Section 30C of the Capital Markets Act provides that all issuers of private offers file an Information Notice with the Authority. Private offers are offers of securities to a select category of investors who meet the criteria defined under the law. Such offers may not be targeted to the wider investing public and public advertising for the offers is prohibited. Investors are required to meet relevant sophistication standards and must be approached privately and provided with relevant information to inform their investment decision.

In line with its mandates on the protection of investors’ interests and the removal of impediments to market development, the Authority has noted the need to provide guidance to issuers on the content of Information Notices to be filed by private issuers. This is intended to facilitate compliance with the statutory obligation on all issuers as well as improve transparency and accountability on the spectrum of private capital raising activities in the market using regulated products.

The draft standardized form of Information Notice sets out the minimum information that issuers of private offers must include to enable the Authority have sufficient details on the issuers and the offer being made to be able to intervene where investor protection or market stability issues may arise in connection with private offers within the Kenyan market.

Submission of the form to the Authority is for information only. Issuers will not be required to seek prior approval of the Information Notice or Private Offer prior to proceeding but will remain accountable to ensure submissions comply with the prescribed form and content.

In accordance with Section 12A (3) of the Act, the Authority now invites stakeholders and the general public to submit comments on the draft Information Notice form. This can be accessed here.

Kindly submit your comments by February 15 2019 to:

The Chief Executive

Capital Markets Authority

P.O. Box 74800-00200 Nairobi

3rd Floor, Embankment Plaza

Longonot Road, Upperhill

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.




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