(a) “…insider trading is beneficial, not harmful, to the interests of the economy at large and to both controlling and minority shareholders. Indeed, it is for this very reason that insider trading survives in markets in which it is still permitted” Kantor, B. “In Support of Insider Trading: More than a zero-sum game” (1991) 20 Businessman’s Law 167, 167 Discuss this statement in light of the arguments for and against the prohibition of insider trading (10 Marks)

(b) With the aid of decided cases and citing relevant statutory provisions outline the law on insider trading(10 Marks)
QUESTION 3
(a)What is corporate governance and what are the specific corporate governance challenges in Africa (10 Marks)
(b) What corporate governance issues are likely to be raised in light of the Constitution of
Kenya 2010? (10 Marks)

QUESTION 4
You have recently been appointed as a Legal Intern at the Capital Markets Authority. Your are informed that there are a number of companies that have been seeking o have their securities listed. The requests have been pending as your supervisor is unsure about how to evaluate the requests for listing. Your supervisor requests you to prepare a brief detailing what the regulator’s concerns should be regarding a proposed listing of securities.
Prepare a detailed brief outlining the areas that the regulator should be concern about. (20 Marks)

QUESTION 5
Write brief notes on any four of the following
(a)Shareholder activism and making the voice of the minority shareholder be heard. (5 Marks)
(b) NSE Demutualization (5 Marks)
(c) Objectives of Securities Regulation (5 Marks)
(d) Investor Compensation Fund Board (5 Marks)
(e) Immobilisation of securities (5 Marks)

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