations, and procedures for the issuance and cancellation of these securities. Furthermore, the document provides for regulatory oversight, risk management, and the applicability of the Capital Markets Act, including specific modifications to existing disclosure and corporate governance standards for foreign issuers.
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