ADVOKS GLOBAL · KENYA
The Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations
37. Approval of prospectus or offering memorandum
Edition: 2023-10-06 · In force
37. Approval of prospectus or offering memorandum
(1)The Authority may approve a prospectus or offering memorandum if the prospectus or offering memorandum—(a)has been signed by—(ii)the REIT manager and the trustee;(iii)an expert or other person who consents to the inclusion of a statements made by him or her or to undertake the roles attributed to him or her including, but not limited to the property manager; any project manager certifier; valuer and the structural engineer;(b)contains all information which investors and their professional advisers would reasonably require, for the purposes of making an informed assessment of the—(i)assets, liabilities, financial position, profits, losses and prospects of the REIT scheme and the REIT securities; and(ii)rights attaching to those securities;(c)contains such information and particulars specified in the Fourth Schedule; and(d)complies with such other requirements imposed under the Act and these Regulations.(2)The Authority may, in approving a prospectus or offering memorandum under paragraph (1) impose such conditions or restrictions as it may consider necessary.(3)An issuer shall, in seeking the approval of a supplemental prospectus or supplemental offering memorandum by the Authority, ensure that such prospectus or offering memorandum meets requirements specified under paragraph (1) and the requirements under the Fourth Schedule relating to a supplemental prospectus or supplemental offering memorandum.(4)A REIT manager shall, in seeking for the approval of a conversion prospectus by the Authority pursuant to regulation 86, ensure that the conversion prospectus meets the requirements of paragraph (1) and the requirements specified under the Fourth Schedule relating to a conversion prospectus.(5)The Authority may require the applicant, whenever approval is sought under this regulation to furnish such additional information, verification and copies of additional documentation as it considers necessary.(6)A prospectus or offering memorandum approved by the Authority shall be valid for a period of six months.(7)The Authority shall not be liable for any action in damages suffered by any person as a consequence of the Authority approving any prospectus or offering memorandum relating to the scheme.(8)The approval of a prospectus or an offering memorandum by the Authority shall not operate to waive, relieve or diminish the obligation of any person to make a disclosure or provide a defence to any action under these Regulations or any other law.