Regulatory Alerts2018-04-03
Added · Updated
Financial Services (Regulation of Commodities Exchange) Directive 2018
The Registrar of Financial Institutions licenses and supervises commodity exchanges, requiring them to operate as body corporates and prohibiting unlicensed operations. Licensed exchanges must maintain adequate resources, transparent governance, and surveillance systems, while keeping transaction and complaint records for at least seven years. The Directive prohibits improper trading, fraud, self-dealing, and fictitious transactions, imposing monetary penalties of up to K100,000,000.00 for legal persons and K50,000,000.00 for natural persons. It comes into force twelve months after publication in the Gazette.
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