The Capital Markets (Collective Investments Schemes) Regulations, 2023

AI-assisted research summary: A collective investment scheme that is an investment company must be established by Articles of Association, and those Articles must provide for the matters specified in part I of the Second Schedule.

AI-assisted research summary: A unit trust (a collective investment scheme that is a unit trust) must be established by a Trust Deed which must provide for the matters specified in part II of the Second Schedule.

AI-assisted research summary: A collective investment scheme that is a partnership must be established by a partnership agreement containing the matters in Part III of the Second Schedule, and such a scheme may only be established as a limited liability partnership.

AI-assisted research summary: A fund manager must make formation documents available for inspection free of charge to any participant during ordinary office hours at its registered office.

AI-assisted research summary: Formation documents must not include provisions unfairly prejudicial to participants; they may include a clause allowing redemption or cancellation of participatory interests if holding them is or is reasonably considered an infringement of law or regulation, and (if present in incorporation documents) prescribe the procedure for that redemption or cancellation.

AI-assisted research summary: Lists documents and information to be included in an application for approval of a collective investment scheme, and authorises the Authority to require additional information from the applicant before determining the application.

AI-assisted research summary: Every application must be accompanied by the fee prescribed in the Seventh Schedule.

AI-assisted research summary: Lists criteria for approval of collective investment schemes, including that a fund manager must be independent of the trustee and custodian; companies must have at least three directors with one licensed fund manager; directors must be fit and proper; a trustee and custodian may be the same entity if conflicts of interest are mitigated.

AI-assisted research summary: Managers and schemes must ensure fund names are not misleading; schemes must include a specific generic name; special funds must include the word "special" and describe constituent assets.

AI-assisted research summary: A collective investment scheme cannot be approved as an umbrella fund unless each constituent part would qualify for separate approval.

AI-assisted research summary: The Authority may approve applicants to operate collective investment schemes, may impose conditions when approving a scheme, and must process a complete application within sixty days of submission.

AI-assisted research summary: If the Authority intends to reject an application it must give the applicant written notice stating the reasons; the person served may make written or oral representations within twenty-one days; the Authority must consider those representations when deciding whether to reject.

AI-assisted research summary: An approved collective investment scheme must pay an annual fee as set out in the Seventh Schedule.

AI-assisted research summary: Amendments to a collective investment scheme's formation documents cannot be made without the Authority’s approval.

AI-assisted research summary: All fund managers, trustees, and custodians must, in addition to these Regulations, observe the requirements of the Capital Markets (Conduct of Business)(Market Intermediaries) Regulations (L.N 145/2011).

AI-assisted research summary: A collective investment scheme must not pool funds from the public or a section of the public unless it has been approved by the Authority.

AI-assisted research summary: The information memorandum must comply with the requirements of the Third Schedule.

AI-assisted research summary: Requires fund managers to draw up a key information document for each collective investment scheme; requires trustee approval and requires the fund manager to send the documents and amendments to the Authority.

AI-assisted research summary: The fund manager and the trustee must each make the information memorandum available for public inspection at the principal place of business during ordinary office hours.

AI-assisted research summary: Fund managers must submit proposed material alterations to the scheme or scheme documents to the Authority for prior approval; the Authority decides if and how holders are notified and may set a notice period which shall not exceed three months unless it determines otherwise.

AI-assisted research summary: An information memorandum must be reviewed at least once every two years, and must be reviewed when any material change or new material information arises; reviews should take account of changes except those the fund manager reasonably considers insignificant.

AI-assisted research summary: Section 26 restricts business by (a) entering into transactions of any specified kind or only in specified circumstances or to a specified extent; (b) soliciting business from persons of a specified kind or otherwise; and (c) carrying on business in a specified manner or otherwise than in a specified manner.

AI-assisted research summary: The Authority has the power to prohibit an approved scheme (a collective investment scheme) from disposing of or otherwise dealing with any assets of the scheme or its appointed representative.

