ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investments Schemes) Regulations, 2023
53. Liability of a fund manager
Edition: 2023-12-15 · In force
53. Liability of a fund manager
(1)The fund manager shall not be liable for any loss, damage or depreciation in the value of the scheme fund or of any investment comprised in or the income from which may arise by reason of depreciation of the market value of the shares and other assets in which scheme funds are invested unless such loss, damage or depreciation in the value of the scheme fund arises from negligence, wilful default or fraud by the fund manager or any of the fund manager’s agents, employees or associates.(2)In the absence of fraud or negligence by the fund manager, the fund manager shall not incur any liability by reason of any matter or thing done or suffered or omitted to be done by it in good faith under the provisions of the information memorandum, rules of the collective investment scheme or these Regulations.(3)The fund manager shall not be under any liability except such liability as may be expressly assumed by it under the information memorandum, the rules of the collective investment scheme and these Regulations.(4)A fund manager shall not be liable for any act or omission of the trustee save as expressly provided in these Regulations.