Capital Markets Authority Act

1. "application duly made" means an application for a licence or approval under this Act in relation to which all documents and information required by this Act to be provided in support of the application and any further information required by the Authority have been provided by the applicant to the Authority;
2. "approved person" means a regulated person and includes a person authorised by the Authority to carry out any activity under this Act or any other Act for whose administration the Authority is wholly or partly responsible;
3. "approved stock exchange" means a securities exchange approved by the Authority under section 40;
4. "arbitrage" means profiting from differences in price of the same security traded on two or more markets;
5. "auditor" means a company auditor qualified as such under the Companies Act;
6. "authorised person" means a person authorised by the Authority to carry on any activity under this Act;
7. "authorised registrar" means a company registrar engaged in the business of keeping of registers of members, and shareholders, debenture holders or unit holders for public companies or collective investment schemes which are its clients and performing other related functions for them;
8. "Authority" means the Capital Markets Authority established by section 4;

65 further items remain in the statutory text above.

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

1. (1) A reference in this Act to a person associated with another person shall be construed as follows-
2. (a) where the other person is a body corporate-
3. (i) a director or secretary of the body corporate;
4. (ii) a body corporate that is related to the other person; or
5. (iii) a director or secretary of the related body corporate;
6. (b) where the matter to which the reference relates is the extent of power to exercise, or to control the exercise of, the voting power attached to voting shares in a body corporate, a person with whom the other person has, or proposes to enter into, an agreement, understanding or undertaking, whether formal or informal and whether express or implied-
7. (i) by reason of which either of those persons may exercise, directly or indirectly control the exercise of, or substantially influence the exercise of, any voting power attached to a share in the body corporate;
8. (ii) with a view to controlling or influencing the composition of the board of directors or the conduct of affairs of the body corporate; or

11 further items remain in the statutory text above.

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

1. (1) Where any property held in trust consists of or includes securities in which a person knows or has reasonable grounds for believing that that person has an interest, that person shall be taken to have an interest in those activities.
2. (2) A person shall be taken to have an interest in a security where a body corporate has an interest in that security and-
3. (a) the body corporate is, or its directors are, accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of that person in relation to that security;
4. (b) that person has a controlling interest in the body corporate; or
5. (c) that person is, or the associates of that person or that person and associates of that person are, entitled to exercise or control the exercise of not less than fifteen percent of the votes attached to the voting shares in the body corporate.
6. (3) A person shall be taken to have an interest in a security in any one or more of the following circumstances-
7. (a) where the person has entered into a contract to purchase a security;
8. (b) where the person has a right, otherwise than by reason of having an interest under a trust, to have a security transferred to that person or to that person's order, whether the right is exercisable immediately or in the future and whether on the fulfilment of a condition or not;

13 further items remain in the statutory text above.

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

1. (1) There is established an authority to be known as the Capital Markets Authority.
2. (2) The Authority shall be a body corporate with perpetual succession and a common seal and shall be capable in its corporate name of-
3. (a) suing and being sued;
4. (b) taking, purchasing or otherwise acquiring, holding, charging and disposing of both movable and immovable property;
5. (c) borrowing and lending money;
6. (d) entering into contracts; and
7. (e) doing or performing all other things or acts necessary for the proper performance of its functions under this Act which may lawfully be done by a body corporate.

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

1. (1) The official seal of the Authority shall be in a form determined by the Board.
2. (2) The official seal shall, when affixed to any document, be authenticated by the signatures of the Chief Executive Officer and the Secretary to the Board.
3. (3) In the absence of the Chief Executive Officer, the person performing the functions of the Chief Executive Officer shall sign in his or her place.
4. (4) In the absence of the Secretary, the person performing the functions of the Secretary shall sign in the place of the Secretary.
5. (5) An instrument or contract which if executed or entered into by a person other than a body corporate would not require to be under seal, may be executed or entered into on behalf of the Authority by the Chief Executive Officer or the Secretary to the Board or a person duly authorised by resolution of the Board.
6. (6) Every document purporting to be an instrument or contract executed or issued by or on behalf of the Authority in accordance with this section shall be taken to be executed or issued until the contrary is proved.

