ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investment Schemes) Regulations
99. Suspension and resumption of dealings in shares
Edition: 2022-12-31 · In force
99. Suspension and resumption of dealings in shares
(1)The fund manager may, at any time, with prior agreement of the trustee or directors as the case may and be, or shall without delay, if the trustee or board of or dealings directors, as the case may be, so require, suspend the in issue, cancellation, sale and redemption of shares (referred to in this Regulation as 'dealings in shares') if the fund manager, or the trustee or board of directors as the case may be, are of the opinion that due to exceptional circumstances there is good and sufficient reason to do so having regard to the interests of holders.(2)At the time of suspension under paragraph (1) the fund manager shall:—(a)inform the Authority of the suspension, stating the reason for its action; and(b)forthwith give written confirmation of the suspension and the reasons for it to the Authority.(3)During the period of suspension, none of the obligations in Part VI relating to the issue, cancellation, sale or redemption of shares or to the valuation of the collective investment scheme portfolio shall apply.(4)The suspension of dealings in shares shall cease as soon as practicable after the trustee or board of directors as the case may be are no longer of the opinion referred to in subregulation (1) and in any event within twenty-eight days of the commencement of the suspension of dealings in shares.(5)Before the suspension of dealings in shares ceases, the fund manager shall inform the Authority of the proposed resumption and forthwith after the resumption shall confirm the resumption by giving notice in writing to the Authority.(6)This Regulation may be applied to one or more classes of shares without being applied to other classes of shares in an umbrella scheme and shall apply to a sub-fund as it applies to the collective investment scheme, but by reference to the shares of the class or classes related to the sub fund and to the collective investment scheme portfolio attributable to the sub-fund, however, for the purpose of subregulation (1), the fund manager shall have regard to the interests of all the holders in the collective investment scheme or the umbrella scheme.WINDING UP OF COLLECTIVE INVESTMENT SCHEMES