ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investment Schemes) Regulations
19. Fund manager's reports
Edition: 2022-12-31 · In force
19. Fund manager's reports
(1)The fund manager shall provide the trustee, board of directors, holders and the Authority quarterly from the date of the fund manager's appointment with—(a)a valuation of the scheme fund and of all the investments representing the same, including the details of the cost of such investments and their estimated yields;(b)a report reviewing the investment activity and performance of the investment portfolios comprising the scheme fund since the last report date and containing the fund manager's proposals for the investment of the scheme fund during the period; and(c)a record of all investment transactions during the previous period.(2)The Fund manager of a collective investment scheme shall once every year provide every holder and the Authority with audited accounts and such other statements as may be necessary in relation to the operations of that scheme during the period which ended not more than three months before the date on which such accounts or statements are submitted, and in regard to its position as at the end of that period, including—(a)the fund manager's capital resources actually employed or immediately available for employment for the purposes of the scheme;(b)in respect of the collective investment scheme portfolio, the total market value of each of the several securities included in the collective investment scheme portfolio, and the value of each of those securities expressed—(i)as a percentage of the total market value of the collective investment scheme portfolio;(ii)as a percentage of the total amount of securities of that class issued by the concern in which the investment is held; and(iii)indicating the percentage of such securities in relation to the investment guidelines specified in Regulation 78(2).(c)the amount of dividends and interest and any other income for distribution which have accrued to the underlying securities comprised in the collective investment scheme portfolio, indicating the classes of income and the amount derived from each class, and how the income has been or is intended to be allocated;(d)the amount of proceeds of capital gains, rights and bonus issues and any other accruals and receipts of a capital nature which have been or are to be invested in the scheme for the benefit of the holders, indicating the classes thereof and the amount derived from each class, but excluding amounts derived from the sale of shares;(e)the total amount derived from the sale of shares, indicating the total amount paid in respect of compulsory charges, and the total amount paid in respect of the repurchase of shares;(f)the fund, manager's income derived from all sources in the operation of the scheme, indicating the sources and the amount derived from each source, and its net profit or loss derived from such operation;(g)a review of the fluctuations in the selling and repurchase prices per share during the period in question including the highest and lowest selling prices and the highest and lowest repurchase price.(3)Copies of the accounts and statements referred to in subregulation (2) shall be kept at the registered office of the fund manager and made available for inspection during ordinary office hours by any holder or other person bona fide interested in the purchase of shares of the scheme.(4)A fund manager shall in addition, within a period of thirty days after receipt of a written request from the Authority, or within such further period thereafter as the Authority may allow, lodge with the Authority such further information and explanations in connection with any accounts or statement referred to in subregulation (2) as may be specified in the request.(5)The fund manager of a mutual fund shall report to the board of directors within seven days of the creation and cancellation of shares.