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

1. (b) to ensure honesty and transparency in capital markets transactions;
2. (c) to carry out investor education;
3. (d) to protect investors; and
4. (e) to reduce systemic risk.

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

1. (1) The functions of the Authority are-
2. (a) to approve prospectuses and other offering documents under which securities are offered to the public and to approve information memorandum;
3. (b) to develop all aspects of the capital markets with particular emphasis on the removal of impediments to, and the creation of incentives for, long term investments in productive enterprise;
4. (c) to create, maintain and regulate, through implementation of a system in which the market participants are self-regulatory to the maximum practicable extent, of a market in which securities can be issued and traded in an orderly, fair and efficient manner;
5. (d) to cooperate with, provide information to conduct any investigation or inquiry for, or otherwise assist any foreign regulatory authority in the performance of its duties;
6. (e) to implement regional and international standards and best practice in securities markets, securities regulation and supervision;
7. (f) to protect investor interests; and
8. (g) to operate the Investor Compensation Fund established by section 90.

23 further items remain in the statutory text above.

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

1. (1) The Authority shall be independent in the performance of its functions and duties and shall not be subject to the direction or control of any person.
2. (2) Subject to subsection (1), the Minister may give the Authority policy guidance.

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

1. (1) The Minister shall appoint a Chief Executive Officer of the Authority on the recommendation of the Board and the Board shall determine the conditions and terms of employment of the Chief Executive Officer.
2. (2) The Chief Executive Officer shall have expertise in financial regulation, law, finance, business, accounting, economics, investment or a related field with experience and competence to manage the affairs of the Authority.
3. (3) The Chief Executive Officer shall hold office for five years and is eligible for re-appointment for one more term.
4. (4) The Chief Executive Officer shall be an ex officio member of the Board and shall attend all meetings of the Board but with no right to vote at any meeting of the Board.
5. (5) The Chief Executive Officer shall, subject to the general direction and control of the Board, and except to the extent that the Board may otherwise prescribe, be responsible to the Board for-
6. (a) the direction and management of the affairs, operations and funds of the Authority;
7. (b) the exercise, discharge and performance of the objects, powers, functions and duties of the Authority;
8. (c) carrying out and giving effect to the decisions of the Board; and

13 further items remain in the statutory text above.

1. (1) The Authority shall have a General Fund.
2. (2) There shall be paid into the General Fund-
3. (a) money from the Consolidated Fund;
4. (b) all sums of money paid as fees under this Act; and
5. (c) all sums of money received by the Authority for its operations from any other source.
6. (3) There shall be paid out of the General Fund all sums of money required to defray the expenditure incurred by the Authority in the discharge of its objects and functions.
7. (4) The financial year of the Authority shall be the period of twelve months commencing on the 1st day of July and ending on the 30th day of June of the following year.
8. (5) The Authority shall keep proper books of accounts of all its income and expenditure and proper records in relation to them.

10 further items remain in the statutory text above.

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

1. (1) The Authority may, at any time, without notice, enter any premises owned, controlled or occupied by an approved person and examine any books that may be found on those premises or that may be in the possession of the approved person or that may, in any way, relate to the business of the approved person or to the matters listed in subsection (6).
2. (2) The Authority may require any key person to provide an explanation to the matters listed in subsection (6).
3. (3) The Authority may require an approved person to provide regular reports or returns as the Authority considers appropriate.
4. (4) The Authority may, by notice in writing, require any key person of an approved person-
5. (a) to provide specified information;
6. (b) to produce specified documents; or
7. (c) to attend at such place and time as may be specified in the notice and answer questions or make a statement which the Authority or any duly authorised officer or agent of the Authority reasonably requires the person to answer or to make.
8. (5) The information or documents required to be provided under subsection (4) shall be provided or produced before the end of such reasonable period and at such place, as may be specified by the Authority.

23 further items remain in the statutory text above.

