- Application form- duly filled and executed in duplicate (Form 1)
- Certified copy of the Certificate of Incorporation
- Certified Copy of the Memorandum and Articles of Association (with objects that authorize the company to carry out the business for which the license is sought)
- Accounts
- 6 months unaudited accounts plus 2 years where relevant
- Paid up share capital (x ≥ Kshs 2,500,000)
- Evidence of minimum paid up share capital
- Shareholders’ funds (x ≥ Kshs 2,500,000)
- Liquid capital (x ≥ The higher of Kes. 1,000,000 or 8% of total liabilities)
- Business PlanÂ
- Board of Directors which should comprise of a minimum of 3 directors a third of whom must be natural persons, at least one third should be independent and non-executive directors, not more than one third of the directors who are close relations of any director. A director should not hold more than 2 directorships in market intermediaries unless they are subsidiaries or holding companies. The Chairman of the Board must be a non-executive Director
- Company Secretary (provide the name of an individual and ICPSK Number)
- Shareholding Structure: number of shares, the percentage holding and beneficial shareholding of all corporate shareholders and any existing Trusts if applicable.
- Name and competencies of Chief Executive
- Financial projections for 3 years
- Operating and IT system (describe the system in place or the system to be put in place once licensed)
- External Auditor
- Place of business/ premises
- Details of staff (please note the requirement for risk management, compliance officer and internal audit functions as per the Corporate Governance Regulations)
- Directors’ declaration as required under paragraph 1(e) of the Application form
- A Board Charter that- Â Â Â Â Â
- confirms the board responsibility for adoption of strategic plans, monitoring, operational performance, the determination of policies and processes that ensure the intermediary’s risk management and internal controls.
- reserves specific powers to itself and delegates other matters to the management of a market intermediary
- provides a code of conduct that addresses conflict of interest relating to directors and management which shall be regularly reviewed and updated as necessary;
- identifies the key risk areas that require regular monitoring.
- Clear separation of roles and responsibilities of the chairman and chief executive.
- A policy for appointment of employees
- A Risk Management framework
- Two (2) letters of business reference
- One (1) letter of bank reference
- Comprehensive Curriculum Vitae for directors and key personnel- the chief executive officer, chief financial officer, chief compliance officer, secretary to the Board, chief internal auditor or any manager
- Duly filled and executed Fit & Proper Form for directors and key personnel
- Valid certified copies of the Police Clearance Certificate for directors and key personnel
- Application Fee of Kshs. 2,500