ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investments Schemes) Regulations, 2023
89. Fund manager’s obligation to issue
Edition: 2023-12-15 · In force
89. Fund manager’s obligation to issue
(1)A fund manager must at all times during a dealing day, be willing to issue participatory interests in the scheme and it must at the request, in writing, of any person, agree to issue participatory interests to that person at a price arrived at under these Regulations.(2)Subregulation (1) does not apply—(a)if the fund manager has reasonable grounds, relating to the circumstances of the person concerned, for refusing to issue participatory interests to him or her;(b)if the number or value of the participatory interests sought to be issued is less than any number or value stated in the information memorandum as the minimum number or value to be purchased or held;(c)if the fund manager has not received payment with or prior to the order; or(d)if the fund manager has reason to believe that the potential purchaser has not seen or been offered a copy of the latest information memorandum and the last annual report, performance report and the current fees schedule in addition to any other document as requested by the potential purchaser.