Local incorporation is required for carrying out various financial market intermediation activities.
"5. Eligibility for a licence
(1) An applicant for a licence under regulation 4 shall be eligible for a licence if the applicant—
(a) is a company incorporated in Kenya and limited by shares; [...]" (THE CAPITAL MARKETS (ONLINE FOREIGN EXCHANGE TRADING) REGULATIONS, 2017)
------------------------------------
"2. Interpretation
In these Regulations, unless the context otherwise requires— [...]
"coffee buyer" means an incorporated company licensed under the Crops (Coffee) (General) Regulations (sub. leg) to buy clean coffee at the exchange for export, local sale or value addition or to import clean coffee for secondary processing in Kenya; [...]
"coffee exchange" means a company incorporated under the Companies Act (Cap. 486) and licensed by the Authority as an exchange for trading in clean coffee;
[...]
PART II – COFFEE EXCHANGE
4. Regulation of coffee exchanges
(1) A person shall not carry on the business of a coffee exchange unless he has applied for approval and licensed as a coffee exchange by the Authority in such manner as the Authority may provide.
(2) An application under paragraph (1) shall be made in Form A as set out in the First Schedule and accompanied by —
(a) the copies of memorandum and articles of association, certificate of incorporation, and rules governing the operations of the exchange, which — (i)	are in a form satisfactory to the Authority; and (ii)	restrict the applicant to the business of operating a coffee commodity market and services incidental thereto; 
[...]
PART III – COFFEE BROKERS [...]
9. Consideration for grant of licence
An applicant seeking a licence under regulation 8 shall be required to—
(a) be a company limited by shares; [...]" (THE CAPITAL MARKETS (COFFEE EXCHANGE) REGULATIONS, 2020)
------------------------------------
"PART II – LICENSING OF COMMODITY EXCHANGES [...]
5. Considerations in granting a licence
In considering an application for a licence to operate a commodity exchange an applicant shall be required to—
(a) be a company limited by shares; [...]" (THE CAPITAL MARKETS (COMMODITY MARKETS) REGULATIONS, 2020)
------------------------------------
"2. Interpretation
In these Regulations, unless the context otherwise requires— [...]
“professional” means a person giving an opinion in respect of listed securities or in relation to a public offer or listing of securities and includes—
(a) any person responsible for the incorporation of a listed company;
(b) an advocate, auditor, accountant, investment advisor or stockbroker, underwriter, valuer, engineer, actuary, analyst, economist, management consultant; and
(c) other experts whose written opinion with respect to the assets, products or business affairs of the issuer appear in a prospectus or is produced to the Authority;
[...]
PART III – STOCKBROKERS AND DEALERS
14. Application for licence
An application for a licence to operate as a stockbroker or a dealer shall be submitted to the Authority in Form 1 set out in the First Schedule.
15. Specific requirements for approval
(1) The application under in regulation 14 shall be submitted together with—
(a) the certificate of incorporation;
[...]
PART IV – INVESTMENT ADVISERS AND FUND MANAGERS
28. Application for license
(1) A sole proprietor, company, partnership or limited liability partnership may apply to the Authority for a licence to operate as an investment advisor.
(2) A company may apply to the Authority for a licence to operate as a fund manager.
[...]
29. Specific requirements for approval
(1) The application under regulation 28 shall be submitted together with—
(a) certificate of incorporation or registration;
[...]
PART V – INVESTMENT BANKS
39. Application for licence and specific requirements for approval
(1) An application for a licence to operate as an investment bank shall be submitted to the Authority in Form 1 set out in the First Schedule.
(2) The application referred to in paragraph (1) shall be submitted together with—
(a) the certificate of incorporation;
[...]
40. Authorized functions
An investment banks shall be a non-deposit taking institution and shall carry out all or any of the following functions—
(a) offering advisory services on—
(i) public offering of securities;
(ii) corporate financial restructuring, takeover, mergers, acquisitions and privatization;
(iii) corporate financing, options including issuance of equity or debt securities or loan syndication;
(b) engaging in the business of a stockbroker subject to regulation 42;
(c) engaging in the business of a dealer;
(d) promoting or arranging underwriting or issuance of securities;
(e) promoting and acting as a fund manager of collective investment schemes;
(f) providing investment advisory services and contractual portfolio management.
[...]
PART VI – AUTHORISED SECURITIES DEALERS
45. Application for licence
(1) An application for a licence to operate as an authorized securities dealer shall be submitted to the Authority in Form 1 set out in the First Schedule.
(2) An applicant shall be—
(a) a bank licensed under the Banking Act (Cap. 488);
(b) an investment bank or a fund manager;
(c) an insurance company licensed under the Insurance Act (Cap. 487); or
(d) any other person who meets the requirements of this Part and approved by the Authority,
and who shall demonstrate effective capacity and expertise in dealing in securities.
[...]
46. Specific requirements for approval
The application under regulation 45 shall be submitted together with—
(a) the certificate of incorporation; [...]" (THE CAPITAL MARKETS (LICENSING REQUIREMENTS) (GENERAL) REGULATIONS, 2002, as amanded)

THE CAPITAL MARKETS (ONLINE FOREIGN EXCHANGE TRADING) REGULATIONS, 2017
THE CAPITAL MARKETS (COFFEE EXCHANGE) REGULATIONS, 2020
THE CAPITAL MARKETS (COMMODITY MARKETS) REGULATIONS, 2020
THE CAPITAL MARKETS (LICENSING REQUIREMENTS) (GENERAL) REGULATIONS, 2002, as amanded
[<a href="http://kenyalaw.org:8181/exist/kenyalex/sublegview.xql?subleg=CAP.%20485A">Reg</a>]