Regulatory Alerts2023-01-01
The Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) (Amendment) Regulations, 2023
These regulations amend the Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations, 2013, to revise subscription requirements and financial thresholds. The amendments modify Regulation 16 to allow for issuer-determined minimum subscription parcels. Additionally, Regulation 28 is updated to reduce the specified monetary requirement from five million to one hundred thousand shillings.
Kenya Subsidiary Legislation, 2023 815
LEGAL NOTICE NO. 159
THE CAPITAL MARKETS ACT (Cap. 485A.)
IN EXERCISE of the powers conferred by section 12 (1) of the Capital Market Act, the Cabinet Secretary for the National Treasury and Economic planning makes the following Regulations—
THE CAPITAL MARKETS (REAL ESTATE INVESTMENT TRUSTS) (COLLECTIVE INVESTMENT SCHEMES) (AMENDMENT) REGULATIONS, 2023
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These Regulations may be cited as the Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) (Amendment) Regulations, 2023.
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Regulation 16 of the Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations, 2013, hereinafter referred to as the “principal Regulations”, is amended in paragraph (2)—
(a) by deleting paragraph (a);
(b) by deleting paragraph (b) and substituting therefor the following new paragraph—
(b) be offered in a minimum subscription or offer parcels as may be determined by the issuer subject to a minimum subscription of one hundred thousand shillings
- Regulation 28 of the principal Regulations is amended by deleting the words “five million” appearing in paragraph (a) and substituting therefor the words “one hundred thousand”.
Dated the 25th September, 2023.
NJUGUNA NDUNG’U, Cabinet Secretary for the National Treasury and Economic Planning.