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JOURNAL FOR THE CAPITAL MARKETS INDUSTRY - UGANDA JULY - SEPT, 2016

INTRODUCTION                                        •	 Ensuring proper conduct of all market
The Capital Markets Authority (CMA) is an              intermediaries
autonomous body, established in 1996 under the
Capital Markets Authority Act (Cap 84) 1996, to     In carrying out its responsibilities, the Authority
promote, develop and regulate the capital markets   has as at 30th June, 2016, approved two Securities
industry. CMA is governed by a Board of Directors   Exchanges, and licensed two Securities Central
appointed by the Minister of Finance, Planning and  Depositories, ten broker dealers, six fund managers,
Economic Development.                               seven investment advisors, three Unit Trust
                                                    Managers and two Collective Investment Scheme
OUR MANDATE                                         Trustees.
CMA is mandated by law;
•	 To develop the capital markets through removal   The Authority is also responsible for approving
                                                    all public offers of securities. To date, CMA has
   of impediments and the creation of incentives    approved applications for eight domestic equity
   for longer term investments in productive        offers (to raise UGX 290 billion), four secondary
   enterprises.                                     equity offers (to raise UGX 294 billion) and
                                                    corporate bond offers for nine issuers (worth UGX
•	 To create, maintain and regulate a market in     294 billion), to the public, all listed on the Uganda
   which securities can be issued and traded in an  Securities Exchange.
   orderly, fair and efficient manner.
                                                    The work of the CMA is also governed by the
•	 To protect investors                             Securities Central Depositories Act and the
                                                    Collective Investment Schemes Act. The CMA is
•	 To operate a compensation fund.                  authorized to make regulations to operationalize
                                                    these laws. The CMA has developed six regulations
OUR REGULATORY FUNCTIONS                            to give effect to the Collective Investment Schemes
•	 Approval and supervision of Stock Exchanges      Act, eight regulations to operationalize the Capital
                                                    Markets Authority Act and one regulation under
   and securities central depositories.             the Securities Central Depositories Act. The CMA
                                                    has provided five guidelines on various matters to
•	 Approval of all public offers of securities      the market intermediaries and issuers

•	 Regulation of collective investment schemes

•	 Licensing of market intermediaries

ONLINE JOURNAL FOR THE CAPITAL MARKETS INDUSTRY JULY-SEPT 2016 03/22
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