The Capital Markets (Collective Investment Schemes) Regulations
2. Interpretation
2. Interpretation
In these Regulations, unless the context otherwise requires—"Act" means the Capital Markets Act;"certificate of entitlement" means a document of title, statement of account or any other document evidencing ownership of the holder thereof to one or more shares acquired by the holder in a collective investment scheme;"custodian" means a company approved by the Authority to hold in custody funds, securities, financial instruments or documents of title to assets of a collective investment scheme;"dealing" means an act of buying, selling or agreeing to buy or sell or trade shares by a fund manager;"collective investment scheme portfolio" means all cash and other collective investment scheme portfolio for the time being held or deemed to be held upon trust pursuant to a trust deed establishing a collective investment scheme or other incorporation or offering document of a collective investment scheme, other than the amount for the time being standing to the credit of the distribution account;"dilution" means that a collective investment scheme may suffer reduction in the value of its collective investment scheme portfolio as a result of costs incurred in dealing in its underlying investments and of any spread between the buying and the selling prices of such investments;"holder" means any person (other than a fund manager) who is the lawful holder of a certificate evidencing that he has an interest in the collective investment scheme and includes a purchaser of or a subscriber for such an interest who is entitled to have a certificate issued to him;"initial charge" means that portion of the selling price of a share which represents the fund manager's charge in respect of expenditure incurred and work performed by it in connection with the creation and issue of such share but does not include any compulsory charge;"portfolio" means a group of securities in which members of the public are invited to acquire shares pursuant to the collective investment scheme and include any amount in cash forming part of the assets pertaining to such portfolio;"shillings" means shillings in the currency of the Republic of Kenya;"trust" means a trust within the meaning of the Trustee Act (Cap. 167);"trust deed" in relation to a collective investment scheme, means the trust deed that sets out the trusts governing the unit trust or mutual fund and includes every instrument that varies those trusts, or effects the powers, duties, or functions of the trustee or manager of the unit trust or mutual fund;"trustee" in relation to a unit trust, means a trustee in which are invested the money, investments or other collective investment scheme portfolio that are for the time being subject to the trusts governing the unit trust;"unit" means an undivided share in the collective investment scheme portfolio of a unit trust scheme;"working day" excludes Saturday, Sunday and public holidays.Source: Kenya Law