AI-assisted research summary: Any clause in collective investment scheme documents that seeks to exempt the fund manager, trustee, or custodian from liability for failing to exercise due care and diligence is void.

AI-assisted research summary: The interests of participants in a collective investment scheme are participatory interests.

AI-assisted research summary: A fund manager must establish and maintain a legible register of participants and keep it complete and up to date; the fund manager must take steps to obtain information about new holders and may include any other information it deems important.

AI-assisted research summary: The register is conclusive evidence of who is entitled to participatory interests entered in it; notices of trusts entered in the register are not binding on the fund manager or the trustee.

AI-assisted research summary: Section 112(2) requires the fund manager to supply a participant or their authorised representative, on request, a copy of that participant's register entries; Section 112(3) requires the fund manager to state in scheme documents where and when the register may be inspected or copies obtained. Section 112(1) allows the register to be closed for periods not exceeding 30 days in any one year as the fund manager may determine.

AI-assisted research summary: A document recording title to participatory interests may be issued to the participant, subject to regulation 111 and in such form as the fund manager decides.

AI-assisted research summary: Participants may transfer registered participatory interests by an instrument of transfer; transfers are subject to subregulation (2), require the participant's signature (or proper execution for a body corporate), and the fund manager must retain registered transfer instruments for a minimum of seven years.

AI-assisted research summary: On the death of a joint holder the survivor(s) are recognised as having title; executors/administrators of a sole deceased holder are recognised as having title; a person producing evidence of title may be registered or transfer the participatory interest but is not entitled to notices, attendance or votes until registered; fund manager may retain monies until registration or transfer.

AI-assisted research summary: The fund manager must update the register when a participant's name or address changes, and must issue or endorse a certificate if a valid certificate exists and the participant's name is changed in the register.

AI-assisted research summary: When participatory interests are subdivided or consolidated, the fund manager must immediately notify each participant entered in the register of the change.

AI-assisted research summary: If a participant (the holder of a participatory interest) fails to make any payment in money or a transfer of property due to the fund manager or trustee in respect of the creation, issue or re-issue of participatory interests, that participant is in default.

AI-assisted research summary: If a collective investment scheme is constituted as a Trust, it must appoint a trustee.

AI-assisted research summary: A person must not be appointed as a trustee of a collective investment scheme unless that person holds a valid licence issued by the Authority.

AI-assisted research summary: Eligible trustees are companies or bodies corporate that are incorporated, formed or established in Kenya.

AI-assisted research summary: Requires a certified copy of incorporation documents.

AI-assisted research summary: The Authority must grant licences to operate as a trustee if the applicant meets requirements and pays the fees; trustees must pay an annual regulatory fee; licences remain valid unless suspended or revoked by the Authority under section 26 and 26A.

AI-assisted research summary: A trustee who obtains professional indemnity insurance must disclose the nature and extent of that insurance to the Authority at licensing, to the fund manager and to investors.

AI-assisted research summary: Section 36 requires that the scheme is managed by the fund manager in accordance with the scheme documents and these Regulations.

AI-assisted research summary: The trustee must ensure the fund manager keeps accurate, sufficient records and uses procedures to calculate issue and redemption prices within prescribed limits; if the trustee is not satisfied about any matter in subregulation (1) the trustee must inform the Authority.

AI-assisted research summary: Where a collective investment scheme is a unit trust, the trustee must hold title to the scheme's assets under management.

AI-assisted research summary: This section requires the trustee to ensure custody and monitoring of scheme assets, to complete manager-made transactions, and to collect and hold scheme income in trust.

AI-assisted research summary: The trustee must follow fund manager recommendations on exercising rights (including voting), may vote on related schemes after consulting the fund manager, must provide proxies on written request, and must promptly forward meeting notices and related documents to the fund manager.

AI-assisted research summary: Trustees, custodians, and delegated third parties must not reuse assets they hold for their own account, but reuse is permitted where specific conditions (41(2)(a)–(d)) are met and collateral must at all times cover reused assets plus a premium.

