ADVOKS GLOBAL · KENYA
The Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations
26. Obligations of a REIT manager in a subsequent offer or issue of REITs securities
Edition: 2023-10-06 · In force
26. Obligations of a REIT manager in a subsequent offer or issue of REITs securities
(1)A person who is a REIT manager at the time of any subsequent issue or offer of REIT securities made after the initial offer or issue shall be deemed to be the issuer or offeror of any subsequent issue or offer and shall have continuing liability for—(a)any covenants or warranties;(b)misleading or deceptive statements in the prospectus or offering memorandum; or(c)omissions from the prospectus or offering memorandum, made or issued by it whilst that person was the REIT manager notwithstanding that that REIT manager subsequently ceases to be the REIT manager.(2)The liability of the trustee in the case of any subsequent offer shall be limited to liability to—(a)covenants and warranties made by the trustee; and(b)misleading and deceptive statements made in respect of—(i)the trustee that have been included in the prospectus or offering memorandum with its approval in its capacity as an expert; and(ii)those which is aware of or should have been aware of as a consequence of its role as trustee of the scheme.