ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investments Schemes) Regulations, 2023
120. Remuneration of the trustee or custodian and reimbursement of expenses
Edition: 2023-12-15 · In force
120. Remuneration of the trustee or custodian and reimbursement of expenses
(1)No payment may be made to the trustee or custodian out of the property of the scheme, whether by way of reimbursement of expenses or otherwise, except—(a)remuneration for the trustee and custodian in respect of its services and in respect of which the following have been stated in the incorporation documents and information memorandum—(i)the actual amount or rate of the remuneration;(ii)the periods in respect of which the remuneration is to be paid;(iii)how the remuneration is to accrue; and(iv)when the remuneration is to be paid;(b)reimbursement of expenses properly incurred by the trustee or custodian in performing or arranging for the performance of the functions conferred on the trustee or custodian by these Regulations.(2)Subregulation (1)(a)(i) may be taken to be complied with if the information memorandum contains—(a)the maximum amount or rate of the remuneration which may become payable to the trustee or custodian; and(b)an explanation as to how the actual amount or rate is to be determined, including the mathematical basis and the relevant factors involved.(3)Payment regarding services may be made under subregulation (1)(a), only if authorized by the trust deed.