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

1. (1) The Authority may, at any time and without prior notice, if it has reason to believe that there are, in any premises, any books the production of which has been directed by the Authority and which have not been produced in compliance with the direction, authorise an officer and any other person or persons instructed by the Authority to-
2. (a) use such force as is necessary and reasonable to enter any premises that the Authority has reason to believe are premises at which those books are kept or may be located;
3. (b) search for the books and for that purpose break open any cupboard, drawer, container or receptacle, whether a fixture or not, on the premises;
4. (c) seize or make a copy of any of the books;
5. (d) question any person who is present on the premises, or the directors, officers, members, employees or partners of any person conducting business on the premises as to the location of the books;
6. (e) direct that the premises or any part of it shall be left undisturbed for as long as it is necessary to search the premises for those books;
7. (f) direct, by notice in writing addressed and delivered to any person who has control over the custody of the books, that person to produce and deliver the books to the officer of the Authority issuing the notice, at the time and place referred to in the notice; and
8. (g) examine that book and seek from any person referred to in paragraph (d) an explanation regarding any entry in the book.

9 further items remain in the statutory text above.

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

1. (1) A person is not excused from failing to provide a statement explaining any matter relating to the compilation of any books or any matter requested of him or her under section 11, 12 or 20 on the ground that the statement might tend to incriminate him or her.
2. (2) Notwithstanding subsection (1), where the person claims before making a statement required of him or her that the statement might tend to incriminate him or her, the statement provided in answer to the request shall not be admissible in evidence against him or her in any criminal proceedings other than proceedings under section 11, 12 or 20.
3. (3) Subject to subsection (2), a statement made by a person in compliance with a requirement under section 11, 12 or 20 may be used in evidence in any criminal or civil proceedings against the person.

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

1. (1) A person who knowingly or recklessly provides the Authority or any other person entitled to information under this Act with information which is false or misleading in a material particular commits an offence if the information is provided-
2. (a) in purported compliance with a requirement imposed under this Act; or
3. (b) otherwise, than as mentioned in paragraph (a) but in circumstances in which the person providing the information intends, or could reasonably be expected to know, that the information would be used by the Authority for the purpose of exercising its functions under this Act.
4. (2) Any person who knowingly or recklessly provides the Authority or any other person with information which is false or misleading in a material particular commits an offence.
5. (3) An approved person commits an offence if that approved person fails to provide the Authority with any information in the possession of that approved person, knowing or having reasonable cause to believe that or being reckless as to whether-
6. (a) the information is relevant to the exercise by the Authority of its functions in relation to the approved person; and
7. (b) the withholding of the information is likely to result in the Authority being misled as to any matter which is relevant to and of material significance for the exercise of those functions in relation to the licensee or former licensee.
8. (4) Any person who contravenes this section, commits an offence and is liable, on conviction, to a fine not exceeding three hundred currency points or to imprisonment for a term not exceeding three years, or both.

1 further item remain in the statutory text above.

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

1. (1) Subject to this section and section 17, a copy of or extract from a book relating to a matter specified in section 11(1) or (3) is admissible in evidence as if it were the original book.
2. (2) A copy of or extract from a book is not admissible in evidence under subsection (1) unless it is proved that the copy or extract is a true copy of the book or of the relevant part of the book.
3. (3) For the purpose of subsection (2), evidence that a copy of or extract from a book is a true copy of the book or of a part of the book may be given by a person who has compared the copy or extract with the book or the relevant part of the book and may be given orally or by an affidavit or statutory declaration.

