The Nairobi International Financial Centre (NIFC) operates under a regulatory framework that empowers the Authority to make crucial decisions regarding the certification of entities seeking to operate within the financial hub.
Regulation 15 of the NIFC Regulations, 2021, outlines the process by which the Authority may grant or reject applications for certification. This article explores the decision-making process and the communication of outcomes to applicants.
Decision-Making Process
Granting Certification
The Authority possesses the discretion to grant an application for certification either:
Without Conditions, Restrictions, or Requirements
Certification may be granted without imposing any additional conditions, restrictions, or requirements.
With Appropriate Conditions, Restrictions, or Requirements
Alternatively, the Authority may grant certification with conditions, restrictions, or requirements deemed appropriate for the specific applicant.
Rejection of Certification
In cases where the Authority deems it necessary, it has the authority to reject an application for certification.
Notification of Decision
Granting Certification
Upon deciding to grant an application for certification, the Authority is obligated to notify the applicant of:
(a) The Decision
Clearly communicating the decision to grant certification.
(b) Effective Date
Specifying the date on which the certification will be deemed effective.
(c) Certified Qualified Activities
Outlining the qualified activities that the applicant is certified to carry on.
(d) Conditions and Restrictions
Communicating any conditions and restrictions applicable to the certification.
Rejection of Certification
In the event of rejecting an application for certification, the Authority must inform the applicant, in writing, of:
(a) Rejection and Reasons:
Clearly stating the rejection and providing reasons for the decision.
(b) Appeal Rights:
Notifying the applicant of their right to appeal the decision to the Tribunal.
Conclusion
Regulation 15 of the NIFC Regulations, 2021, establishes a transparent and accountable process for the grant or rejection of certification applications. The communication of decisions and, in the case of rejection, the provision of appeal rights contribute to a regulatory environment that encourages fairness, clarity, and adherence to established standards within the Nairobi International Financial Centre.
