ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investments Schemes) Regulations, 2023
65. Eligibility for licensing as custodian
Edition: 2023-12-15 · In force
65. Eligibility for licensing as custodian
(1)A person shall not be eligible to be licensed and appointed as a custodian unless it is a bank licenced under the Banking Act (Cap. 488) or any other financial institution that demonstrates capacity and expertise in conducting custodial business and with—(a)an initial and continuous paid-up capital of at least fifty million shillings; and(b)a minimum liquid capital of twenty-five million or 8% of its liabilities which must be maintained throughout the duration of the license.(2)The appointment of a custodian shall be in writing.(3)The custodian shall perform its duties and obligations as contemplated in these regulations.