By ABIUD OCHIENGAnglo Leasing contracts received the necessary State and Cabinet approvals, former Head of Public Service Francis Muthaura has told the anti-corruption court in Nairobi.Mr Muthaura Tuesday said the Finance minister was lawfully empowered to exempt security
contracts from procurement regulations, given their sensitivity.
Among the salient features of the amended rules are the expansion of shelf registration; the easing of rules in the commercial paper issuance; introduction of new category of exempt security
; exemption from registration for public offerings that have limited character; and extension of the period to sell securities; facelift for the mandatory tender offer rules.
A new category of exempt security
is likewise introduced.
Civil rights advocates said they welcomed the broader protections, but were disappointed that the guidance will exempt security
screening in airports and border checkpoints.
That section states that the Commission [SEC] shall treat as an exempt security
under Section 3(a)(8) of the 1933 act "any insurance or endowment policy or annuity contract or optional annuity contract" that isn't a variable contract and that, if issued on or after June 16, 2013, is issued by an insurer that has adopted suitability rules at least as stringent at the NAIC Suitability in Annuity Transaction Model Reg #275 of 2010 and any successor thereto.