ADVOKS GLOBAL · KENYA
Capital Markets Act
30M. Trustees
Edition: 2025-12-11 · In force
30M. Trustees
(1)The Authority may, from time to time, prescribe the qualifications of a person to be appointed as a trustee.(2)A trustee shall—(a)be the custodian of the assets of a securitisation trust;(b)manage the operation of the securitisation trust and the securitisation transaction in a fiduciary capacity,to give effect to the objectives and purposes of the trust for the benefit of the beneficiaries in accordance with the trust deed, any other law governing trustees and the transaction documentation.(3)All assets of the securitisation trusts shall be held by the trustee in trust for the investors in asset backed securities as the beneficiaries of the securitisation trust may consider appropriate.(4)Except as specifically provided for in the trust deed, and to the extent that the trust deed relates to the implementation and operation of the securitisation trust and securitisation transaction, the preservation of assets and fulfilment by the trustee of its fiduciary obligations, the assets of a securitisation trust shall not be available to—(b)any creditors of the trustee;(c)any other claimants against the trustee; or(d)satisfy any liabilities of the trustee.(5)The assets of a securitisation trust shall not be included in the assets of trustee in the event the trustee is declared insolvent, wound up, placed under administration, dissolved, amalgamated or restructured.(6)A trust deed shall contain such information, including the roles and duties of a trustee, as the Authority may prescribe.(7)A trustee shall, in addition to such other duties and obligations as may be imposed on it under any other written law, perform such other roles and duties as the Authority may prescribe.