ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investment Schemes) Regulations
41. Minimum requirements for umbrella schemes
Edition: 2022-12-31 · In force
41. Minimum requirements for umbrella schemes
(1)An umbrella scheme does not qualify for approval from the Authority to operate unless each of its proposed sub-funds qualify for a separate approval to operate as a collective investment scheme, except as provided in Regulation 80.(2)Subject to the provisions of subregulation (4), if for a period of twenty-four consecutive months commencing at any time after the first issue of any shares of an umbrella scheme, shares in respect of less than two sub-funds are in issue, the trustee or board of directors of the scheme shall take such action as is necessary to change the category of the scheme or to cause shares in respect of more than one sub-fund to be in issue.(3)If subregulation (2) becomes, or should reasonably be expected by the trustee or board of directors to become, applicable, the fund manager shall, prior to or forthwith upon, the expiry of the twenty-four month period notify the holders and the Authority of any action proposed in order to comply with subregulation (2).(4)Sub regulation (2) shall not apply if, on or prior to the expiry of the twenty-four month period, winding up of the umbrella scheme has commenced.