Regulation 36 of the Nairobi International Financial Centre (NIFC) Regulations, 2021, addresses the circumstances under which the Authority may discontinue regulatory proceedings.
This article examines the significance of this regulation in maintaining fairness, transparency, and procedural integrity within the regulatory framework of the NIFC.
Discontinuation of Proceedings
Due Process and Fairness:
Regulation 36(1) highlights the commitment to due process and fairness by allowing the Authority to discontinue proceedings under specific circumstances. This provision ensures that regulatory actions are undertaken with careful consideration, and proceedings may be discontinued when warranted by relevant factors.
Notice of Discontinuance:
The requirement for the Authority to provide a notice of discontinuance (Regulation 36(1)) adds a layer of transparency to the regulatory process. It ensures that affected parties are informed about the discontinuation, promoting openness and clarity.
Appellate Consideration:
Regulation 36(2) allows a person appealing a decision notice to apply to the Tribunal to stay the specified regulatory action pending the outcome of the appeal. This provision acknowledges the right of individuals or entities to seek an appellate review and safeguards against potential adverse consequences during the appeal process.
Flexibility in Regulatory Approach:
The inclusion of a mechanism for discontinuation recognizes that regulatory dynamics may evolve, requiring a flexible approach. It allows the Authority to adapt its regulatory actions based on new information, legal considerations, or changes in circumstances.
Balancing Regulatory Objectives:
Regulation 36 strikes a balance between regulatory enforcement and the need for procedural fairness. It enables the Authority to discontinue proceedings when appropriate while ensuring that affected parties have the opportunity to seek a stay during the appeal process.
Conclusion
Regulation 36 contributes to the overall fairness and adaptability of the regulatory procedures within the NIFC. By allowing for the discontinuation of proceedings under specific circumstances and providing a mechanism for appellate consideration, the regulation reflects a commitment to procedural integrity, transparency, and the pursuit of regulatory objectives within the Nairobi International Financial Centre.
