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Capital Markets Authority (Accounting and Financial Requirements) Regulations

Statutory Instrument 133 of 2022 Current version · as at 23 December 2022
Enacted2022
Commenced23 December 2022
Last amended—
Point-in-time consolidation · as at 23 December 2022. This page may not reflect amendments made after that date. Confirm the current position against the latest Uganda Gazette before relying on it.

About this Act

A full descriptive summary for this Act has not been recorded yet.

Jurisdiction
Uganda
Type
Principal Legislation
Status
In force
Language
English

Full text of the Act

0 parts · 42 sections · 2 Schedules

Enhanced Annotated View adds approved, source-linked propositions, operative requirements, judicial passages, related provisions, amendment notes and authority status. Choose Original PDF to inspect the source consolidation.

Uganda

Capital Markets Authority (Accounting and Financial Requirements) Regulations

Commenced on 23 December 2022

[This is the version of this document at 23 December 2022.]

1. Title

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This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

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0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

Authority status: legislation is primary authority; judgment weight follows the displayed court level and the ratio caveat. Check version history

2. Interpretation

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Definition

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Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

Authority status: legislation is primary authority; judgment weight follows the displayed court level and the ratio caveat. Check version history

3. Maintenance of records

The text of this section isn't in the consolidation we hold — see the original PDF above.

Section analysis Source-linked statutory analysis Source linked
Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.
What this section does
Governing rule

This section states the governing statutory rule for “Maintenance of records”.

“Maintenance of records”
Primary legislation Source quotation matched
Practical effect

Use this section as the starting statutory rule for “Maintenance of records”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved
Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

Authority status: legislation is primary authority; judgment weight follows the displayed court level and the ratio caveat. Check version history

4. Working capital requirement

The text of this section isn't in the consolidation we hold — see the original PDF above.

Section analysis Source-linked statutory analysis Source linked
Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.
What this section does
Governing rule

This section states the governing statutory rule for “Working capital requirement”.

“Working capital requirement”
Primary legislation Source quotation matched
Practical effect

Use this section as the starting statutory rule for “Working capital requirement”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved
Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

Authority status: legislation is primary authority; judgment weight follows the displayed court level and the ratio caveat. Check version history

5. Paid up share capital requirement

The text of this section isn't in the consolidation we hold — see the original PDF above.

Section analysis Source-linked statutory analysis Source linked
Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.
What this section does
Governing rule

This section states the governing statutory rule for “Paid up share capital requirement”.

“Paid up share capital requirement”
Primary legislation Source quotation matched
Practical effect

Use this section as the starting statutory rule for “Paid up share capital requirement”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved
Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

Authority status: legislation is primary authority; judgment weight follows the displayed court level and the ratio caveat. Check version history

6. Reporting

The text of this section isn't in the consolidation we hold — see the original PDF above.

Section analysis Source-linked statutory analysis Source linked
Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.
What this section does
Governing rule

This section states the governing statutory rule for “Reporting”.

“Reporting”
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Practical effect

Use this section as the starting statutory rule for “Reporting”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved
Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

Authority status: legislation is primary authority; judgment weight follows the displayed court level and the ratio caveat. Check version history

7. Preparation and audit

The text of this section isn't in the consolidation we hold — see the original PDF above.

Section analysis Source-linked statutory analysis Source linked
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What this section does
Governing rule

This section states the governing statutory rule for “Preparation and audit”.

“Preparation and audit”
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Practical effect

Use this section as the starting statutory rule for “Preparation and audit”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved
Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

Authority status: legislation is primary authority; judgment weight follows the displayed court level and the ratio caveat. Check version history

8. General offence and penalty

The text of this section isn't in the consolidation we hold — see the original PDF above.

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What this section does
Offence or consequence

This section creates or governs statutory liability concerning “General offence and penalty”.

“General offence and penalty”
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Practical effect

A party alleging or defending liability should test the facts and prescribed consequence against each operative requirement.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved
Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

Authority status: legislation is primary authority; judgment weight follows the displayed court level and the ratio caveat. Check version history

9. Transitional provision

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What this section does
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This section states the governing statutory rule for “Transitional provision”.

