Nairobi City closer to being an international financial center

President Kenyatta signed into law the Nairobi International Financial Centre Bill together with other seven bills.

The Nairobi International Financial Centre Act seeks to provide for legal framework to facilitate and support the development of an efficient and globally competitive financial services sector in Kenya.

The Act also establishes the Nairobi Financial Centre Authority which will establish and maintain an efficient operating framework in order to attract and retain firms.

The Authority would also develop and recommend strategies and incentive structures in collaboration with relevant agencies in order to attract firms to be Nairobi International Financial Centre firms.

It would also review and recommend in collaboration with the relevant regulatory authorities developments to the legal and regulatory framework in order to develop Kenya as an international competitive financial centre.

Other Bills include, The Kenya Trade Remedies Bill, The President’s Awards Bill, The Traffic Amendment Bill, The Parliamentary Powers and Privileges Bill, The Occupational Therapists ( Training Registration and Licensing) Bill,  The Kenya National Examination Council Amendment Bill and The Companies  Amendment Bill.

The Kenya Trade Remedies Act, seeks to provide for the establishment of the Kenya Trade Remedies Agency for the investigation and imposition of ant-dumping, countervailing and trade safeguard measures.

The Act also seeks to enable the Government to take necessary measures to protect domestic industries from foreign competition and unfair trade practices arising from dumping, subsidizing and import surges.

The Act further seeks to establish an independent investigation body, the Kenya Trade Remedies Agency to investigate and determine the existence of dumping and subsidization in imported products and recommend appropriate measures to be taken by the government.

It also seeks to fulfill the World Trade Organization Agreements on Trade Remedies.

In terms of promoting child safety in motor vehicles, the Act provides that a person or institution shall not designate or use a vehicle for transporting children to and from school or non-school related activity unless the vehicle meets the prescribed standards.

The Companies Amendment Act 2017 seeks to amend the companies Act 2015 in order to ensure that it conforms to other laws, global trends and best practices. The Act is not only meant to improve provisions on the extent of the director’s liabilities, extent the director’s disclosure and shareholder’s remedies in case of a dispute to further protect investors but also to ensure ease of doing business, protect minority investors and clarify the ambiguities in the Act.