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

1. Nothing in section 11 or 12 shall compel an advocate to produce a document that contains privileged communication made by or to him or her in his or her professional capacity or authorise the taking of possession of any such document which is in his or her possession; but if the advocate refuses to produce the document, he or she shall nevertheless be obliged to give the name and address, if he or she knows them, of the person to whom or by or on whose behalf the communication was made

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

1. (1) Subject to subsections (2) and (3), a person who receives information relating to the business or other affairs of any person-
2. (a) under or for the purposes of this Act or any other Act for whose administration the Authority is wholly or partly responsible; or
3. (b) directly or indirectly from a person who has so received it, commits an offence if that person discloses the information without the consent of the person to whom it relates or the person from whom it was received and is liable, on conviction, to a fine not exceeding two hundred currency points or to imprisonment for a term not exceeding two years, or both.
4. (2) Subsection (1) does not apply to information which, at the time of the disclosure, is or has already been made available to the public from other sources, or to information in the form of a summary or collection of information so framed as not to permit information relating to any particular person to be ascertained from it.
5. (3) Subsection (1) does not apply to the disclosure of information where that information is disclosed-
6. (a) for the purpose of enabling or assisting the Authority or any person acting on its behalf to discharge their functions under this Act, or any other enactment under which they are charged with duties;
7. (b) by the Authority, or any person acting on its behalf, to a foreign regulatory authority;
8. (c) to a person showing whether or not any person is a licensed person;

11 further items remain in the statutory text above.

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

1. (1) The Authority may, where it considers it necessary in order to fulfil the provisions of this Act, require an approved person to disclose to it, in relation to any acquisition or disposal of securities, the name of the person from or through whom or on whose behalf the securities were acquired or disposed of and the nature of the instructions given to the stockbroker, dealer or fund manager in respect of the acquisition or disposal.
2. (2) The Authority may require a person who has acquired, held or disposed of securities to disclose to it -
3. (a) whether the person acquired, held or disposed of securities as trustee for or on behalf of another person or as a nominee;
4. (b) whether there is any other person who is a beneficial owner of the securities;
5. (c) the name of any person on whose behalf that person has acted or who is a beneficial owner of the securities; and
6. (d) the nature of any instruction given to that person as trustee or nominee in respect of the acquisition, holding or disposal.
7. (3) The Authority may require a securities exchange to disclose to it, in relation to an acquisition or disposal of securities on the stock market of that stock exchange, the names of the members of that securities exchange who acted in the acquisition or disposal.
8. (4) The Authority may by regulations, prescribe the information to be maintained in respect of beneficial owners of securities.

1 further item remain in the statutory text above.

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

1. (1) Where, as a result of any information received by the Authority or any investigation conducted by or for the Authority under sections 12 and 20, or as a result of any reference made to the Authority by an approved stock exchange, or from any foreign regulatory Authority or body or other source, the Authority suspects that there has been a failure on the part of any person to comply with this Act or with regulations made under this Act, or with any rules issued by the Authority or an approved stock exchange, the Authority may-
2. (a) appoint a committee to make further inquiry into that matter; or
3. (b) apply to the court for relevant orders.
4. (2) Where the Authority makes further inquiry under subsection (1)(b) and after inquiring into the matter and providing opportunity for any person suspected of non-compliance to appear on their own behalf or by counsel, if that person so requests, the Authority is of opinion that there has been a failure to comply with any matters of non-compliance by that person, the Authority may-
5. (a) warn that person, including an approved stock exchange and in the case of a body corporate, any director of that body corporate and if the Authority so determines publish a report on that matter;
6. (b) censure that person, including an approved securities exchange and in the case of a body corporate, any director of that body corporate, and if the Authority so determines publish a report on that matter;
7. (c) publish a statement on the matter;
8. (d) give directions to the person concerned requiring such action to be taken as the Authority considers necessary in the interest of persons affected, or in the public interest, to remedy the non-compliance or contravention;

8 further items remain in the statutory text above.

