Request for Expression of Interest (EOI)
EOI No.CMA/01/2012-2013
Study on Capital Markets Industry Fees and Commissions
The Authority is currently undertaking comprehensive reforms to
deepen the capital markets industry.
One area that has come under consideration is the issue of fees,
commissions and levies paid by investors and issuers.
In view of the above, the Authority is keen to engage an
independent consultant to review the various fees, levies and commissions
charged in the market.
This will include but not limited to regulatory fees, NSE fees,
CDSC fees, transaction levies, investment management fees, advisory fees, issue
costs, brokerage fees and commissions.
(a) Objectives of the assignment
The findings and recommendations of the study will inform policy
review of the current fee structure.
(b) Scope of work,
The consultant shall undertake the study with reference to among
others the following issues:
a) The various fees, commissions and levies charged in the
market to determine their adequacy
b) The impact of various fees to overall transaction costs
c) The relevance and basis for charging/determining the fees and
justification for each specific fee
d) The relevance of various fees in determining the choice of
investment or fund raising option
e) Considerations for other ways of generating fees and revenues
for CMA, NSE, CDSC and market intermediaries.
f) Level of competitiveness of the current market fees relative
to other jurisdictions comparable to Kenya
g) Recommendations for optimal fees structure for the Capital
Markets Industry;
h) The Regulatory & Policy framework under which Capital
Markets costs should be levied;and
i) Tax considerations on various fees and recommendations for
any concessions;
In carrying out the exercise, the consultant shall involve the
following categories of capital market stakeholders:
i) Individual, institutional, local and foreign investors
ii) Listed Companies and Potential issuers of capital market
securities
iii) Capital market intermediaries
iv) Policy makers
v) Research institutions
vi) CMA, NSE, CDSC
vii) Experience in other markets comparable to Kenya including
the East African region
The CMA now invites interested candidates to express their
interest to provide the above services. Interested persons must demonstrate
ability and capacity to undertake the assignment.
This should include relevant documentary evidence of past
similar accomplishments with appropriate references including client list.
Interested firms should submit:
- Copies
of the bidder’s certificate of business registration or certificate of
incorporation
- Copies
of the bidder’s tax registration and tax clearance certificates
- Complete
address (Physical, postal, telephone, facsimile and e-mail)
Shortlisted persons will be issued with a Request for Proposal
(RFP) document with specific terms of reference.
Completed expression of interest documents should be sealed in plain envelopes clearly marked on top with the name of this consultancy and should be addressed to:-
The Chief Executive,
Capital Markets Authority,
P.O Box 74800 – 00200,
Nairobi
Capital Markets Authority,
P.O Box 74800 – 00200,
Nairobi
Tel: 254-20-2221910/22218691,
Fax: 254-020-2228254
Email: corporate@cma.or.ke
And must be deposited in the Tender Box at the 3rd floor,
Embankment Plaza, Longonot Road, Upper Hill Nairobi so as to be received on or
before 15th October, 2012 at 11.00 A.M
