ADVOKS GLOBAL · KENYA
The Capital Markets (Alternative Investment Funds) Regulations
8. Procedure where approval is denied
Edition: 2023-12-15 · In force
8. Procedure where approval is denied
(1)If after considering an application made under Regulation 4, the Authority is of the opinion that an approval should not be granted, it may reject the application after giving the applicant an opportunity to be heard.(2)If the Authority, after hearing the applicant, refuses to grant an approval, it shall communicate the decision to the applicant within fourteen (14) days of the decision, stating the grounds for refusal.(3)Where an application is rejected by the Authority under subregulation (2), the applicant shall ensure that the fund ceases or does not commence any activities for which a fund is required to be approved in terms of these Regulations:Provided that nothing contained in these Regulations shall affect the liability of the applicant and the fund, where applicable, towards its existing investors under law or agreement.(4)An applicant aggrieved by the decision of the Authority may appeal against such refusal to the Capital Markets Tribunal within fifteen (15) days of communication of the decision.