ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investments Schemes) Regulations, 2023
55. Delegation by fund manager
Edition: 2023-12-15 · In force
55. Delegation by fund manager
(1)A fund manager may, with prior written approval of the trustee and with the approval of the Authority, delegate any of the fund manager’s administrative functions to any person other than the trustee or custodian.(2)A delegation under subregulation (1) shall be in writing.(3)Any misfeasance done by a person described under subregulation (1) in the performance of a function so delegated shall be regarded as having been done or omitted by the fund manager:Provided that—(a)the fund manager shall remain liable for any act or omission of any sub-contracted fund manager;(b)the fees and expenses of any such persons shall be payable by the fund manager and shall not be payable out of the collective investment scheme portfolio;(c)any expenses incurred by any such persons which, if incurred by the fund manager would have been payable out of the collective investment scheme portfolio, may be paid out of the collective investment scheme portfolio to the fund manager by way of reimbursement; and(d)any such appointment or termination of appointment shall be notified in writing to all participants.