ADVOKS GLOBAL · KENYA
The Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations
125. Specific requirements for licensing as a trustee of REIT manager
Edition: 2023-10-06 · In force
125. Specific requirements for licensing as a trustee of REIT manager
(1)An applicant under regulation 124 shall submit the application together with—(a)its certificate of incorporation;(b)its memorandum and articles of association;(c)a statement of the unaudited accounts for the period of the accounting year ending not earlier than six months prior to the date of application and the applicant's audited accounts for the preceding two years, or, in the case of entities which, at the time of application, have been in existence for less than six months from the date of their incorporation, submit an opening balance sheet and an auditor's certification of the share capital of the company;(d)a business plan containing the particulars on—(i)the management structure;(ii)the directors, including one or more executive directors, their qualifications, addresses and details of other directorships;(iii)the shareholding structure, disclosing whether any of the shareholders will have an executive role to oversee the day-to-day operations of the business;(iv)the evidence of a minimum paid-up share capital of not less than ten million shillings in the case of the REIT managers and not less than one hundred million shillings in the case of the trustees;(v)the qualifications, experience and expertise of the chief executive;(vi)the proposed management and qualifications of key personnel demonstrating capacity to undertake the designated role or access to such skills and experience;(vii)the financial projections for three years for the trustee and the REIT manager in respect of their businesses;(viii)the particulars of the proposed operating and information technology system to be utilized in connection with the scheme;(ix)one bank reference, where the applicant is a bank the reference shall be given by another bank independent of the applicant;(x)two business references;(xi)the proposed premises suitably located and equipped to provide satisfactory service to REIT securities holders or evidence acceptable to the Authority that such premises will be available;(xii)the staff capable of providing professional services or evidence acceptable to the Authority that such staff will be available;(xiii)the independent auditor of or proposed for the trustee or the REIT manager; and(e)the fees prescribed in the Eighth Schedule.(2)Every person who is, or is to be, a director, chief executive officer or manager of a REIT manager or a trustee, shall be fit and proper to hold the particular position which he holds or is to hold.(3)Where the applicant is a bank or an insurance company, it shall obtain and submit to the Authority a no objection letter from its primary regulator.