CMA to Appeal High Court Ruling in Tolea Case

The Civil Division of the High Court has ruled that the Capital Markets Authority (CMA) should, among others, re-evaluate the application by Tolea Securities Limited (TSL) to issue Exchange Traded Funds (ETFs) on Altx East Africa Limited. The ruling is an outcome of a judicial review filed by TSL against CMA.

The Authority has reviewed this ruling and whereas we respect court’s decision, we equally believe that there are strong grounds for appeal and as such, a notice of intention to appeal has been filed. 

Over the past 24 years, in fulfilling our core mandate of protecting investors, we have fairly and effectively executed our functions among which is Licensing of Intermediaries and Approval of prospectuses and other offering documents under which securities are offered to the public. In 2015, we launched a Client Service Charter, which is testament to our desire to uphold the highest standards of efficiency in service delivery to the public.

Our initiative to spearhead the development and implementation of Uganda’s first 10-year Capital Markets Development Master Plan demonstrates our commitment to the development of our capital markets and the economy in general.

The Authority will continue to perform its duties as enshrined in the CMA Act, Cap 84. (as amended); the Collective Investment Schemes Act, 2003; the Securities Central Depository Act, 2008 and all subsidiary legislation with the overall objective of investor protection.

CMA remains committed to ensuring access to the capital markets by investors and issuers of securities is made easier, faster, cheaper and safe.

Dated: 04 March 2020


Additional Notes

About CMA

CMA is a Government regulatory body established by an Act of Parliament, the “CMA Act, Cap 84”. The authority is mandated to regulate and promote the development of capital markets in Uganda, with the overall objective of investor protection. CMA is a member of the East African Securities Regulatory Authorities and an Appendix A member of the International Organization of Securities Commissions, a global standards setting body for securities regulators.

CMA executes it’s legal mandate with the following objectives:

  • Promoting confidence in the capital markets
  • Ensuring honesty and transparency in capital markets transaction
  • Carrying out investor education
  • Protecting investors; and
  • Reducing systemic risk

For inquiries, please contact:

Charles Nsamba


Tel: 0414-342788

Mob: +256-712-353339

Twitter: @cnnsamba

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