The Capital Markets Authority is the statutory regulator for Kenya’s capital markets. When it publishes an enforcement-related notice, the document — not the tape, not a forwarded PDF of unknown provenance — is the source of record. Start at cma.or.ke.
The four-part read
Most public notices, regardless of tone, can be annotated in four blocks:
- Parties. Who is named: issuer, licensed person, director, or other. Record legal names as printed, not as the market nickname.
- Conduct. What the Authority says occurred or is alleged. Keep the Authority’s verbs. “Failed to disclose” and “is investigating” are not interchangeable.
- Statutory hook. Which Act, regulation, or licence condition is cited. If the notice is silent, write “hook not stated” rather than inferring one.
- Remedy or next step. Fine, directive, licence action, warning, or a request for information. A “next step” is not a final order.
Those four blocks are facts about the notice. They are not a view on the issuer’s equity.
What to refuse
Refuse secondary summaries that add a motive, a price implication, or a comparison to an unnamed “similar case” without citing the notice. Refuse any briefing that converts a regulator’s process into a trading slogan.
If a notice is later varied, withdrawn, or supplemented, that event belongs in the corrections log or in a follow-up brief with a new as-of date. Do not silently overwrite the first file.
Filing rule
A complete desk file has: the Authority URL, the notice date, the four-part annotation, and a one-line statement of what is still unknown. Unknowns are allowed. Invented particulars are not.
This brief describes document structure. It does not reproduce a live enforcement docket, and it does not assign outcomes to named listed companies.