ADVOKS GLOBAL · KENYA
The Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations
42. Continuing disclosure obligations of trustee and REIT manager
Edition: 2023-10-06 · In force
42. Continuing disclosure obligations of trustee and REIT manager
(1)A trustee and the REIT manager of a real estate investment trust scheme whose securities have been issued in accordance with an approved offer, shall keep the Authority; REIT securities holders, any listing exchange and, in the case of an unrestricted REIT scheme, the general public informed by way of a public announcement, as soon as may reasonably be practicable, but in any event not later than the end of the next working day, of any information which the trustee or the REIT manager becomes aware of relating to the real estate investment trust, the REIT scheme, its assets or the REIT manager which—(a)is necessary to enable holders of REIT securities or potential investors appraise—(i)the financial position, performance and the state of corporate governance of the real estate investment trust, the scheme or the REIT manager; or(ii)the valuation of any asset of the real estate investment trust;(b)is necessary to avoid the establishment of a false market in the REIT securities; or(c)might reasonably be expected to materially affect market activity in the price of the REIT securities.(2)The REIT Manager shall inform the trustee of any information which is not within the knowledge and control of the trustee and which requires disclosure so as to enable the trustee to fulfil its obligations under paragraph (1).(3)Without prejudice to paragraph (2), the trustee shall ensure that the REIT manager has in place a mechanism for updating information on a regular basis and shall obtain, if necessary, updated information from any property manager, project manager certifier, valuer, structural engineer or the auditor, and any Shariah adviser, who shall, if requested by the REIT manager or the trustee, provide all the necessary information to enable the trustee and the REIT manager to fulfil their obligations under paragraph (1).(4)The obligation to supply information under paragraph (2) shall be in addition to the obligation to provide periodic reports under regulation 101 and the requirements of any listing exchange.(5)Without prejudice to paragraph (2), the trustee and the REIT manager shall comply with a request for further information by the Authority.