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

1. (1) The Authority may carry out investigations-
2. (a) where the Authority has reasonable grounds to believe that there has been a contravention of the provisions of this Act or the Collective Investment Schemes Act or any other Act whose administration the Authority is wholly or partly responsible, or any regulations, licence conditions, or directions made under any such Act;
3. (b) where the Authority has reasonable grounds for suspecting that it may be necessary to prohibit trading in securities under section 97;
4. (c) where the Authority has reasonable grounds to believe that a person has contravened the provisions of the Companies Act in relation to the securities of a company that are publicly held;
5. (d) where the Authority has reasonable grounds to believe that a body corporate or any officer of that body corporate or any person may have contravened the provisions of this Act or any applicable listing rules;
6. (e) where the Authority has reasonable grounds to believe that an approved person or key person may not be a fit and proper person to continue to be an approved person or key person;
7. (f) in the interests of persons who have transacted or may transact business with a licensed person;
8. (g) in order to maintain or enhance the integrity of the Uganda capital markets;

25 further items remain in the statutory text above.

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

1. (1) The Authority may inspect the books, accounts, documents and transactions of an approved person.
2. (2) The Authority may appoint any person to exercise the power of the Authority under subsection (1).
3. (3) For the purpose of an inspection under this section, the stock exchange or an approved person shall afford the Authority access to, and shall produce, its books, accounts and documents and shall give such information and facilities as may be required to conduct the inspection.
4. (4) A person appointed by the Authority may copy or take possession of the books, accounts and other documents of an approved person.
5. (5) Any person who, or stock exchange which, fails, without reasonable excuse, to produce any book, account or document or furnish any information or facilities in accordance with subsection (3) commits an offence and is liable, on conviction, to a fine not exceeding two hundred currency points or to imprisonment for a term not exceeding eight years, or both.

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

1. (1) Notwithstanding any provision to the contrary in this Act, the Authority may, subject to subsection (2) provide assistance to a foreign regulatory authority in connection with any legal or regulatory requirement which the foreign regulatory authority enforces or administers, by-
2. (a) carrying out investigations of any alleged breaches of the legal or regulatory requirements; or
3. (b) providing such other information, opinion or assistance to the foreign regulatory authority as the Authority sees fit.
4. (2) The Authority shall determine whether the provision of assistance would be consistent with its functions or would be in the interests of the maintenance of the integrity of the Uganda capital markets, and in reaching a determination on the matter, the Authority shall have regard to any relevant matter including-
5. (a) whether the foreign authority is a proper foreign regulatory authority as defined by this Act;
6. (b) whether the assistance provided would be used by a foreign regulatory authority in exercising its functions for a proper regulatory purpose;
7. (c) whether the foreign regulatory authority would provide comparable assistance to the Authority;
8. (d) whether the foreign regulatory authority shall bear the cost of the investigation;

8 further items remain in the statutory text above.

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

1. (1) Where-
2. (a) on the application of the Authority, it appears to the court that a person has committed an offence under this Act, or has contravened the conditions or restriction of a licence or the rules or listing rules of a stock exchange or is about to do an act with respect to dealing in securities that, if done, would be such an offence or contravention; or
3. (b) on the application of a stock exchange, it appears to the court that a person has contravened the rules or listing rules of the stock exchange, the court may, without prejudice to any other order within its powers, make one or more of the following orders-
4. (i) in the case of persistent or continuing breaches of this Act, or of the conditions or restrictions of a licence, or of the rules or listing rules of a stock exchange, an order restraining the person from carrying on a business of dealing in securities, acting as an investment adviser or as a broker or dealer's representative or investment representative, or from holding out as carrying on that business or so acting;
5. (ii) an order restricting a person from acquiring, disposing of or otherwise dealing with any securities that are specified in the order;
6. (iii) an order appointing a receiver of the property of a broker or dealer or of property that is held by a broker or dealer for or on behalf of another person whether on trust or otherwise;
7. (iv) an order declaring a contract relating to securities to be void or voidable;
8. (v) for the purpose of securing compliance with any other order under this section, an order directing a person to do or refrain from doing a specified act; and

13 further items remain in the statutory text above.