AI-assisted research summary: Trustees must keep custodial assets and their accounts separate from the trustee’s own and other customers' accounts; trustees must submit the scheme's compliance status to the Authority within 21 days after each three-month period.

AI-assisted research summary: A trustee must efficiently perform the functions and duties conferred on the trustee by these Regulations.

AI-assisted research summary: A trustee shall not delegate to the fund manager any oversight function over the fund manager.

AI-assisted research summary: The fund manager must, when managing the collective investment scheme, treat the interests of all participants as paramount.

AI-assisted research summary: Voluntary retirement of the trustee.

AI-assisted research summary: When a trustee resigns or ceases to be licensed or fails in duties, the trustee must give at least six months’ written notice and may recommend a replacement; if the trustee is unlicensed or fails in duties the fund manager must appoint another eligible trustee subject to unit-holder approval as provided in scheme documents.

AI-assisted research summary: The agreement between the fund manager, the trustee and the board of directors shall make provision on the trustee fees; the fees shall be disclosed in each annual report; the trustee shall have the right to charge fees to the scheme and be reimbursed for expenses according to the agreement and scheme documents.

AI-assisted research summary: Collective investment schemes must have a fund manager; the fund manager must manage and administer the scheme and must not be related to the trustee or the custodian.

AI-assisted research summary: People must not act as fund managers of collective investment schemes unless they hold a licence to operate as a fund manager issued by the Authority.

AI-assisted research summary: Principles: honestly and fairly.

AI-assisted research summary: The fund manager must perform administration and management of the collective investment scheme and comply with numerous duties including payments, advising the trustee, pricing, disclosure, record access, reporting, and issuing participant documentation.

AI-assisted research summary: The fund manager is not liable for losses to the scheme fund or its investments except where those losses arise from negligence, wilful default or fraud by the fund manager or its agents, employees or associates; related clauses state the manager is not liable for acts done in good faith under scheme documents, is only liable for liabilities it expressly assumes, and is not liable for trustee acts except as expressly provided.

AI-assisted research summary: Fund manager may waive or rebate fees, must report such changes to the trustee and must disclose other fees in the information memorandum.

AI-assisted research summary: A fund manager may delegate administrative functions to persons other than the trustee or custodian with prior written trustee approval and Authority approval; the fund manager remains liable for subcontractors and must pay their fees (not from the scheme portfolio).

AI-assisted research summary: At least one director must be the authorised corporate director, who is a person licenced to operate as a fund manager.

AI-assisted research summary: The fund manager may instruct agents to buy or sell scheme assets without the trustee's specific authority; if the trustee believes a transaction exceeds the fund manager's power, the fund manager must, at its expense, cancel or undo it to restore the prior status quo.

AI-assisted research summary: The fund manager must, when requested by the trustee and within twenty-four hours, provide the trustee with information about the management and administration of the scheme as the trustee may reasonably require.

AI-assisted research summary: The fund manager must maintain and update records of participatory interests to show compliance, keep them current after each valuation, make them available for inspection by the trustee or custodian during ordinary office hours, and supply copies on request.

AI-assisted research summary: The fund manager must, with approval of the trustee, participants and Authority, appoint an auditor who is a member of the Institute of Certified Public Accountants in Kenya; the fund manager may remove an auditor with approvals and must notify the Authority of removals. Auditors serve a maximum of four consecutive years and must assess and report non-compliance.

AI-assisted research summary: Rules for removing and replacing a fund manager and related trustee duties, including conditions that trigger removal and appointment procedures.

AI-assisted research summary: A fund manager may resign by giving three months' notice to the trustee and must give reasons; the trustee must, within the notice period and subject to approval by unit holders and the Authority, find a replacement and enter into agreements with the new manager to secure performance.

AI-assisted research summary: A removed or retired fund manager keeps entitled to its participatory interests and may exercise participant rights, subject to trust deed restrictions.

AI-assisted research summary: A collective investment scheme must appoint a custodian licensed by the Authority to hold the scheme's property for safekeeping.