“Transitional provision”
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Practical effect

Use this section as the starting statutory rule for “Transitional provision”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved
Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

Authority status: legislation is primary authority; judgment weight follows the displayed court level and the ratio caveat. Check version history

10. Revocation of SI 84-4

SCHEDULE SCHEDULE 1-Currency Point SCHEDULE 2-Minimum Working Capital SCHEDULE 3-Minimum Paid Up Share Capital

S T A T U T O R Y I N S T R U M E N T S

2022 No. 133.

The Capital Markets Authority (Accounting and Financial Requirements) Regulations, 2022. (Under sections 35 (2) and 101 (2) (d) and (p) of the Capital Markets Authority Act, Cap. 84)

IN EXERCISE of the powers conferred on the Capital Markets Authority by sections 35 (2) and 101 (2) (d) and (p) of the Capital Markets Authority Act, these Regulations are made this 9th day of December, 2022.

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Statutory power

This section confers or regulates the statutory power described as “Revocation of SI 84-4”.

“SCHEDULE SCHEDULE 1-Currency Point SCHEDULE 2-Minimum Working Capital SCHEDULE 3-Minimum Paid Up Share Capital”
Primary legislation Source quotation matched
Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved
Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions
Capital Markets Authority Act
Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

Authority status: legislation is primary authority; judgment weight follows the displayed court level and the ratio caveat. Check version history

1. Title

These Regulations may be cited as the Capital Markets Authority (Accounting and Financial Requirements) Regulations, 2022.

2. Interpretation

In these Regulations, unless the context otherwise requires-

"Act" means the Capital Markets Authority Act, Cap. 84;

"Authority" means the Capital Markets Authority as established by section 4 of the Act;

"approved person" means a regulated person and includes a person authorised by the Authority to carry out any activity under the Act or any other Act for whose administration the Authority is wholly or partly responsible;

"Currency point" currency point" has the value assigned to it by in Schedule 1 to these Regulations;

"working capital" means the difference between the monetary value of all assets of an approved person expected to be held for a period of not more than twelve months and the

monetary value of all liabilities of an approved person expected to be settled in a period of not more than twelve months.

3. Maintenance of records

(1)

An approved person shall maintain proper accounting records for the approved person's transactions, assets and liabilities.

(2)

The accounting records referred to in subregulation (1), shall- (a) disclose the financial position and performance of the approved person; and (b) be prepared in accordance with the accounting standards as determined by the Institute of Certified Public Accountants of Uganda.

(3)

An approved person shall retain accounting records referred to in subregulation (1), for a period of at least ten years from the date when the record was generated or received by the approved person.

(4)

Where the Authority requests for any record or extract of the accounting records referred to in subregulation (1), the approved person shall, within five days from the date of request, produce the record or extract of the record to the Authority.

4. Working capital requirement

(1)

Any person seeking approval from the Authority under section 30 of the Act and whose business is listed in Schedule 2 to these Regulations shall submit proof that the entity has the minimum working capital prescribed in Schedule 2.

(2)

Notwithstanding subregulation (1), an approved person shall maintain adequate working capital sufficient to meet operating costs of the business for not less than three months.

5. Paid up share capital requirement

(1)

An approved person shall have and maintain the minimum issued and paid up share capital as prescribed in Schedule 3 to these Regulations.

(2)

A dealer shall not allow-

(a)

its exposure to a single security to exceed three hundred percent of their minimum paid up share capital; or

(b)

the book value of the listed securities it carries on its own account to exceed one hundred and fifty percent of its minimum paid up share capital.

6. Reporting

(1)

An approved person shall submit management accounts on quarterly basis to the Authority by the fifteenth day of the month following the quarter. (2) An approved person shall submit audited financial statements to the Authority within three months from the end of the financial year.

7. Preparation and audit

(1)

The accounts and records of an approved person shall, in each financial year, be audited and reported upon by an external auditor. (2) An approved person shall provide information and explanations required for the audit of its financial statements to its external auditors. (3) An external auditor shall notify the Authority in the event of failure by an approved person to provide information and explanations required for the audit of its financial statements.

(4)

An approved person shall inform the Authority of the removal of an Auditor and the reasons for the removal.

8. General offence and penalty

A person who contravenes or otherwise fails to comply with the provisions of these Regulations, shall pay a fine to the Authority of one hundred currency points and in the case of continuous contravention, an additional twenty currency points for each day of default.

