Regulatory Alerts2015-05-04
Added · Updated
Financial Services (Establishment and Operations of Brokers and Dealers) Directive, 2015
The Registrar of Financial Institutions issued the Financial Services (Establishment and Operations of Brokers and Dealers) Directive, 2015 under the Financial Services Act, 2010. This directive establishes comprehensive licensing requirements, business conduct codes, and capital standards for brokers and dealers. It also revokes the Securities (Clearing and Settlement) Directive, 2011 to consolidate regulatory oversight.
21st August, 2015 265
PART V—REVOCATION
- The Securities (Clearing and Settlement) Directive, 2011 is hereby revoked.
Made this 4th day of May, 2015.
(FILE NO.EA/FSPU/1/1)
C. S. R. CHUKA Registrar of Financial Institutions
GOVERNMENT NOTICE No. 26
FINANCIAL SERVICES ACT, 2010 (ACT NO 26 OF 2010)
FINANCIAL SERVICES (ESTABLISHMENT AND OPERATIONS OF BROKERS AND DEALERS) DIRECTIVE, 2015
ARRANGEMENT OF PARAGRAPHS
PARAGRAPH
PART I—PRELIMINARY
- Citation
- Interpretation
PART II—OBJECTIVES 3. Objectives
PART III—LICENSING REQUIREMENTS 4. Licence requirement 5. Eligibility and application for a licence 6. Grant or denial of a licence 7. Licence renewal 8. Start up capital 9. Conditional licence 10. Revocation of licence
PART IV—BUSINESS CONDUCT 11. Code of conduct 12. Changes in shareholding and management 13. Know your customer 14. General requirements
PART V—CAPITAL, LIQUIDITY AND REPORTING REQUIREMENTS 15. Minimum net capital requirements 16. Liquidity requirements 17. Trading prohibition 18. Reporting requirements
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