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Public Notice: Request for Stakeholder and Public Feedback on the Proposed Guidance Note on Global Depository Receipts and Notes (GDR/GDN)

The Capital Markets Authority is mandated under the Capital Markets Act to develop all aspects of the capital markets
with particular emphasis on the removal of impediments to and the creation of incentives for, longer term investments in
productive enterprises.


As part of the initiatives towards development of the capital markets, the Authority is in the final stages of developing
a Guidance Note on Global Depository Receipts and Notes to promote diversity of capital markets products. The draft
Guidance Note sets out the requirements for the issuance of global depository receipts and notes.


Depositary Receipts are negotiable certificates issued in one country representing an interest in an underlying security
issued in another country. Where the certificate represents ownership of bonds instead of shares, it is referred to as a
Global Depositary Note. Depository Receipts and Notes may be used as a means of raising capital and familiarizing
international investors with local companies.


This framework also provides guidance on how foreign issued securities may be introduced for trading in Kenya as
Depository Receipts or Notes. (KEDR/N) This provides new opportunities to further diversify the available portfolio
of securities for investment in Kenya in order to deepen the markets while providing greater access to foreign issued
securities through the domestic markets.


The Authority has held several consultative meetings with key stakeholders and potential issuers to inform the development
of the draft Guidance Note.


The Authority wishes to invite the general public and stakeholders to submit comments on the said Guidance Note which
can be accessed on the Capital Markets Authority website:– www.cma.or.ke.


This Notice has been issued in accordance with section 12A of the Capital Markets Act to commence stakeholder and
public consultation for a period of the next thirty (30) days. Kindly submit your comments on the draft framework by
November 25th 2016 via email, hand delivery or post to: -


The Chief Executive Office
Capital Markets Authority
Embankment Plaza, 3rd Floor, Longonot Road, Upperhill
P.O. Box 74800-00200, Nairobi
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

This email address is being protected from spambots. You need JavaScript enabled to view it.">
Paul Muthaura
CHIEF EXECUTIVE
Capital Markets Authority

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