CMA kenya logo.[CMA] After acquiring Aylesfield Kenya on reorganisation at the group level, VFS International of Mauritius decided to shut its local subsidiary , the regulator said.The investment and wealth management advisory arm, through Aylesfield, consequently applied to the Capital Markets Authority (CMA) for a new licence, which was approved on July 18 last year.CMA said in a statement, “Through a letter dated August 1, 2017, VFS (K) Ltd subsequently requested for revocation of its licence and provided relevant undertakings with regard to the coverage of any liabilities as highlighted in the notice published in the Kenya Gazette on December, 29.” “In this regard, the revocation of the VFS (K) Ltd licence would need to be considered in connection with the grant of licence to Aylesfield (K) Ltd in connection with a wider group reorganisation.”The CMA has given the clients of VFS International Kenya 45 days from December 29 to clear any outstanding issues pending its shutdown.Licencing of Aylesfield means the number firms offering wealth management and financial advisory services to corporate and retail investors remains 14.

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