AI-assisted research summary: Custodians must have at least KES 50,000,000 paid-up capital and a minimum liquid capital of KES 25,000,000 or 8% of liabilities, which must be maintained during the licence; custodians must perform their duties as set out in the regulations.

AI-assisted research summary: An application to be a custodian must include a certified copy of a valid licence (if any) or a certificate of incorporation.

AI-assisted research summary: The Authority must grant a licence to operate as a custodian if the applicant meets licensing requirements and pays the fees; the custodian must pay an annual regulatory fee; licences remain valid unless suspended or revoked by the Authority under section 26 of the Act.

AI-assisted research summary: A custodian must render custodial services under a written agreement with the fund manager or trustee and perform specified custodial duties including custody of assets, safekeeping title documents, opening scheme accounts, transferring securities on proper instructions, requiring and delivering information, exercising rights on instruction, applying the same standard of care as for its own assets, identifying entitlements when electronic, attending and being heard at participant meetings, managing conflicts of interest, specifying extent of liability, and disclosing fees in the annual report each year.

AI-assisted research summary: The custodian must allow the trustee, the fund manager or an authorised agent of the Authority to inspect its books, records and statements on the custodian's premises during business hours.

AI-assisted research summary: The custodian must provide a written statement at agreed reporting dates listing all scheme assets and giving a full account of receipts, payments and other actions taken.

AI-assisted research summary: Custodians must not delegate functions to third parties except under specified conditions in subregulation (2); where delegation occurs the custodian remains liable and sub-custodians must segregate and protect scheme assets.

AI-assisted research summary: The custodian must observe Regulation 39 for controlling the scheme's assets in the same manner as a trustee.

AI-assisted research summary: The custodian must follow Regulation 40 when exercising rights over the scheme's assets.

AI-assisted research summary: The custodian must observe Regulation 45 on conflicts of interest in the same manner as the fund manager and trustee.

AI-assisted research summary: Rules for removal and replacement of a custodian, including grounds for removal, notice and appointment processes, resignation notice, and post-termination reporting obligations.

AI-assisted research summary: A person may not operate an intermediary service platform unless licensed; existing licensees and licensed providers must seek the Authority's approval in specified cases.

AI-assisted research summary: Lists documents and requirements for licensing intermediary service platforms; Authority must grant a licence if an applicant meets requirements and pays fees; intermediary platform providers must pay an annual regulatory fee.

AI-assisted research summary: Requires disclosure of the features and characteristics of the intermediary service platform.

AI-assisted research summary: Establish appropriate safeguards to ensure the integrity of information received and processed through their platform.

AI-assisted research summary: An intermediary service platform provider must allow the fund manager or a duly authorised agent of the Authority to inspect its platform and related books and records during business hours.

AI-assisted research summary: Intermediary service platform providers must submit quarterly reports to the Authority about information the Authority specifies, taking into account the nature of their partnerships with a licensed fund manager.

AI-assisted research summary: Intermediary service platform providers must seek the Authority's approval for any advertisement, invitation or other promotional material to the public or a section of the public at least forty-eight hours before publication.

AI-assisted research summary: Prohibitions on holding clients’ funds.

AI-assisted research summary: An intermediary service platform provider may stop operating after giving three months' notice to the Fund Manager and the Authority, explaining reasons and providing transition procedure and timelines for its users.

AI-assisted research summary: When a fund manager must issue new participatory interests, the fund manager must create those participatory interests subject to approval by the trustee, and they must be created within twenty-four (24) hours from when the obligation arose.

AI-assisted research summary: Sets rules for cancelling participatory interests: the fund manager may instruct the trustee to cancel participatory interests (stating numbers or value), subject to not preventing fulfilment of outstanding issuance obligations; the trustee must cancel only on the fund manager's instructions and must instruct the custodian to pay the cancellation price within three days upon receipt of required evidence.

AI-assisted research summary: If notice is given under subregulation (1), the trustee is relieved of the obligation to create or cancel the number of participatory interests to which the notice relates.

