In these Regulations unless the context otherwise requires -

An application for registration as a manager shall be submitted to the Authority in the prescribed form together with registration of the prescribed fee.

The minimum paid up share capital of a manager shall be ten million shillings or as may be prescribed from time to time.

A manager shall at all times have in its top management including the board of directors persons who are academically and professionally qualified in matters relating to either banking, insurance, law, accounting, actuarial studies finance, economics or investment of scheme funds.

The Authority shall within ninety days from the date of receipt of an application for registration consider the application of a manager and notify tnd applicant in writing whether the manager is acceptable for registration and the reason is thereof if it is not acceptable.

The Authority shall after notifying the applicant that it is acceptable for registration proceed to register the applicant and forward to the applicant the certificate of registration.

A manager of a scheme fund or a pooled fund shall be appointed by the trustees of the scheme on such terms and conditions of service as shall be determined by the trustees in the instrument of appointment or otherwise in writing from time to time.

A manager shall ensure that minutes, statements and resolutions in respect of a scheme fund or pooled fund investment portfolio shall be properly filed.

A manager shall not be liable for any loss, damage or depreciation in the value of the scheme fund or pooled fund of any investment comprised therein or the income therefrom which may arise by reason of depreciation of the market value of the securities and other assets in which scheme funds or pooled funds are invested unless such loss, damage or depreciation in the value of the scheme fund or pooled fund arises from negligence whether professional or otherwise, willful default or fraud by the manager or any of his agents or employees.

A manager shall invest the assets of the pooled fund in the name of the pooled fund and all accrued investments income, commissions, fees and direct and indirect gains from investing the pool fund shall be credited into the pooled fund account which is maintained by a custodian on behalf of the pooled fund.

A manager shall not engage the services of a property manager on behalf of the scheme or pooled fund without the written approval by the trustees or pooled fund.

All monetary benefits, commissions or gains arising directly or indirectly out of managing scheme or pooled funds shall be credited into the scheme fund or pooled fund by the manager or custodian as the case may be.

An agreement between a scheme or pooled fund and manager shall make provision for the computation of the management fee in respect of management services.

Either party to the management agreement referred to in regulation 5(1) may at any time terminate the agreement.

A manager shall within twenty-one days or such shorter period as may be stipulated in the agreement from the date of deregistration or from the date a winding up order has been issued by a competent court against such manager hand over, transfer and deliver all minutes, statements and resolutions in respect of the scheme fund or pooled fund investment portfolio together with any other information as may be reasonably required by the scheme or pooled fund to a manager appointed in writing by such scheme or pooled fund.

An application for registration as a custodian in accordance with section 25A of the Act shall be in the prescribed form together with the prescribed fee.

The minimum paid up share capital of a custodian shall be two hundred and fifty million shillings, or as may be prescribed from time to time.

The Authority shall within ninety days from the date of receipt of an application for registration consider the application of a custodian and notify the applicant in writing whether the custodian is acceptable for registration and the reason thereof if it is not acceptable.

The Authority shall after notifying the applicant that it is acceptable for registration proceed to register the applicant and forward to the applicant the certificate of registration.

A custodian of a scheme fund or a pooled fund shall be appointed by the trustees of the scheme on such terms and conditions of service as shall be determined by the trustees in the instrument of appointment or otherwise in writing from time to time.

Except in cases where a scheme, or a pooled fund, has offshore investments, a custodian in dischargmg its contractual functions to the scheme, or a pooled fund, shall not contract out the discharge of the custodial services to third parties.

An agreement between a scheme or a pooled fund and a custodian shall make provision for the computation of the fee in respect of custodial services.

An agreement between a scheme, or a pooled fund, custodial custodian may be terminated at any time agreement.

In the event of termination of the agreement between a custodian and a scheme, or a pooled fund, the custodian shall within thirty days from the date of such termination hand over, and deliver all the assets documents and funds including the bank account of the scheme held by such custodian to a custodian appointed in writing by the scheme, or pooled fund.

A custodian shall within thirty days or such shorter period as may be stipulated in an agreement, from the date of deregistration or from the date a winding up order has been issued by a competent court against such custodian handover, transfer and deliver all the assets, documents and funds including the bank account of the scheme, or pooled fund, held by such custodian to a custodian appointed in writing by the scheme, or pooled fund.

A custodian shall within thirty days from the date of termination of the agreement arising out of a breach of such agreement by either party submit to the Authority an audit report indicating the assets, liabilities and an inventory of the scheme fund or pooled fund, securities and title documents of the scheme, or pooled fund and assets which have been handed-over, transferred and delivered to the appointed custodian.

