ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investments Schemes) Regulations, 2023
4. Restriction on establishment and operation
Edition: 2023-12-15 · In force
4. Restriction on establishment and operation
(1)A person shall not—(a)establish or operate a collective investment scheme or purport to establish or operate such a scheme, unless the scheme is approved and that person is licensed by the Authority as a fund manager or an investment bank;(b)establish or operate an intermediary service platform without a license from the Authority;(c)advertise or cause to be advertised in Kenya, a scheme advertisement unless that person is a licensed person, and the contents of the advertisement have been approved by the trustee of the scheme and complies with Part XIV of these Regulations; or(d)advise or procure any person to become a participant in a collective investment scheme unless the scheme is an approved scheme.(2)A person who contravenes this regulation commits an offence and shall be liable upon conviction to the penalty specified under section 34A of the Act and general damages where applicable, for any loss occasioned to the other party.