9. Transitional provision

(1)

An approved person shall be required to comply with the requirements of these Regulations within twelve months from the date of commencement of these Regulations.

(2)

Every approved person shall be required to maintain the capital requirements previously applicable until the expiration of the period under subregulation (1), following which the approved person shall comply with the provisions of Schedule 2 and Schedule 3 to these Regulations.

10. Revocation of S.I. 84-4 The Capital

Markets (Accounting and Financial Requirements) Regulations are revoked.

SCHEDULE 1

Regulation 2

CURRENCY POINT

A currency point is equivalent to twenty thousand shillings.

SCHEDULE 2 Regulation 4

MINIMUM WORKING CAPITAL

Minimum working No. Approved person category capital (Ug Shs.)

1. Stock Broker 60,000,000

The text of this section isn't in the consolidation we hold — see the original PDF above.

2. Dealer 60,000,000

The text of this section isn't in the consolidation we hold — see the original PDF above.

3. Fund manager 160,000,000

The text of this section isn't in the consolidation we hold — see the original PDF above.

4. Stock Exchange 300,000,000

The text of this section isn't in the consolidation we hold — see the original PDF above.

5. Commodities Exchange 300,000,000

The text of this section isn't in the consolidation we hold — see the original PDF above.

6. Commodities Broker 60,000,000

The text of this section isn't in the consolidation we hold — see the original PDF above.

7. Investment House 200,000,000

The text of this section isn't in the consolidation we hold — see the original PDF above.

8. Credit Rating Agency 20,000,000

The text of this section isn't in the consolidation we hold — see the original PDF above.

9. Custodian 200,000,000

The text of this section isn't in the consolidation we hold — see the original PDF above.

10. Authorised Registrar 20,000,000

SCHEDULE- 3

Regulation 5

MINIMUM PAID UP SHARE CAPITAL

Minimum paid up No. Approved person category Capital (Ug Shs.)

1. Broker 70,000,000

The text of this section isn't in the consolidation we hold — see the original PDF above.

2. Dealer 70,000,000

The text of this section isn't in the consolidation we hold — see the original PDF above.

3. Broker or Dealer 70,000,000

The text of this section isn't in the consolidation we hold — see the original PDF above.

4. Fund manager 375,000,000

The text of this section isn't in the consolidation we hold — see the original PDF above.

5. Stock Exchange 2,000,000,000

The text of this section isn't in the consolidation we hold — see the original PDF above.

6. Commodities Exchange 2,000,000,000

The text of this section isn't in the consolidation we hold — see the original PDF above.

7. Commodities Broker 70,000,000

The text of this section isn't in the consolidation we hold — see the original PDF above.

8. Investment House 450,000,000

The text of this section isn't in the consolidation we hold — see the original PDF above.

9. Credit Rating Agency 20,000,000

The text of this section isn't in the consolidation we hold — see the original PDF above.

10. Custodian 1,650,000,000

The text of this section isn't in the consolidation we hold — see the original PDF above.

11. Venture Capital Fund 1,500,000,000

The text of this section isn't in the consolidation we hold — see the original PDF above.

Section analysis Source-linked statutory analysis Source linked
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What this section does
Governing rule

This section states the governing statutory rule for “Venture Capital Fund 1,500,000,000”.

“Venture Capital Fund 1,500,000,000”
Primary legislation Source quotation matched
Practical effect

Use this section as the starting statutory rule for “Venture Capital Fund 1,500,000,000”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved
Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

Authority status: legislation is primary authority; judgment weight follows the displayed court level and the ratio caveat. Check version history

12. Authorised Registrar 20,000,000

SAUL SSEREMBA, Chairperson, Capital Markets Authority.

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What this section does
Statutory power

This section confers or regulates the statutory power described as “Authorised Registrar 20,000,000”.

“SAUL SSEREMBA, Chairperson, Capital Markets Authority.”
Primary legislation Source quotation matched
Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved
Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

Authority status: legislation is primary authority; judgment weight follows the displayed court level and the ratio caveat. Check version history

Original Laws of Uganda consolidation (as at 23 December 2022) — public-domain legislation, consolidated by ULII / Laws.Africa (CC BY 4.0). This is a point-in-time text and may not reflect later amendments; confirm against the latest Uganda Gazette before relying on it.