Regulatory Alerts2022-06-08
Added
Requirements for Registration of Service Providers
The document sets out specific suitability criteria and documentation required for applicants seeking registration as Custodians, Managers, or Administrators under the Retirement Benefits Act and associated Regulations. Applicants must submit prescribed forms (A1, A2, or A6), pay an application fee of Kshs.50,000.00, provide audited financial statements, and meet minimum paid-up share capital thresholds of Kshs.10 million for Managers and Administrators or Kshs.250 million for Custodians. Registration finalization depends on a due diligence onsite inspection assessing operational capacity, Information Technology systems, staffing, and internal controls, while custody applicants must also hold authorization as an Authorized Depository by CMA and as a CDS Agent by CDSC.
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