The party liable for the termination of the agreement shall meet the cost of the audit report referred to in paragraph (4).

A scheme, or a pooled fund, shall be served with an audit report and inventory as specified in paragraph (4) before the handing-over, transfer and delivery to the appointed custodian is effected.

A manager or a custodian shall be deemed to be insolvent in accordance with the provisions of the Companies Act, (Cap. 486).

A manager or custodian which is insolvent shall be wound up in the manner provided for in the Companies Act, (Cap. 486).

In these Regulations unless the context otherwise requires -

An application for registration as a manager shall be submitted to the Authority in the prescribed form together with registration of the prescribed fee.

The minimum paid up share capital including unimpaired reserves of a manager shall be ten million shillings or as may be prescribed from time to time.

A manager shall at all times have in its top management including the board of directors persons who are academically and professionally qualified in matters relating to either banking, insurance, law, accounting, actuarial studies finance, economics or investment of scheme funds.

The Authority shall within ninety days from the date of receipt of an application for registration consider the application of a manager and notify the applicant in writing whether the manager is acceptable for registration and the reason is thereof if it is not acceptable.

The Authority shall after notifying the applicant that it is acceptable for registration proceed to register the applicant and forward to the applicant the certificate of registration.

A manager of a scheme fund or a pooled fund shall be appointed by the trustees of the scheme on such terms and conditions of service as shall be determined by the trustees in the instrument of appointment or otherwise in writing from time to time.

A manager shall ensure that minutes, statements and resolutions in respect of a scheme fund or pooled fund investment portfolio shall be properly filed.

A manager shall not be liable for any loss, damage or depreciation in the value of the scheme fund or pooled fund of any investment comprised therein or the income therefrom which may arise by reason of depreciation of the market value of the securities and other assets in which scheme funds or pooled funds are invested unless such loss, damage or depreciation in the value of the scheme fund or pooled fund arises from negligence whether professional or otherwise, willful default or fraud by the manager or any of his agents or employees.

A manager shall invest the assets of the pooled fund in the name of the pooled fund and all accrued investments income, commissions, fees and direct and indirect gains from investing the pool fund shall be credited into the pooled fund account which is maintained by a custodian on behalf of the pooled fund.

A manager shall not engage the services of a property manager on behalf of the scheme or pooled fund without the written approval by the trustees or pooled fund.

All monetary benefits, commissions or gains arising directly or indirectly out of managing scheme or pooled funds shall be credited into the scheme fund or pooled fund by the manager or custodian as the case may be.

An agreement between a scheme or pooled fund and manager shall make provision for the computation of the management fee in respect of management services.

Either party to the management agreement referred to in regulation 5(1) may at any time terminate the agreement.

A manager shall within twenty-one days or such shorter period as may be stipulated in the agreement from the date of deregistration or from the date a winding up order has been issued by a competent court against such manager hand over, transfer and deliver all minutes, statements and resolutions in respect of the scheme fund or pooled fund investment portfolio together with any other information as may be reasonably required by the scheme or pooled fund to a manager appointed in writing by such scheme or pooled fund.

An application for registration as a custodian in accordance with section 25A of the Act shall be in the prescribed form together with the prescribed fee.

The minimum paid up share capital including unimpaired reserves of a custodian shall be two hundred and fifty million shillings, or as may be prescribed from time to time.

The Authority shall within ninety days from the date of receipt of an application for registration consider the application of a custodian and notify the applicant in writing whether the custodian is acceptable for registration and the reason thereof if it is not acceptable.

The Authority shall after notifying the applicant that it is acceptable for registration proceed to register the applicant and forward to the applicant the certificate of registration.

A custodian of a scheme fund or a pooled fund shall be appointed by the trustees of the scheme on such terms and conditions of service as shall be determined by the trustees in the instrument of appointment or otherwise in writing from time to time.

Except in cases where a scheme, or a pooled fund, has offshore investments, a custodian in discharging its contractual functions to the scheme, or a pooled fund, shall not contract out the discharge of the custodial services to third parties.

An agreement between a scheme or a pooled fund and a custodian shall make provision for the computation of the fee in respect of custodial services.

An agreement between a scheme, or a pooled fund, custodial custodian may be terminated at any time agreement.

In the event of termination of the agreement between a custodian and a scheme, or a pooled fund, the custodian shall within thirty days from the date of such termination hand over, and deliver all the assets documents and funds including the bank account of the scheme held by such custodian to a custodian appointed in writing by the scheme, or pooled fund.

