ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investments Schemes) Regulations, 2023
158. Winding up of a scheme
Edition: 2023-12-15 · In force
158. Winding up of a scheme
(1)A scheme may be wound up—(a)where the Authority revokes the approval of the collective investment scheme;(b)where the fund manager or the trustee or custodian requests for the revocation of the Authority’s approval of the scheme;(c)upon the expiration of any period specified in the trust deed as the period at the end of which the scheme is to terminate;(d)on the effective date of a duly approved scheme of amalgamation; or(e)on the effective date of a duly approved collective investment scheme reconstruction which results in all the property of the reconstructed scheme becoming the property of two or more schemes.(2)Upon the occurrence of any of the events specified in subregulation (1)—(a)Part VI on pricing and dealing shall cease to apply to the scheme;(b)the trustee shall cease to create and cancel participatory interests in the scheme;(c)the fund manager shall cease to issue and redeem participatory interests in the scheme;(d)the fund manager shall cease to buy and sell participatory interests as an agent of the trustee or custodian or on his or her own account; and(e)the trustee or custodian shall proceed to wind up the scheme in accordance with regulation 159.