ADVOKS GLOBAL · KENYA
The Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations
17. Procedure for application
Edition: 2023-10-06 · In force
17. Procedure for application
(1)A promoter and trustee shall, in making an application under regulation 16, submit to the Authority—(a)the prescribed application fee;(b)a draft trust deed or the trust deed;(c)a draft prospectus or an offering memorandum;(d)an agreement or draft management services agreement with the REIT manager;(e)an agreement or draft agreement with the property manager;(f)an agreement or draft agreement with the project manager certifier;(g)certified copies of any other scheme documents and material contracts;(h)certified copies of valuation reports of properties vested in or to be vested in, acquired or transferred or to be acquired or transferred to the trustee as assets of the trust;(i)reports of experts and consents of experts for inclusion;(j)a legal opinion in respect of–(i)the title, encumbrances, terms of contracts and status of registration of the real estate and other assets vested in or set out in the prospectus or offering memorandum that are to be vested in, acquired or transferred to the trustee as assets of the trust; and(ii)the compliance of the trust deed with these Regulations;(k)the contract with and certified copy of the report of the structural engineer;(l)if it is proposed that the REIT be authorized as an Islamic REIT, a copy of the Shariah advisor's report;(m)audited financial statements of the REIT manager for the financial year immediately preceding the application for authorization;(n)audited financial statements of the trustee for the financial year immediately preceding the application for authorization; and(o)such other documents as the Authority may prescribe from time to time.(2)The Authority may require the applicant to furnish it with such additional information, verification and copies of any additional documentation as the Authority may consider necessary.