Regulatory Alerts2014-01-01
Financial Services (Licensing and Registration of Pension Entities) Directive, 2014
Charles Chuka, Registrar of Financial Institutions, issued this Directive to establish the regulatory framework for licensing and registering pension entities under the Financial Services Act, 2010. The Directive mandates specific capital requirements, such as K100 million for administrators and K250 million for pension services companies, while defining operational boundaries that prohibit administrators from acting as custodians or investment managers. It further requires all existing pension entities to comply with these new standards within twelve months and prescribes detailed application forms and processing fees for new licenses.
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