ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investments Schemes) Regulations, 2023
32. Eligibility to be a trustee
Edition: 2023-12-15 · In force
32. Eligibility to be a trustee
A person is eligible for a licence to act as a trustee of a collective investment fund if that person—(a)is a company or such body corporate incorporated, formed or established in Kenya;(b)has an initial and continuous issued and paid-up capital of at least ten million shillings;(c)has a minimum liquid capital of five million shillings or eight per cent of its liabilities which must be maintained throughout the duration of the license;(d)has as its directors and shareholders, persons who are fit and proper as provided under section 24A of the Act;(e)has sufficient financial, technical operational, and technological resources and experience necessary to enable it effectively conduct its business and carry out its obligations as a trustee of a collective investment scheme;(f)has staff capable of providing professional services as trustees; and(g)has in place adequate systems, policies, processes, procedures and the necessary control environment to conduct its business.