This is the version of this Legal Notice as it was from 14 January 2022 to 30 December 2022. Read the latest available version.
The Nairobi International Financial Centre (General) Regulations, 2021
Related documents
- Is amended by 24th Annual Supplement

LAWS OF KENYA
NAIROBI INTERNATIONAL FINANCIAL CENTRE ACT
THE NAIROBI INTERNATIONAL FINANCIAL CENTRE (GENERAL) REGULATIONS, 2021
LEGAL NOTICE 268 OF 2021
- Published in Kenya Gazette Vol. CXXIV—No. 6 on 14 January 2022
- Commenced on 14 January 2022
1. Citation
These Regulations may be cited as the Nairobi International Financial Centre (General) Regulations, 2021.2. Interpretation
In these Regulations, unless the context otherwise requires—"Act" means the Nairobi International Financial Centre Act;"Authority" has the meaning assigned to it under section 2 of the Act;"applicant" means a person making an application to the Authority;"application" means an application for—(a)certification to carry out a qualified activity;(b)variation of a certification;(c)withdrawal of a certification;(d)advisories or guidance;(e)a waiver; or(f)revocation or modification of a waiver;"benefit" means a benefit, exemption, allowance or any other incentive available to a certified firm as may be prescribed under any law;"Board" has the meaning assigned to it under section 8 of the Act;"Cabinet Secretary" has the meaning assigned to it under section 2 of the Act;"Centre" has the meaning assigned to it under section 2 of the Act;"certification" means an approval granted by the Authority to an applicant to carry out a qualified activity;"certified firm" means an entity that has been granted, and continues to hold a certification from the Authority;"confidential information" means information of a confidential nature received by the Authority in the exercise of its functions other than information—(a)which, prior to such receipt, was in the public domain or which has come into the public domain other than as a result of a contravention of these Regulations or any other law; or(b)is a summary, collation, redaction or statistical representation of analysis of information from which it is not possible to ascertain that it relates to a certain person;"controller" means a person who, either alone or with an associate—(a)holds more than ten percent or more of the shares in either a certified firm or a holding company of a certified firm;(b)is entitled to exercise or exercises ten percent or more of the voting rights in a certified firm or a holding company of a certified firm; or(c)is able to exercise significant influence over the management of a certified firm as a result of holding shares or being able to exercise the voting rights in a certified firm or a holding company of a certified firm or having a current exercisable right to acquire such shares or voting rights;"decision notice" means a notice issued by the Authority under these Regulations;"governing body" means the board of directors, partners, committee of management or other governing body or any other person or body of persons exercising equivalent powers and functions in relation to directing the operations of a business;"group" means a group of entities which includes an entity (the first entity) and—(a)any parent of the first entity; and(b)any subsidiary of the first entity or of any parent of the first entity;"investigator" means a person appointed to conduct an investigation under these Regulations;"person" has the meaning assigned to it under section 2 of the Act;"regulator" means a regulatory authority as defined in the Act or any other authority or body in Kenya that is officially recognized as such; and"Tribunal" has the meaning assigned to it under section 2 of the Act;3. Conflicts of interest
Part II – QUALIFIED ACTIVITIES
4. Qualified activities
Part III – CERTIFICATION
5. Application for certification
A body corporate or a registered partnership may apply to the Authority for a certification to carry on one or more qualified activities.6. Form and content of an application
A person making an application for a certification, variation or withdrawal shall—7. Conditions for certification
8. Fit and proper
The Authority shall, in assessing whether a person is fit and proper for the purposes of regulation 7(1)(a), consider—9. Adequate resources
The Authority shall, in assessing whether a person has adequate resources for the purposes of regulation 7(1)(b), consider—10. Compliance arrangements
The Authority shall, in assessing whether a person has adequate compliance arrangements for the purposes of regulation 7(1)(c), consider whether that person—11. Business plan and strategy
12. Application requirements
13. Variation of certification
14. Exemptions from certain provisions
The Authority may issue an order—15. Grant or rejection of an application
16. Powers and discretion of the Authority
The Authority may exercise its powers and discretion under this Part having regard to such matters as it may consider appropriate, including—17. Reliance during assessment
18. Certification not transferable
19. Action by the Authority
Part IV – REPORTING, SUPERVISION AND INVESTIGATIONS
20. Reporting
21. Powers to obtain documents and information
22. Appointment of investigators
23. Obstruction of the Authority
Part V – DISCIPLINARY POWERS
24. Sanctions for contravention
25. General contravention
A certified firm commits a contravention if the firm—26. Prohibitions and restrictions
The Authority may, by a written notice, prohibit a certified firm from―27. Injunctions
Where a person has engaged, is engaging or is proposing to engage in conduct that constituted, constitutes or would constitute a contravention, a court may, on the application of the Authority or any aggrieved person, make one or more of the following—28. Restitution orders
29. Appeals
If the Authority exercises any of its disciplinary powers under this Part, the person concerned may, within twenty eight days of receipt of a decision notice, refer the matter to the Tribunal.30. Power to intervene in any proceedings
The Authority may intervene as a party in any proceedings before a court where the Authority considers such intervention appropriate to meet its objectives.31. Procedural irregularities
Part VI – ENFORCEMENT PROCEDURE
32. Decision Notices
33. Form and content of a decision notices
34. Implementation of a decision notice
If a person who has received a decision notice does not refer the matter to the Tribunal within the time period specified in the notice, the Authority may take the action specified in the decision notice.35. Discontinuation of proceedings
36. Publication of a decision notice
37. Third party rights
38. Access to Authority material
History of this document
31 December 2022
Revised by
24th Annual Supplement
Read this version
14 January 2022 this version
Commenced