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{
"id": 967847,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/967847/?format=api",
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"type": "speech",
"speaker_name": "Uasin Gishu CWR, JP",
"speaker_title": "Hon. (Ms.) Gladys Boss Shollei",
"speaker": {
"id": 13278,
"legal_name": "Gladys Jepkosgei-boss Shollei",
"slug": "gladys-jepkosgei-boss-shollei"
},
"content": "The Regulations contain mortgage refinance business, issues relating to licensing, governance, loans, risk classification, provisioning of loans, capital requirements, liquidity management, internal controls, reporting requirements and guidelines on voluntary liquidation. The Committee observed that the statutory timelines set out in Section 11 of the Statutory Instruments Act were adhered to by the CBK. The Regulations were brought before the Clerk of the National Assembly on 11th September 2019 and tabled before this House on the same date. The Committee also observed that consultation and public participation as required by the Statutory Instruments Act with persons and stakeholders likely to be affected was undertaken. The regulation making authority subjected the draft regulations through various meetings with stakeholders such as commercial banks, micro-finance banks, Saccos, the National Treasury and the general public. The draft regulations were also placed on the CBK website on February 2019. Sections 6, 7 and 8 of the Statutory Instruments Act require that the regulation making authority must carry out a regulatory impact assessment and submits to Parliament a Regulatory Impact Statement if the proposed regulations have significant cost or impact to the community or section of the community. The regulation making authority, in this case the CBK, did not conduct a Regulatory Impact Assessment, neither did it submit a Regulatory Impact Statement to the House as required by the law. Also, the Statutory Instruments Act, Section 13, requires that the Regulation should not inappropriately delegate legislative powers to another body. Therefore, Regulation 26(2) gives the CBK the power to provide guidelines, other forms and manners in which the place of business may be opened, located or closed. Regulation 42 gives the CBK power to issue guidelines on group structures and mortgage refinance companies. By so doing, the CBK in these Regulations improperly delegated certain legislative powers. Therefore, this is irregular. For that reason, the Committee, having examined the CBK Mortgage Refinance Companies Regulations 2019 against the Constitution, the Interpretation and General Provisions Act Cap 2, the CBK Act, Cap 491, and the Statutory Instruments Act No.23 of 2013, recommends to this House that pursuant to Standing Order No.210(4)(b), the House annuls Regulation 26(2) and 42 as they contravene Section 13 of the Statutory Instruments Act by inappropriately delegating legislative powers to the CBK to issue guidelines. As I conclude, allow me for the umpteenth time to acknowledge the tireless efforts of the members of staff of the Committee on Delegated Legislation for their exceptional service. I also want to thank the Members of the Committee on Delegated Legislation for their spirit of The electronic version of the Official Hansard Report is for information purposes only. Acertified version of this Report can be obtained from the Hansard Editor."
}