ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investments Schemes) Regulations, 2023
96. Exchange of participatory interests in umbrella funds
Edition: 2023-12-15 · In force
96. Exchange of participatory interests in umbrella funds
In the case of an umbrella fund, the fund manager may not make any charge on an exchange of participatory interests—(a)where the exchange is the first to be made by the participant during any annual accounting period; or(b)in the case of a second or subsequent exchange, unless such a charge is authorised by the incorporation documents and the amount of charge is within the maximum for charging on such an exchange stated in the most recently published information memorandum.