Regulation 21 of the Nairobi International Financial Centre (NIFC) Regulations, 2021, grants the Authority extensive powers to obtain information and documents from certified firms.
This article delves into the provisions of Regulation 21, emphasizing the Authority’s ability to request specific information, documents, and collaborate with overseas regulatory bodies for effective oversight.
Authority’s Powers to Obtain Information and Documents
Specified Information and Documents
The Authority is empowered to require certified firms to produce specified information or documents within a specified time, in a prescribed form and manner. This authority is crucial for the Authority to fulfill its functions under the NIFC Act.
Collaboration with Overseas Regulatory Authorities
The Authority has the discretion to seek assistance from appropriate overseas regulatory authorities, bodies, or agencies in exercising its powers. This collaborative approach enhances the cross-border effectiveness of regulatory oversight.
On-Site Inspection Powers
The Authority, in collaboration with relevant regulatory authorities, is authorized to enter the premises of a certified firm during working hours. This is for the purposes of inspection and the copying of information or documents stored in any form on such premises.
Cooperation of Inspected Parties
Individuals who are subjects of an inspection are obligated to provide the Authority with all necessary assistance. This cooperative stance ensures that the regulatory body can carry out inspections efficiently and effectively.
Implications for Certified Firms
Responsive Information Sharing
Certified firms must be responsive to requests for specified information and documents, complying with the prescribed timelines and formats outlined by the Authority.
Cross-Border Regulatory Collaboration
The Authority’s ability to collaborate with overseas regulatory bodies reinforces the global reach and interconnectedness of regulatory oversight, facilitating a comprehensive approach to monitoring certified firms.
On-Site Cooperation
During on-site inspections, certified firms and their personnel must extend full cooperation to the Authority and relevant regulatory bodies, ensuring a transparent and thorough assessment.
Enhanced Regulatory Effectiveness
The powers granted to the Authority under Regulation 21 contribute to enhanced regulatory effectiveness, allowing for timely information gathering and inspections to maintain the integrity of the financial system.
Conclusion
Regulation 21 of the NIFC Regulations, 2021, underscores the Authority’s commitment to robust oversight by granting extensive powers to obtain information and documents. Certified firms operating within the Nairobi International Financial Centre must recognize the importance of timely and transparent cooperation with the Authority to uphold the standards of regulatory compliance and financial integrity.
