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How to Obtain Investment Adviser License in Kenya

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How to Obtain Investment Adviser License in Kenya by Kenyans247(m): Sat Feb 2020 01:47pm
Procedure
To obtain an investment adviser license, the applicant has to contact the Capital Markets Authority offices. https://www.cma.or.ke/index.php/about-us/contact-us
The applicant has to make sure he or she has all the required documents that are required for this process to be successful and they can be found under the "Required Documents" section of this page or in the Application form https://www.cma.or.ke/index.php/licensing-approvals/licensing/application-forms?download=168:licenceapplicationform-1 and the Investment Advisers Checklist. https://www.cma.or.ke/index.php/licensing-approvals/licensing/checklists?download=177:investment-bank-checklist
Payment of appropriate fees should be made and that can be found under the "Fees" section of this page or in the Capital Markets Authority's CMA Service Delivery Charter https://www.cma.or.ke/index.php/about-us/service-charter
On completion of this process, Capital Markets Authority will notify the applicant on any outstanding issues 14 working days after lodging an application and if there are no issues, the Authority will issue to the applicant a license within 25 working days.

Required Documents
Application form https://www.cma.or.ke/index.php/licensing-approvals/licensing/application-forms?download=168:licenceapplicationform-1
Memorandum and articles of association
Certificate of incorporation
Business plan complying with the requirements of regulation 29(1)(d) (Investment adviser and fund manager) of the Capital Markets Authority (Licensing Requirements) (General) Regulations. https://www.cma.or.ke/index.php/regulatory-framework/regulations?download=36:the-capital-markets-licensing-requirements-general-regulations-2002
A statement of the un-audited accounts for the period of accounting year ending not earlier than six months prior to the date of application and audited annual accounts for the preceding two years (in the case of application of licence), management accounts upto the 30th November and audited annual accounts for the preceding year (in the case of renewal of licence)
A declaration by the directors as to whether after due enquiry by them in relation to the interval between the date to which the last accounts have been made and a date not earlier than fourteen days before the date of the application
the business of the company has, in their opinion, been satisfactorily maintained
there have, in their opinion, arisen any circumstances adversely affecting the companys trading or value of its assets
there are any contingent liabilities by reason of any guarantees given by the company or any of its subsidiaries
there are, since the last annual accounts, any changes in published reserves or any unusual factors affecting the profit of the company or any of its subsidiaries.
A copy of the bank guarantee to be lodged with the securities exchange or the central depository (where applicable).
A declaration by persons authorized as prescribed to accompany the application form.

Office Locations & Contacts
Capital Markets Authority

Embankment Plaza, 3rd Floor

Longonot Road, off Kilimanjaro Avenue, Upperhill

P.O Box 74800 - 00200

Nairobi, Kenya

Tel: +254- 20- 2264000/ 2264900 / 2221910/ 2221869/ 2226225

Cell: +254 722 207767

Fax: +254- 20-342825

Email: corporate@cma.or.ke

Website: www.cma.or.ke

Location: View Map https://www.google.com/maps?f=q&source=embed&hl=en&geocode&q=Longonot+Road,+Nairobi,+Kenya&aq=0&oq=longonot&sll=-1.292822,36.819574&sspn=0.007176,0.011362&ie=UTF8&hq&hnear=Longonot+Rd,+Kenyatta+Hospital,+Nairobi,+Nairobi+Province,+Kenya&ll=-1.292822,36.819574&spn=0.007176,0.011362&t=m&z=14

Eligibility
No person is allowed to carry on or hold himself out as carrying on business as an investment adviser unless he is approved as such by the Capital Markets Authority.



Fees
An application fee of Kshs. 2,500



Validity
The licence granted shall remain valid unless suspended or revoked by the Authority.

The Authority may suspend or revoke a license, for such period or until the occurrence of such event as the Authority may specify if a licensed person

goes into liquidation or an order is issued for the winding up of the licensed person;
carries out any activity outside the scope of the licensed or approved activities;
has a receiver or a manager appointed on all or a substantial part of the property of the company;
ceases to carry on the licensed business for a period of more than thirty days unless it has obtained the approval of the Authority to do so;
any of its directors or key employees has not, in the opinion of the Authority, performed their duties honestly and fairly;
has contravened or failed to comply with any condition applicable in respect of the license;
fails to comply with a direction of the Authority;
fails to provide the Authority with such information as it may require;
provides false or misleading information;
for any other reason, is no longer fit and proper person to hold a license; or
is in breach of any other provision under the Capital Markets Act.

Documents to Use
Application form https://www.cma.or.ke/index.php/licensing-approvals/licensing/application-forms?download=168:licenceapplicationform-1

Processing Time
Within 25 working days upon meeting all the requirements.

Instructions
An application for a licence or for the renewal of a licence should be made to the Authority in the prescribed form and should be accompanied by the prescribed fee and in the case of an application for the renewal of a licence, may be made within three months but not later than one month prior to the expiry of the licence

The Authority may require an applicant to supply such further information as it considers necessary in relation to the application.

A licence is only be granted if the applicant meets and continues to meet such minimum financial and other requirements as may be prescribed by the Authority.

The Authority may grant a licence to such conditions or restrictions as it thinks fit and the Authority may, at any time by written notice to a licence holder, vary any condition or restriction or impose further conditions or restrictions.

The Authority will not refuse to grant a licence without first giving the applicant or holder of a licence an opportunity of being heard.

Required Information
Name of company
Registered office
Date of incorporation
Address
Email
Location, address and telephone number of principal office
Location, address and telephone number of branch offices
Details of capital structure
Shareholders
Directors
Particulars of other directorship(s) of the directors and secretary.
Particulars of shares held by directors or secretary in other companies
Business references
Profile of the chief executive and key employees in the applicant company
List the office facilities of the applicant
State the exact nature of the activity to be carried on which obliges the applicant to apply for a licence from the Capital Markets Authority.

Need for the Document
An investment adviser is any person (other than a bona fide officer, director, trustee, member of an advisory board or employee of a company as such) who, for remuneration -

carries on the business, of advising others concerning securities; or
as part of a regular business, issues or promulgates analyses or reports concerning securities; or
pursuant to a contract or arrangement with a client, undertakes on behalf of the client (whether on a discretionary authority granted by the client or otherwise) the management of a portfolio of securities for the purpose of investment, where the total portfolio does not exceed the amount prescribed by the Authority from time to time; or
deals with long term financing equity and debt and acts as adviser or underwriter in relation to a public issue of securities; or
such other persons as the Authority may, prescribe to be within the intent of this definition; but the expression does not include
a bank as defined in section 2 of the Banking Act;
a company or association registered under Part III of the Insurance Act;
an advocate, accountant or certified public secretary in practice whose carrying on of that business is solely incidental to the practice of his profession;
a trust corporation within the meaning of the Trustee Act;
a dealer or his employee whose carrying on of that business is solely incidental to the conduct of his business of dealing in securities; or
a person who is the proprietor of a newspaper and holder of a permit issued under the Books and Newspapers Act where
in so far as the newspaper is distributed generally to the public, it is distributed only to subscribers to, and purchasers of, the newspaper for value;
the advice is given or the analyses or reports are issued or promulgated only through that newspaper;
that person receives no commission or other consideration for giving the advice or for issuing or promulgating the analyses or reports; and
the advice is given and the analyses and reports are issued or promulgated solely as incidental to the conduct of that person's business as a newspaper proprietor.

Source https://www.wikiprocedure.com/index.php?title=Kenya_-_Obtain_Investment_Adviser_License

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