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

1. (1) A person who, in the course of providing services to an approved person or key person or an approved securities exchange or company whose securities are listed on a stock exchange, comes into possession of information indicating that that approved person or securities exchange, or company or key person is engaged in conduct involving fraud prohibited by this Act, shall report the matter to the Authority.
2. (2) Any person who contravenes subsection (1) commits an offence and is liable, on conviction, to a fine not exceeding one hundred currency points or to imprisonment for a term not exceeding two years, or both.
3. (3) Without derogating from the obligation to report to the Authority under subsection (1), a person who comes into possession of information indicating that an approved person or key person is engaged in any conduct referred to in subsection (1) shall report the matter to the Authority.
4. (4) An action or proceeding, including criminal proceedings or administrative action in relation to that person's employment or otherwise not may be taken against a person who, in good faith, provides information confidentially to the Authority under subsections (1) and (3).
5. (5) Subsections (1) and (3) shall not apply to an advocate who receives information in the course of providing legal professional advice regarding compliance with this Act that is sought by an approved person or key person in relation to the prohibited conduct concerned.

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

1. (1) A person shall not influence, coerce, mislead or authorise any person engaged in-
2. (a) the preparation of the financial statements of a listed company or any of its related companies; or
3. (b) the performance of an audit of the financial statements of a listed corporation or any of its related corporations, to do anything which the person knows or ought to reasonably have known that it may cause the financial statements or audited financial statements to be false or misleading in a material particular.
4. (2) Any person who contravenes subsection (1) commits an offence and is liable, on conviction, to a fine double the amount falsified or to imprisonment for a term not exceeding three years.

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

1. (1) Where a person responsible for preparing or approving financial statements or financial information of a listed company, has in the course of that person's duties reasonable belief of any matter which may or will constitute a breach or non-performance of any requirement or provision under this Act or a breach of the rules of the approved securities exchange or any matter which may adversely affect the financial position of a listed corporation and that person submits a report on the matter-
2. (a) in the case of a breach or non-performance of any requirement or provision of this Act, to the Authority;
3. (b) in the case of a breach or non-performance of any of the rules of approved securities, to the relevant approved securities exchange or the Authority; or
4. (c) in any other case which adversely affects to a material extent the financial position of the listed company to the relevant approved securities exchange or the Authority, the listed company shall not remove, discriminate, demote, suspend or interfere with the lawful employment or livelihood of the person responsible for preparing or approving the financial statements or financial information of the listed company because of the report submitted by that person.
5. (2) A person responsible for preparing or approving financial statements or financial information of a listed company shall not be liable to be sued in any court for any report submitted by that person in good faith and in the intended performance of that person's duties.

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

1. (1) The Authority may issue a statement of principles with respect to the conduct and financial standing expected of an approved person.
2. (2) The conduct expected under subsection (1) may include compliance with a code of standard issued by the Authority or issued with the approval of the Authority, by a person or body other than the Authority.
3. (3) A code of standards issued by the Authority under subsection (2) may specify-
4. (a) a description of conduct which, in the opinion of the Authority, complies with a statement of principles;
5. (b) a description of conduct which, in the opinion of the Authority, does not comply with a statement of principles; or
6. (c) factors which, in the opinion of the Authority, determine whether or not a person's conduct complies with a statement of principles.
7. (4) A statement of principles shall have effect as if included as a condition of a licence or approval of the kind affected by the statement of principles.
8. (5) An approved person who fails to comply with a statement of principles is liable to disciplinary action or the exercise of powers of intervention against that person, except that the non- compliance shall not give rise to a cause of action by any other person or affect the validity of any transaction.

6 further items remain in the statutory text above.

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

1. (1) The Authority may on the application of any person-
2. (a) modify a statement of principles issued under section 27 to adapt it to the applicant's circumstances or to any particular kind of business carried on by the applicant; or
3. (b) exempt the applicant from compliance with any such statement of principles, generally or in relation to any particular kind of business carried on by the applicant.
4. (2) The Authority shall not amend a statement of principles or exempt any person from complying with the statement unless it appears to the Authority-
5. (a) that compliance with the statement of principles in question would be unduly burdensome for the applicant, having regard to the benefit which compliance would confer on investors; and
6. (b) that the exercise of those powers will not result in any undue risk to investors.
7. (3) The Authority may exercise its powers under this section unconditionally or subject to conditions; and section 27 shall apply in the case of failure to comply with a condition as in the case of failure to comply with a statement of principles.