AI-assisted research summary: The fund manager must make any appropriate consequential payment between the fund manager and the collective investment scheme and must ensure the requirements of subregulation (2) are satisfied.

AI-assisted research summary: A fund manager must, during a dealing day, be willing to issue participatory interests and must, on written request, agree to issue them at the price set under the Regulations; the fund manager may refuse in specified circumstances.

AI-assisted research summary: A fund manager must not set the issue price for participatory interests higher than the price to be notified to the trustee at the next valuation point; if a preliminary charge is imposed it may be added to cost on the contract note to a participant.

AI-assisted research summary: A fund manager must be able to redeem participatory interests during dealing days and must agree in writing to redeem a participant's participatory interests at a price determined under the Regulations, subject to specified minimums and suspension/termination rules.

AI-assisted research summary: Section 92 allows a fund manager to withhold payment on redemption if it has not received payment from an earlier issue or if it needs to complete identification procedures; Section 92(1) refers to any redemption charge and any applicable levy or tax imposed by law.

AI-assisted research summary: Fund managers must ensure redemption prices are at least the price notified to the trustee at the previous valuation point; fund managers may deduct an exit charge from proceeds when issuing the confirmation note to a participant.

AI-assisted research summary: The fund manager may deduct a charge on redemption if the incorporation documents permit; any deduction must not exceed the rate or method in the information memorandum; certain modifications and ordering rules apply; the fund manager must not reduce redemption proceeds in a way that fetters the right of redemption.

AI-assisted research summary: No introduction or change to charges permitted by regulation 90 may take effect unless the trust deed is modified under regulation 150 or the information memorandum is amended following approval by an extraordinary resolution of holders called for the purpose; additionally, where an interest is notionally issued and redeemed the same day, the combined preliminary and redemption charges must not exceed the maximum preliminary charge stated in the incorporation documents.

AI-assisted research summary: Exchange of participatory interests in umbrella funds where the exchange is the first to be made by the participant during any annual accounting period.

AI-assisted research summary: Requires notification of certain prices (creation, cancellation, issue, redemption and, for umbrella funds, exchange issue price) and that notified prices be those based on the valuation point; notifications must state how many participatory interests the fund manager owns at that valuation point.

AI-assisted research summary: Section 98 requires the fund manager to record instructions when given or supplied, to send them in a form that enables the trustee or custodian to know or record the time of receipt, and allows communication in writing.

AI-assisted research summary: External valuations for real estate investments must be performed by an independent registered property valuer at least once annually.

AI-assisted research summary: Fund managers may charge an anti-dilution levy when a scheme has net inflows or outflows above a predetermined level; fund managers must determine average dealing expenses, levy buyers or sellers accordingly, and keep daily records (including calculation of the levy) retained for seven years.

AI-assisted research summary: Valuation shall be reflective of the realisable value of the securities and/or assets.

AI-assisted research summary: Sets required composition rules and investment limits for different types of funds (money market, equity, fixed income, balanced, special), including minimum equity/fixed-income shares, maximum exposures to certain asset types and counterparties, limits on offshore and related-party investments, and minimum investment for special funds.

AI-assisted research summary: The property of a collective investment scheme may consist of any assets consistent with the scheme category, subject to this Part.

AI-assisted research summary: Each separate part (sub-fund) of an umbrella fund must be invested as if it were a single collective investment scheme; a sub-fund may invest in participatory interests of another sub-fund of the same umbrella fund.

AI-assisted research summary: Fund managers may conduct securities lending if compliant with investor disclosure and liquidity rules, and must maintain comprehensive controls for such lending.

AI-assisted research summary: Collective investment schemes are prohibited from lending scheme money or property.

AI-assisted research summary: The assets of a collective investment scheme must not be used to discharge obligations under guarantees or indemnities given by the fund manager or trustee for a third party.

AI-assisted research summary: An obligation could immediately be honored by the scheme by delivery of property or the assignment of rights.

AI-assisted research summary: A fund manager must not enter into short selling transactions on a securities exchange on behalf of a collective investment scheme, except where allowed by the Capital Markets (Securities Lending and Borrowing and Short Selling) Regulations, 2017 and the fund manager complies with those requirements.

