Regulatory Alerts2015-01-01
Financial Services (Licensing Requirements for Securities Representatives) Directive, 2015
Issued by the Registrar of Financial Institutions under the Financial Services Act, 2010, this Directive mandates that all securities representatives obtain a licence to operate. It establishes application and renewal procedures requiring a K50,000 fee, specifies valid licence periods expiring annually on 31 December, and outlines minimum educational qualifications and experience thresholds detailed in the Fourth Schedule. Furthermore, it grants the Registrar authority to suspend or revoke licences for non-compliance and impose monetary penalties of up to K10 million, while formally revoking the 2011 Securities Directive.
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