ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investment Schemes) Regulations
16. Management of a collective investment scheme
Edition: 2022-12-31 · In force
16. Management of a collective investment scheme
(1)No person shall be appointed as a fund manager of a collective investment scheme unless such a person holds a licence to operate as a fund manager issued by the Authority.(2)A fund manager of a collective investment scheme may in relation to the custodian or trustee of such collective investment scheme, be a holding company or a subsidiary company within the meaning of the terms as defined in section 154 of the Companies Act, (Cap. 486) or be deemed by the Authority to be otherwise under control of substantially the same persons or the consist substantially of the same shareholders, provided that the investment in a related company shall be limited to ten percent of the total funds managed by the fund manager.(3)A fund manager shall at all times maintain a paid-up share capital and unimpaired reserves of not less than ten million shillings for the operation of the collective investment scheme.