ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investment Schemes) Regulations
106. Liability of a fund manager
Edition: 2022-12-31 · In force
106. Liability of a fund manager
(1)The fund manager shall be personally liable to meet any liability of a collective investment scheme wound up under these Regulations (whether or not the collective investment scheme has been dissolved) that was not discharged prior to the completion of the winding up, except to the extent that the fund manager can show that it has complied with Regulation 104.(2)If the proceeds of the realization of the assets attributable, or allocated to a particular sub fund of an umbrella scheme are insufficient to meet the liabilities attributable or allocated to that sub-fund, the fund manager shall pay to the scheme for the account of that sub-fund the amount of the deficit, except and to the extent that the fund manager can show that the deficit did not arise as a result of any failure by the fund manager to comply with these Regulations.(3)The obligations of the fund manager under this Regulation shall not affect any other obligation of the fund manager under these Regulations or the general law.