Regulatory Alerts2018-04-27
Added · Updated
Financial Services (Corporate Governance Requirements for Securities Market Players) Directive, 2018
This Directive applies to all securities market players licensed under the Financial Services Act, requiring them to maintain a board of at least three directors with a majority of non-executive members and specific management roles including a principal, finance, and operations officer. Board members and senior management must obtain Registrar approval following a fit and proper test, while management must meet minimum qualification and experience thresholds outlined in the First Schedule. The document mandates strict governance standards, including independent internal and external audits, annual board performance evaluations, and a minimum 75% attendance rate for directors, with non-compliance subject to monetary penalties of up to K5,000,000 for entities and K2,000,000 for individuals. Existing players have twelve months from the commencement of the Directive to achieve compliance.
More like this from RBM
We email you every new RBM publication the day it's published.