ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investments Schemes) Regulations, 2023
100. Valuation methodology
Edition: 2023-12-15 · In force
100. Valuation methodology
(1)A fund manager must ensure that the price of a participatory interest is calculated by reference to—(a)the net value of the assets under management; and(b)in accordance with the provisions of the incorporation documents.(2)For all participatory interests in the same class, a single price must be calculated at which participatory interests are to be issued and cancelled.(3)Assets under management of a scheme shall be valued daily or in such periodic intervals as may be set out in the Information Memorandum in accordance with the definition of fair value as set out in the relevant International Financial Reporting Standards on valuation.(4)Where the fund manager has historical price or preliminary estimated value as fair value, the firm shall—(a)consider it to be the best approximation of the current fair value; and(b)assess the difference between the approximation and final value and the effect on assets under management, performance and also make any adjustments when the final value is received.(5)External valuations for real estate investments shall be performed by an independent registered property valuer and shall be done at least once annually and the valuation report shall be submitted to the Authority.