The Institute of Certified Investments and Financial Analysts (ICIFA) has announced a few amendments to the Investment and Financial Analysts Act No. 13 of 2015. ICIFA is the professional body that regulates the Investment and Financial Analysis profession in Kenya, made up of investment advisers, portfolio managers, chief investment officers, and financial analysts.
Part of the amendments are three new subsections under section 20 of the Act. The first subsection states that “A person shall not become a Chief Investment Officer, or head of an investment department or function in a firm investing public funds, or a firm in the practice of investment and financial analysis, unless the person is registered as a certified investment and financial analyst and holds a practising certificate and an annual licence issued by the Registration Committee.”
Another new subsection states that, “A person shall not become a Chief Investment Officer……unless the person is registered as a certified investment and financial analyst and holds a practicing certificate and an annual licence issued by the Registration Committee”.
The last subsection states that ” A person shall not verify investment returns declared by a firm investing public funds……unless the person is registered as a certified investment and financial analyst and holds a practising certificate and an annual licence issued by the Registration Committee”.
The amendments were enacted on 11th December 2020. According to the Investments and Financial Analysts Act of 2015, any person who fails to abide by the listed rules will be liable on conviction to a fine not exceeding five hundred thousand or to imprisonment for a period not exceeding two years or to both.
“ICIFA is the only body authorized by law to register and grant practising certificates to Certified Investment and Financial Analysts in Kenya both in private and public practice under the Investment and Financial Analysts Act,” reads a statement on the ICIFA website. The institute has two statutory committees namely; Registration Committee and Disciplinary Committee which assist ICIFA to carry out its mandate.
