ADVOKS GLOBAL · KENYA
The Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations
34. Publication of a prospectus or an offering memorandum
Edition: 2023-10-06 · In force
34. Publication of a prospectus or an offering memorandum
(1)An issuer or an offeror shall, in the case of an offer which is—(a)an unrestricted offer, publish a prospectus by making it available to the public, free of charge, at an address in Kenya, from the time that the securities are first offered until the end of the period during which the offer remains open; and(b)a restricted offer, prepare an offering memorandum and make it available to prospective investors.(2)A person shall not publish or circulate a prospectus or an offering memorandum unless the—(a)the real estate investment trust scheme has been authorized by the Authority; and(b)the prospectus or offering memorandum, as the case may be, has been approved by the Authority.(3)Any restriction imposed by these Regulations shall not operate to prevent the issue or offer of REIT securities to a promoter or a connected person or any such person entering into an agreement to acquire REIT securities in exchange for or part exchange for the vesting or transfer of real estate into a proposed real estate investment trust scheme.(4)A person shall not issue, without the prior written approval of the Authority, an advertisement announcing an issue or offer of REIT securities unless a prospectus has been published and the advertisement specifies an address in Kenya from which the prospectus can be obtained.(5)Where a real estate investment trust scheme intends to convert the scheme pursuant to regulation 85 and 86, the REIT manager shall prepare and submit a conversion offering memorandum or a conversion prospectus as the case may be for approval by the Authority.(6)The Authority shall not be liable for any action in damages suffered by any person as a result of any prospectus or offering memorandum approved by the Authority.