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

1. (1) The Authority may issue guidelines or regulatory notices for the purpose of providing-
2. (a) instruction to approved persons on the nature of their obligations under this Act and the procedures to be observed for the purpose of compliance with the requirements of this Act and of best practice in relation to the performance of transactions, disclosure, record keeping, maintaining of accounts and reporting to the Authority;
3. (b) guidance to investors in relation to the operation of the securities markets and the nature of transactions;
4. (c) guidance to approved persons as the Authority may consider appropriate;
5. (d) for the regulation of capital markets activities and products subject to the assessment of the extent to which they appropriately cater for-
6. (i) efficient, orderly and fair operation of the segment, product or intermediaries;
7. (ii) adequate provisions for risk management and controls on market misfeasance;
8. (iii) the proper protection of investor interests and appropriate level of disclosure; and

4 further items remain in the statutory text above.

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

1. (1) The Authority may publish information, bulletins and reports, or cause to be published the information, bulletins or reports, in such form and manner as it considers appropriate with respect to-
2. (a) the operation of this Act, the Collective Investment Schemes Act, the Securities Central Depositories Act and any Act for whose administration the Authority is responsible, including in particular the rights of investors, the duties of an approved person or key persons and the steps to be taken for enforcing those rights and complying with those duties;
3. (b) any matters relating to the functions of approved persons or key persons under this Act, the Securities Central Depositories Act or under the Collective Investment Schemes Act or any Act for whose administration the Authority is responsible; and
4. (c) any other matter which appears to the Authority to be desirable for the protection of investors.
5. (2) The Authority may offer for sale information, bulletins and reports published under this section and may, if it thinks fit, charge a reasonable fee for information given under this section.

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

1. Where the Authority determines, under section 21, that a licensed person has contravened any provision of this Act, the Authority may publish a statement to that effect, stating any action that the Authority may have taken in respect of that contravention

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

1. (1) The Authority shall have a Board of Directors consisting of eleven persons appointed by the Minister as follows-
2. (a) six persons from the private sector who have expertise in law, finance, banking, business, accounting, economics, investment or a related field from the relevant bodies prescribed in Schedule 2 to this Act;
3. (b) the Permanent Secretary and Secretary to the Treasury of the Ministry responsible for finance or a person that is deputed in writing;
4. (c) the Governor of the Bank of Uganda or a person deputed in writing;
5. (d) the Solicitor General or a person deputed by him or her in writing;
6. (e) the Registrar of Companies or a person deputed by him or her in writing; and
7. (f) the Chief Executive Officer of the Authority.
8. (2) The Minister shall appoint a Chairperson from among the members appointed under subsection (1) (a).

3 further items remain in the statutory text above.

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

1. (1) A member of the Board, other than the Chief Executive Officer or a person appointed by virtue of his or her office shall hold office for five years and shall be eligible for re-appointment for one more term.
2. (2) A member of the Board may, at any time, resign his or her office in writing addressed to the Minister.
3. (3) A member of the Board may be removed from office by the Minister-
4. (a) for inability to perform the functions of his or her office arising from infirmity of body or mind;
5. (b) for misbehaviour or misconduct;
6. (c) for incompetence;
7. (d) if the member is bankrupt or insolvent;
8. (e) if the member is convicted of an offence involving dishonesty, fraud or moral turpitude;

4 further items remain in the statutory text above.

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

1. The Chairperson and members of the Board shall be paid such remuneration and allowances as may be determined by the Minister

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

1. (1) The Board shall be responsible for the general direction and supervision of the Authority.
2. (2) For the purposes of subsection (1), the Board shall-
3. (a) review and approve strategic and operating plans, budgets, reports and audited financial statements of the Authority;
4. (b) oversee the operations of the Authority to ensure competent and prudent management, planning, accounting and compliance with statutory and contractual obligations;
5. (c) control, supervise and administer the assets of the Authority;
6. (d) approve organisational structures of the Authority;
7. (e) establish and approve rules of procedure for appointment, termination, discipline and terms and conditions of the Chief Executive Officer and the staff of the Authority;
8. (f) monitor and supervise the implementation of this Act and other laws and regulations enforced by the Authority;

6 further items remain in the statutory text above.