AI-assisted research summary: Fund managers must create policies for levying fees per incorporation documents; those policies must be approved by the trustee or board before implementation; fund managers must disclose historical fees for the last twenty-four months where applicable; and must disclose the current fee schedule and calculation methodology (including performance fees) to current and prospective participants.

AI-assisted research summary: Lists items relating to trustee or custodian remuneration and expense reimbursement and states that payment for services under subregulation (1)(a) may only be made if authorized by the trust deed.

AI-assisted research summary: Where property of one scheme is transferred to another in exchange for participatory interests, the trustee or custodian may pay from the transferee’s property liabilities arising after the transfer that could properly have been paid out of the transferred property, subject to conditions in the transferor’s incorporation documents and the trustee’s opinion.

AI-assisted research summary: Fund managers must prepare quarterly performance measurement reports, submit them to the Authority within 21 days after each quarter, make them available to existing and prospective investors, include specified performance details and corrections, present specified returns and metrics, and disclose material events.

AI-assisted research summary: Fund managers must report returns net of all fees and present maximum drawdown and the Sharpe ratio as risk measures.

AI-assisted research summary: Requires collective investment schemes to have an annual accounting period ending 31 December, fund managers to publish and submit a half-year un‑audited interim report within two months of June year‑end, and to publish audited financial statements within three months of the accounting period end; corporate schemes must have an annual income allocation date as stated in published information.

AI-assisted research summary: Total returns shall be used, including dividend income, interest income and capital gains.

AI-assisted research summary: The fund manager must ensure a collective investment scheme's annual report is audited and contains the information in the Sixth Schedule; auditors must meet specified qualifications and be independent of certain parties.

AI-assisted research summary: Lists specific items that must be included in the annual accounts and reports for a collective investment scheme, including balance sheet, income and expenditure account, specified statements and reports required by the Sixth Schedule, trustee and custodian reports, and total expense ratio figures.

AI-assisted research summary: Rules for calculating returns for collective investment schemes: value assets daily, calculate returns at least monthly, fund manager must compute sub-period returns for cash flows over 10% AUM, link returns geometrically, and apply consistent methodology per portfolio.

AI-assisted research summary: The fund manager must submit and publish annual reports within three months after the annual accounting period and half‑yearly reports within two months after the half‑yearly period; send copies to registered holders (or the first joint holder) and supply copies on request; make recent reports available for public inspection in English at specified places during office hours; and send a signed annual report to the Authority and the trustee when published.

AI-assisted research summary: The fund manager must not sell participatory interests to anyone until it makes available (at its principal place of business in Kenya during ordinary office hours) or sends on request the most recent annual and half-yearly reports, unless superseded by the most recent annual report.

AI-assisted research summary: The fund manager must, whenever publishing prices under regulation 97, publish a statement that the fund's most recent report and the information or placement memorandum are available to any person who applies to the fund manager for them.

AI-assisted research summary: The trustee must, each annual accounting period, enquire into the fund manager's conduct in managing the collective investment scheme and report that conduct to the holders of participatory interests.

AI-assisted research summary: The trustee must deliver a report containing the matters in paragraph 5 of the Sixth Schedule to the fund manager in good time so the fund manager can include it in the report to holders by the annual income allocation date.

AI-assisted research summary: Requires general meetings within four months after the accounting reference date and extraordinary meetings within two months after a compliant requisition; specifies form and content requirements for requisitions, allows meetings to be virtual or physical, allows requisitions to be multiple documents, and exempts fund managers of corporate collective investment schemes from convening meetings under the Companies Act except where duly requisitioned.

AI-assisted research summary: Notices of participant meetings must be given with at least fourteen days' notice (or a longer period if specified in the trust deed or instrument of incorporation), specify place, day, hour and terms of proposed resolutions, a copy must be sent to the trustee by post unless the trustee convened the meeting, and accidental omission or non-receipt of notice does not invalidate meeting proceedings.