A custodian shall within thirty days or such shorter period as may be stipulated in an agreement, from the date of deregistration or from the date a winding up order has been issued by a competent court against such custodian handover, transfer and deliver all the assets, documents and funds including the bank account of the scheme, or pooled fund, held by such custodian to a custodian appointed in writing by the scheme, or pooled fund.

A custodian shall within thirty days from the date of termination of the agreement arising out of a breach of such agreement by either party submit to the Authority an audit report indicating the assets, liabilities and an inventory of the scheme fund or pooled fund, securities and title documents of the scheme, or pooled fund and assets which have been handed-over, transferred and delivered to the appointed custodian.

The party liable for the termination of the agreement shall meet the cost of the audit report referred to in paragraph (4).

A scheme, or a pooled fund, shall be served with an audit report and inventory as specified in paragraph (4) before the handing-over, transfer and delivery to the appointed custodian is effected.

A manager or a custodian shall be deemed to be insolvent in accordance with the provisions of the Companies Act, (Cap. 486).

A manager or custodian which is insolvent shall be wound up in the manner provided for in the Companies Act, (Cap. 486).

In these Regulations unless the context otherwise requires -

An application for registration as a manager shall be submitted to the Authority in the prescribed form together with registration of the prescribed fee.

The minimum paid up share capital including unimpaired reserves of a manager shall be ten million shillings or as may be prescribed from time to time.

A manager shall at all times have in its top management including the board of directors persons who are academically and professionally qualified in matters relating to either banking, insurance, law, accounting, actuarial studies finance, economics or investment of scheme funds.

The Authority shall within ninety days from the date of receipt of an application for registration consider the application of a manager and notify the applicant in writing whether the manager is acceptable for registration and the reason is thereof if it is not acceptable.

The Authority shall after notifying the applicant that it is acceptable for registration proceed to register the applicant and forward to the applicant the certificate of registration.

A manager of a scheme fund or a pooled fund shall be appointed by the trustees of the scheme on such terms and conditions of service as shall be determined by the trustees in the instrument of appointment or otherwise in writing from time to time.

A manager shall ensure that minutes, statements and resolutions in respect of a scheme fund or pooled fund investment portfolio shall be properly filed.

A manager shall not be liable for any loss, damage or depreciation in the value of the scheme fund or pooled fund of any investment comprised therein or the income therefrom which may arise by reason of depreciation of the market value of the securities and other assets in which scheme funds or pooled funds are invested unless such loss, damage or depreciation in the value of the scheme fund or pooled fund arises from negligence whether professional or otherwise, willful default or fraud by the manager or any of his agents or employees.

A manager shall invest the assets of the pooled fund in the name of the pooled fund and all accrued investments income, commissions, fees and direct and indirect gains from investing the pool fund shall be credited into the pooled fund account which is maintained by a custodian on behalf of the pooled fund.

A manager shall not engage the services of a property manager on behalf of the scheme or pooled fund without the written approval by the trustees or pooled fund.

All monetary benefits, commissions or gains arising directly or indirectly out of managing scheme or pooled funds shall be credited into the scheme fund or pooled fund by the manager or custodian as the case may be.

An agreement between a scheme or pooled fund and manager shall make provision for the computation of the management fee in respect of management services.

Either party to the management agreement referred to in regulation 5(1) may at any time terminate the agreement.

A manager shall within twenty-one days or such shorter period as may be stipulated in the agreement from the date of deregistration or from the date a winding up order has been issued by a competent court against such manager hand over, transfer and deliver all minutes, statements and resolutions in respect of the scheme fund or pooled fund investment portfolio together with any other information as may be reasonably required by the scheme or pooled fund to a manager appointed in writing by such scheme or pooled fund.

An application for registration as a custodian in accordance with section 25A of the Act shall be in the prescribed form together with the prescribed fee.

The minimum paid up share capital including unimpaired reserves of a custodian shall be two hundred and fifty million shillings, or as may be prescribed from time to time.

The Authority shall within ninety days from the date of receipt of an application for registration consider the application of a custodian and notify the applicant in writing whether the custodian is acceptable for registration and the reason thereof if it is not acceptable.

The Authority shall after notifying the applicant that it is acceptable for registration proceed to register the applicant and forward to the applicant the certificate of registration.

A custodian of a scheme fund or a pooled fund shall be appointed by the trustees of the scheme on such terms and conditions of service as shall be determined by the trustees in the instrument of appointment or otherwise in writing from time to time.

Except in cases where a scheme, or a pooled fund, has offshore investments, a custodian in dischargmg its contractual functions to the scheme, or a pooled fund, shall not contract out the discharge of the custodial services to third parties.

An agreement between a scheme or a pooled fund and a custodian shall make provision for the computation of the fee in respect of custodial services.