ADVOKS GLOBAL · KENYA
The Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations
25. Obligations of a promoter in an initial offer or issue of REITs securities
Edition: 2023-10-06 · In force
25. Obligations of a promoter in an initial offer or issue of REITs securities
(1)A promoter shall be deemed to be the offeror or issuer of the initial offer or issue of REIT securities to a person who is not the promoter or connected with the promoter and shall have continuing liability for—(a)any covenants and warranties contained in the prospectus or offering memorandum;(b)any misleading or deceptive statements made in any prospectus or offering memorandum; or(c)any omission from the prospectus or offering memorandum.(2)Despite the provisions of regulation 16 and the role played by the trustee in the issue of REIT securities, the trustee shall not be considered to be the issuer and its liability shall be limited to—(a)covenants and warranties made by the trustee; and(b)misleading and deceptive statements made by, and included in the prospectus or offering memorandum with the approval of the trustee in its capacity as an expert.