AI-assisted research summary: Fund managers may attend general meetings and must not vote or be counted in the quorum; associates likewise must not vote except in specified representative circumstances; trustees may attend.

AI-assisted research summary: Sets how notices and documents to participants are served (post, left at registered address, or to registered email) and when they are deemed served (seventh day after posting for post; day left or delivered for non-post delivery; upon production of an electronic transmission report for email); service on one joint holder is effective for all joint holders.

AI-assisted research summary: A duly convened meeting of participants may, by extraordinary resolution, require, authorise or approve specified acts, matters or documents; it must not have any other powers.

AI-assisted research summary: Defines “extraordinary resolution” as a section proposed and passed at a meeting of participants duly convened in accordance with this Part where notice specifying the intention to propose the resolution as an extraordinary resolution has been duly given.

AI-assisted research summary: Quorum for participant meetings is either one-tenth in value of participatory interests (or a larger proportion if specified in the trust deed, excluding redeemed interests) or one-tenth of the total number of participants; the Authority may approve modifications to these quorum requirements on application by the trustee where prejudicial due to fund size and if envisaged in incorporation documents.

AI-assisted research summary: A trustee shall preside at every meeting of participants; if the trustee is absent a person nominated in writing by the trustee shall preside; if no nominee or nominee not present within fifteen minutes the participants present shall choose a chairperson.

AI-assisted research summary: The Chairperson may adjourn a meeting with the consent of a meeting at which a quorum is present and shall adjourn if directed by the meeting; business at an adjourned meeting is limited to business that could lawfully have been transacted at the original meeting.

AI-assisted research summary: Describes voting procedure at participants' meetings: extraordinary resolutions are decided by a show of hands unless a poll is demanded by the chairperson, trustee or qualifying participants; rights and powers for votes, proxies, representatives and the chairperson's casting vote are set out.

AI-assisted research summary: Certain changes to offering documents or scheme policies (e.g., increases in manager or custodian charges, changes to permitted assets, proportions, transactions, or borrowing powers) are treated as authorised by an extraordinary resolution at a meeting of participants only if each change was the subject of and separately approved by an extraordinary-resolution motion at that meeting.

AI-assisted research summary: Requirements for proxy instruments: they must be in writing under the appointor or authorised attorney or, for corporations, under common seal or authorised officer; instruments are invalid after twelve months; a proxy need not be a participant; a proxy form may be approved by the trustee; deposit of the instrument and related authority is required at a place directed by the trustee or fund manager (or at the fund manager's registered office if no place appointed); trustee direction for deposit must be not less than forty-eight hours before the meeting (or poll) or the instrument will not be treated as valid.

AI-assisted research summary: Defines who counts as a participant for a meeting: persons who were participants forty-eight hours before the notice was deemed served, excluding anyone the fund manager knows was not a participant at the time of the meeting.

AI-assisted research summary: Minutes of all proceedings and resolutions at every meeting of the participants must be made and entered in books provided for the purpose, with the books provided at the expense of the fund manager; minutes signed by the chairperson are conclusive evidence and meetings for which minutes exist are deemed to have been duly held and convened unless the contrary is proved.

AI-assisted research summary: If a trustee or custodian considers an extraordinary resolution concerns an umbrella fund and it is between participants in different constituent funds, that resolution is only deemed passed if it is passed at separate meetings of the participants of each constituent fund.

AI-assisted research summary: Rights attached to a class of participatory interests may not be varied except with the sanction of an extraordinary resolution passed at a class meeting of that class's participants.

AI-assisted research summary: If a meeting of participants must be called, participants must approve the modification by passing an extraordinary resolution; the fund manager together with the trustee or a custodian may agree that a modification can be made without approval under regulation 151.

AI-assisted research summary: Trustee/custodian and the fund manager may modify the trust deed without a participant meeting in specified cases; they must not make certain changes without meeting.

