In pursuit of transparency and accountability, Regulation 39 of the Nairobi International Financial Centre (NIFC) Regulations, 2021, outlines the procedures for providing access to the materials on which the Authority relies in making regulatory decisions.
This regulation aims to uphold the principles of fairness and openness in the regulatory process.
Access to Decision-Making Materials:
Regulation 39(1) mandates that if the Authority issues a decision notice to a person, that person is entitled to access the material upon which the Authority based its decision. This provision empowers individuals or entities affected by regulatory decisions to understand the basis of those decisions.
Public Interest and Fairness Considerations:
While transparency is a core principle, Regulation 39(2) recognizes that there may be instances where denying access to specific material is warranted. The Authority has the discretion to withhold certain materials if it determines that allowing access would not be in the public interest or would be unfair to other relevant parties.
Denial Notice and Explanation:
In cases where the Authority decides to deny access to specific material, Regulation 39(3) mandates the issuance of a written notice to the concerned party. This notice includes explicit reasons for the denial, ensuring transparency and providing an avenue for the affected party to understand the Authority’s decision.
The provisions of Regulation 39 create a delicate balance between transparency and the protection of sensitive information, demonstrating the NIFC’s commitment to fostering a regulatory environment that is both open and mindful of broader interests. By allowing access to decision-making materials while carefully considering exceptional circumstances, this regulation reinforces the integrity of the regulatory process.
