ADVOKS GLOBAL · KENYA
The Capital Markets (Alternative Investment Funds) Regulations
28. Communication of findings etc. to the Fund Manager and the fund
Edition: 2023-12-15 · In force
28. Communication of findings etc. to the Fund Manager and the fund
Where the Authority finds a material breach of the Act or these regulations after the inspection, the Authority shall after giving the fund manager, its trustees, board of directors or partners or custodian an opportunity to be heard, issue such direction as it deems fit in the interest of the market or participants which may include—(a)prohibiting a fund manager from launching a new schemes or pooling money from investors for a particular period;(b)prohibiting the person concerned from disposing of any of the assets of the scheme acquired in violation of these regulations;(c)requiring the person concerned to dispose of the assets of the fund or scheme in a manner as may be specified in the directions;(d)requiring the person concerned to refund any money or the assets to the concerned participants along with the requisite interest or otherwise, collected under the alternative investment fund;(e)prohibiting the person concerned from operating in the capital market or from accessing the capital market for a specified period; or(f)requiring the performance of any other action as the it may deem fit.