AI-assisted research summary: A statement of policy or investment objectives in incorporation documents may not be changed without Authority approval and an extraordinary resolution; significant departures require Authority approval and an extraordinary resolution at a participants' meeting and publication of amended incorporation documents.

AI-assisted research summary: A company's incorporation documents may be amended by an extraordinary resolution; some specified provisions may only be amended by extraordinary resolution, and certain class-specific amendments may be made at class meetings where they do not prejudice other classes.

AI-assisted research summary: Collective investment schemes and their sub-funds must not be amalgamated or reconstructed in a way that makes their participants become participants in any entity other than a licensed or recognised scheme; the fund manager may at any time carry out a valuation of assets for such a scheme, but that valuation does not create a valuation point for dealings.

AI-assisted research summary: When one collective investment scheme amalgamates with another, the assets become the property of the other and participants receive participatory interests; participant approval is required and the fund manager must regard the amalgamation as consistent and not likely to cause material prejudice.

AI-assisted research summary: Participants in a collective investment scheme must approve a proposal for reconstruction of that scheme; participants must also approve proposals transferring assets under management to another scheme unless such approval would not have been required on an amalgamation under regulation 151.

AI-assisted research summary: Rules for suspending and resuming issue and redemption of participatory interests: the fund manager may suspend with trustee agreement or must suspend if the trustee so requires (up to 28 days); the fund manager must notify and publish reasons and obtain Authority approval; the Authority may order suspension; trustee and fund manager face prohibitions during suspension; certain Part VI obligations do not apply during suspension.

AI-assisted research summary: When a collective investment scheme is to be wound up, the trustee and fund manager must stop creating, issuing, redeeming, buying or selling participatory interests; and the trustee or custodian must wind up the scheme in accordance with regulation 159.

AI-assisted research summary: Trustees and custodians must wind up collective investment schemes per approved amalgamation or reconstruction plans; realise and distribute assets, handle unclaimed proceeds per unclaimed assets law, and notify the Authority on completion, while certain distributions may be made in specie by agreement.

AI-assisted research summary: The fund manager must make all reasonable efforts to ensure the scheme's liabilities are discharged before winding up and must immediately notify claimants in writing of reasons when rejecting claims.

AI-assisted research summary: Fund manager must prepare a winding-up account; the account once signed is the final account; the auditor must report on it; within two months after the final accounting period the fund manager must send the final account and auditor's report to the Authority, participants and Registrar where applicable.

AI-assisted research summary: During winding up, periodic accounting and reporting requirements continue, and the final accounting period is treated as the annual period with related reports to be published and sent to participants within two months after that period.

AI-assisted research summary: A person must not advertise to the public to invest in a collective investment scheme unless the advertisement is approved by the trustee in writing and notified to the Authority.

AI-assisted research summary: Advertisements and promotional material must include the trustee's written consent; if described as approved by the Authority include a specific disclaimer; warning statements must contain specified investor risk statements and be legible.

AI-assisted research summary: For all publications, the fund manager must present information calculated and presented in line with these Regulations.

AI-assisted research summary: Fund managers must include at least Net Asset Value and Yield (Year-to-date, Month-to-date and Quarter-to-date) in all publications, where applicable.

AI-assisted research summary: Fund managers must follow fair presentation and full disclosure when advertising and must not present false or misleading performance information.

AI-assisted research summary: Fund managers must keep all data and information supporting items in advertisements, and if performance report aspects are summarized in an advertisement they must state where to get the full performance report.

AI-assisted research summary: Sections 169(3)–(6) require the fund manager to present specified return periods, disclose the current expense ratio and included fees, disclose risk measures in an investor‑understandable way, and disclose sales charges and how they affect returns (if applicable).

AI-assisted research summary: Section 170 sets rules for how notices and documents are served, including email, post, and deemed service rules, and that service on one joint holder serves all joint holders.

AI-assisted research summary: Persons operating collective investment schemes before these Regulations must obtain approval within twelve months; registered schemes must transition within twelve months of commencement.

AI-assisted research summary: The Capital Markets (Collective Investment Scheme) Regulations, 2001, are revoked.