Regulatory Alerts2019-12-11
Added · Updated
Commodity Exchanges Regulations 2016
These Regulations establish licensing criteria, application procedures, and verification processes for commodity exchanges and market intermediaries, requiring decisions within 45 days and imposing a 25,000 shilling daily late renewal penalty. They mandate compensation deposits or professional indemnity insurance for brokers and dealers, while defining grounds for license refusal, suspension, and revocation with specific hearing rights. Licensees must maintain detailed transaction records for at least 10 years, submit audited financial statements within three months of the financial year ending June 30, and deposit client funds into designated trust accounts with strict withdrawal limitations.
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