POLICY GUIDANCE NOTE ON GLOBAL DEPOSITARY RECEIPTS (GDRs) AND GLOBAL DEPOSITARY NOTES (GDNs) IN KENYA

July 2017

This Policy Guidance Note (PGN) is a publication of Capital Markets Authority (Kenya) and is to be used as a guide on the operational environment for GDRs and GDNs and to inform ultimate design of a comprehensive legal and regulatory framework. This PGN is issued pursuant to section 12A of the Capital Markets Act.

ARRANGEMENT OF PARAGRAPHS

1 - Definitions
2 - General requirements
3 - Responsibility for issuance of depositary receipts and notes 4 - Pre-listing requirements for in-bound depositary receipts 5 - Approvals for in-bound depositary notes and appointment of other parties 6 - Applicability of the Act and regulations 7 - Approvals for out-bound depositary receipts and appointment of other parties 8 - Approvals for outbound depositary notes and appointment of other parties 9 - Role of the issuer 10 - Role of the custodian 11 - Rights of investors 12 - Role of depositary bank 13 - Role of the central depositary 14 - Role of licensed brokers and investment banks 15 - Role of accountants 16 - Role of lawyers 17 - Role of investment banks and underwriters 18 - Role of the securities exchange 19 - Requirements for underlying securities 20 - Requirements for depositary securities 21 - Clearing and settlement 22 - Eligibility requirements for issuers 23 - Requirements for issuance of depositary receipts and notes 24 - Documentation requirements for issuance of depositary securities 25 - Contents of the prospectus 26 - Additional issue of depositary securities 27 - Policy on securities distribution and operational issues 28 - Risk management and allocation of responsibilities 29 - Trading and settlement of depositary securities 30 - Transfer of securities outside a securities exchange 31 - Cancellation of depositary receipts and notes 32 - Rights of holders of depositary securities 33 - Continuing Obligations 34 - Fees and other charges 35 - Notifications to the Authority 36 - Review and updating of the Guidance Note 37 - Clarifications from the Authority

[... The document continues with detailed sections 1 through 37 covering the definitions, requirements, and responsibilities outlined in the arrangement above ...]