ADVOKS GLOBAL · KENYA
The Capital Markets (Licensing Requirements) (General) Regulations
34. Appointment of a custodian
Edition: 2023-10-06 · In force
34. Appointment of a custodian
(1)A fund manager that manages discretionary funds shall appoint a custodian for the assets of the Fund.(2)A custodian of an investment portfolio may in relation to the fund manager be a holding company or a subsidiary company within the meaning of the terms as defined in section 154 of the Companies Act (Cap. 486) or be deemed by the Authority to be otherwise under control of substantially the same persons or consist substantially of the same shareholders, provided that the investment in a related company shall be limited to ten per cent of the total funds managed by the fund manager.(3)The Authority may revoke the approval of a custodian if at any time thereafter the custodian ceases to satisfy the requirements of these Regulations.