Update BRP Country Manual Products
Kenya
| SOURCE OF CHANGES | ANSWERS |
|---|---|
| Law/Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s interpretation | Yes |
Definitions & Concepts, Regulatory Overview and Behaviour Template
The Country Manual has been reviewed to ensure that the content of all the documents remain accurate and up to date.
Material changes
In alignment with the Country Manual Private Banking (CM PB), the active provision of macroeconomic information/reports and investment research and financial analysis documents/reports as well as other publications and other marketing material referring to specific financial products made on a generic basis or based on the specific investment profile of one recipient, is permitted only on an occasional basis and based on an ongoing advisory agreement onshore in Kenya (target). The Country Manual Products Behaviour Template (CM P BT) therefore now provides the answer “Grey zone/YES”.
In further alignment with the CM PB, it is highlighted that any provision of execution only services by foreign (unlicensed) service providers onshore in Kenya (at target) are only permitted if they are transmitted to the service provider’s country of establishment for execution. Accordingly, the CM P BT now provides the answer “Grey zone/YES” in the relevant onshore scenarios.
In addition, any active provision of advice based on an advisory agreement is permitted on an occasional basis onshore in Kenya (at target) and on a cross-border basis into Kenya (remote). Accordingly, the CM P BT now provides the answer “Grey zone/YES” in the relevant onshore scenarios.
Finally, our local counsel confirmed that foreign (unlicensed) service providers may distribute/offer foreign (unregistered) financial products onshore in Kenya (at target) only via a locally licensed financial intermediary (ongoing advice), and on a cross-border basis on a one-to-one basis as a “current market practice” (spot advice) or within the framework of a written “advisory agreement” which covers the relevant financial products and which has been requested on the investor’s own initiative (ongoing advice). Accordingly, the CM P BT now answers the relevant scenarios with “Grey zone/YES” including the relevant conditions.
Non-material changes
Some comments and content have been slightly reworded in the CM, without introducing substantive changes to reflect the regulatory situation/current interpretation of the regulatory framework more accurately.
For more information, please contact us: info@brpsa.com
Geneva, May 19th, 2025