The Registration Committee shall consist of eight members to be appointed by the Council as follows:
- a chairperson appointed from the Institute;
- one person to represent the Ministry responsible for finance;
- one person nominated by the Examinations Board;
- one person to represent the securities exchanges;
- one person nominated by the Capital Markets Authority;
- two persons nominated by the Council to represent The Institute; and
- one person, not being a member of the Institute, nominated by the Council to represent the users of services provided by securities and investments analysts.
Purposes of the registration committee
- Receive, consider, and approve applications for registration as a certified investment and financial analyst
- Grant practising certificates and annual licenses in accordance with the provisions of the Act
- Monitor compliance with professional, quality assurance, and other standards published by the Council for observance by the members of the Institute
- Prescribe regulations to govern quality assurance programmes, including actions necessary to rectify deviations from established standards
- Where appropriate and based on the results of a quality assurance review, recommend to the Council that a member's conduct be referred for inquiry
- Advise the council on matters pertaining to professional and other standards necessary for the achievement of quality assurance
- Cancel certificates in accordance with the Act
Purposes of the disciplinary committee
The Disciplinary Committee consists of eight members:
- three members of the Institute
- one nominated by the Council from another profession other than Securities and Investment Analysts;
- one nominated by the Attorney-General;
- one nominated by the Institute of Certified Public Secretaries of Kenya;
- one nominated by the Capital Markets Authority;
- one nominated by the Cabinet Secretary in charge of the National Treasury.
Where the Council has reason to believe that a member of the Institute may have been guilty of professional misconduct it shall refer the matter to the Disciplinary Committee which shall inquire into the matter.
On the completion of an inquiry under section 28 into the alleged professional misconduct of a member of the Institute, the Disciplinary Committee shall submit to the Council a report of the inquiry which shall include recommendations for further action.
Where the Disciplinary Committee, in a report makes a recommendation to the Council shall inform the member concerned of the action to be taken against him and effect the recommendation of the Disciplinary Committee.
A member aggrieved by a determination of the Disciplinary Committee may make an appeal to the Council within sixty days of the communication to him of such determination, providing the grounds upon which the appeal is lodged.
- Initiate proactive thought leadership by developing and disseminating position papers on regular basis.
- Review and recommend appropriate organizational structure, staffing and terms of service in order to attract, and retain human talent for achievement of ICIFA long term plans.
- Engage with key stakeholders and regulators to promote the Institute’s mandate.
- Enhance participation in forums on governance and accountability in the Kenyan Financial Markets.
- Promptly address national and county governance and accountability issues and legislation issues.
- Coordinate development, implementation and monitoring of the Institute’s strategic plan.
- Consider and recommend to the Council strategies for ensuring financial sustainability of the Institute.
- Coordinating and managing administrative matters of the Institute.
- Develop and manage Institute Investment policy and its implementation.
- To consider the Institute’s annual budget and to recommend to the Council for approval.
- Monitor the Institute’s performance and present quarterly performance reports to Council with appropriate recommendations.
- Follow up recommendations from both Internal and external audit.
- To review the draft audited financial statements and make recommendations.
- To promote research in the subject of investments and financial and related matters, and the publication of books, periodicals, journals and articles in connection therewith; (as per the Act)
- Coordinate development and implementation of ICIFA education and research policy.
- Encourage pursuit of research interests among members of the Institute.
- Identify and collaborate with research institutions for furtherance of Institute’s mandate.
- Develop and recommend research proposals for funding.
- Support members pursing research that is beneficial to ICIFA, its members and the finance and investment profession.
- Promote linkages with training institutions.
- To oversee the adoption and implementation of the International Education Standards (IESs).
- To produce the Financial Analysts Journal.
- Liaison with the examinations board (kasneb) in accreditation of training institutions.
- Periodic review on CIFA syllabus.
- To undertake a membership needs assessment and recommend to the Council for implementation.
- Coordinate development and implementation of ICIFA training policy.
- To oversee the implementation of Continuing Professional Development (CPD) policies and guidelines.
- To develop marketing and member recruitment and retention plans and strategies.
- To coordinate continual improvement in quality service provision to members including evaluation of member satisfaction levels.
- To profile and evaluate needy students with interest in the finance profession for award of scholarship.
- To develop and implement student mentorship program and advise Council on the same.
- Administer the annual fit and proper membership integrity test.
- To monitor on Council’s behalf the efficiency and effectiveness of processes and controls in line with statutory provisions, policies and by laws.
- Review effectiveness of the processes of corporate governance and affiliations with other bodies.
- Advice and make recommendations on the Institute’s internal control system for efficiency and review management’s adherence to the internal control systems.
- Continuously review the scope, results and effectiveness of internal & external audit.
- Assess and ensure effectiveness of processes in place for preparation and audit of the annual financial statements.
- Review effectiveness of internal control and risk management systems.
- To monitor, recommend and provide advice to the Council on the Integrity of the Financial Statements of the Institute, including its annual and quarterly reports, preliminary results announcements relating to its financial performance or other financial information to be made public.
- Advice the Council on the terms of engagement and remuneration with the external auditor.
- To oversee the selection process for a new external auditor and, if the external auditor resigns, to investigate the reasons for the resignation and decide on any action to be taken.
- To assess at least annually the auditor’s qualifications, experience and resources and the effectiveness of the audit process which shall include a report from the external auditor on its own internal quality procedures to monitor the external auditor’s compliance with applicable legislation and guidance on the rotation of audit partners.
- To review and discuss the audited financial statements with the Institute’s Secretariat; Finance and Strategy Committee and with the external auditor and to address any issues which arose during the audit.
- Monitor the Institute’s compliance with external legislation and policies.
- Monitor implementation on internal and external audit.
- Advise Council on development of financial analysis standards for mandatory application in Kenya.
- Coordinate ICIFA’s participation in standard setting process with stakeholders for investment and financial analysts.
- Oversee development of technical guidelines, templates and frameworks on application of professional investment and financial standards
- To discuss investment and financial related matters in Kenya and to avail necessary expertise in the formulation of policies
- To promote good investment and financial practices with a particular focus on public interest entities.
- Ensure members comply with code of conduct and ethics by members.
- Review compliance with the Act, Code of Conduct and Ethics, By-Laws and professional standards.
- To advise regulators on matters related to investment and financial professional standards.
- To be an advisor through the Council to the government on matters on investment and finance policies.
- To advise and keep the Council updated on new standards that arise in the Kenyan financial markets.