ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investments Schemes) Regulations, 2023
24. Alterations
Edition: 2023-12-15 · In force
24. Alterations
(1)The fund manager shall submit any proposed material alteration to the scheme or scheme documents to the Authority for prior approval.(2)The Authority shall determine whether holders shall be notified of the alterations to the scheme documents and the period of notice, if any, to be applied before the changes are to take place.(3)The notice period referred to in subregulation (2) shall not exceed three months unless the Authority otherwise determines subject to the merits of the case.(4)Subject to regulation 24, the scheme documents may be altered by the fund manager without consulting the holders:Provided that the trustee and the board of directors, as the case may be, shall certify in writing that, in their opinion, the proposed alteration—(a)is necessary to enable compliance with fiscal and statutory requirements;(b)does not materially prejudice the holders’ interests;(c)does not, to any material extent, release the trustee, custodian, fund manager or the board of directors, their agents, or associates from any liability to holders;(d)does not materially increase the costs payable from the scheme portfolio concerned; or(e)is necessary to correct a manifest error.(5)A power conferred on a fund manager or any investment company by these Regulations is subject to any express restriction contained in the scheme’s incorporation documents.