Regulatory Alerts2015-08-21
Added · Updated
Financial Services (Establishment and Operations of Collective Investment Schemes) Directive, 2015
The Registrar of Financial Institutions issues the Financial Services (Establishment and Operations of Collective Investment Schemes) Directive, 2015, to regulate collective investment schemes under the Financial Services Act, 2010. Licensed operators must maintain a minimum start-up capital and net capital of K50,000,000.00, with leverage limited to 15% of scheme property value without Registrar approval. Open-end schemes are required to publish net asset values daily, maintain at least 5% in cash and cash equivalents, and redeem units at the most recently calculated net asset value. The Directive mandates specific board compositions, prohibits transactions with affiliated persons without prior approval, and establishes penalties for non-compliance.
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