ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investment Schemes) Regulations
71. General
Edition: 2022-12-31 · In force
71. General
(1)For the purposes of determining the price which shares of any class in a unit trust or a mutual may be issued, cancelled, sold or redeemed, the fund manager shall carry out a valuation of the collective investment scheme portfolio at each valuation point for the unit trust or mutual fund, or a sub fund of an umbrella scheme, as the case may be, at each valuation point.(2)An investment included in the collective investment scheme portfolio for which different prices are quoted according to whether it is being bought or sold shall be valued at its mid-market price.(3)For the purposes of the preceding paragraphs, there shall be excluded from the value of an investment or other part of the collective investment scheme portfolio and fiscal charges or commissions or other charges that were paid or would be payable on the acquisitions or disposals of the investment or other part of the collective investment scheme portfolio.(4)There must be at least two valuation points in each calendar month and if there are only two valuation points in any calendar month they must be two weeks apart.(5)The frequency of regular valuation points and the manner in which valuations will be carried out, must be specified in the information memorandum.(6)Subregulations (1) to (5) shall not apply to a collective investment scheme set up as an investment company under the Companies Act and listed on a securities exchange.INCOME