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

1. (1) The Board shall appoint a Secretary to the Board on such terms and conditions as may be determined by the Board.
2. (2) The Secretary shall report to the Board through the Chief Executive Officer.

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

1. (1) The Board may appoint committees to assist the Board in the performance of its functions.
2. (2) A committee appointed under this section may comprise members of the Board and persons who are not members of the Board.
3. (3) A committee appointed under this section, shall perform such functions as the Board may assign to it.
4. (4) The Board shall prescribe the procedure for the proceedings of the committee.
5. (5) A committee appointed under this section may, with the approval of the Board, co-opt a person to assist it in the performance of its functions but the person co-opted shall not have a right to vote on any matter coming before the committee for decision.

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

1. Schedule 4 to this Act shall govern the proceedings of the Board

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

1. A person shall not carry on the business of a securities exchange or a commodities exchange unless that person has been approved by the Authority as a securities exchange or commodities exchange

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

1. (1) Application for approval as a stock exchange or commodities exchange may be made to the Authority in the prescribed form and manner and shall be accompanied by the prescribed fees.
2. (2) The applicant shall, upon being granted approval under this Act, pay an annual fee prescribed by the Authority.
3. (3) No approval shall be granted to any person to operate as a stock exchange, or commodities exchange other than a body corporate.
4. (4) The Authority may by notice in writing, approve a person as a stock exchange or commodities exchange if it is satisfied that-
5. (a) the applicant is a limited liability company whose liability is limited by shares;
6. (b) that the applicant's board of directors is constituted in a manner prescribed by the Authority; and
7. (c) the applicant has made and adopted rules in compliance with the Act and any regulations made under the Act.
8. (5) Every securities exchange shall establish and keep a fidelity fund which shall be administered by the Authority on behalf of the stock exchange.

9 further items remain in the statutory text above.

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

1. (1) Where an amendment is made, whether by way of rescission, alteration or addition to the rules of a stock exchange or commodities exchange or the listing rules of a stock exchange or commodities exchange, the council of the stock exchange or commodities exchange shall forward a written notice of it to the Authority for approval.
2. (2) The Authority shall give notice in writing to the securities or commodities exchange concerned that it approves the amendment or that it disapproves the whole or any specified part of the amendment and the Authority shall indicate in the notice to the securities or commodities exchange the date on which the approved amendment rules will take effect.
3. (3) The securities or commodities exchange shall notify the public about the approved amendment rules.
4. (4) Nothing in this section precludes the Authority, after consultation with the council of a stock exchange or commodities exchange, from amending the rules or the listing rules of an approved stock exchange or commodities exchange by written notice specifying the amendments and the dates when those amendments shall have force and effect; but the Authority may dispense with consultation if it considers it necessary to do so for the protection of investors.
5. (5) Any notice under this section may be served personally or by post.

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

1. (1) A stock exchange or commodities exchange shall provide such assistance to the Authority as the Authority reasonably requires for the performance of its functions and duties, including the furnishing of such returns and providing such information relating to the business of the stock exchange or commodities exchange or in respect of such dealing in securities or any other specified information as the Authority may require for the proper administration of this Act.
2. (2) Where an approved stock exchange or commodities exchange reprimands, fines, suspends, expels or otherwise takes disciplinary action against a member of a stock exchange or commodities exchange, it shall, within seven days, give to the Authority in writing, particulars of the name of the member, the reason for and nature of the action taken, the amount of the fine, if any, and the period of the suspension, if any.
3. (3) Any person aggrieved by the decision of the approved stock exchange or commodities exchange, may appeal to the Authority.
4. (4) The Authority may review any disciplinary action taken by an approved stock exchange or commodities exchange and may affirm or set aside a decision of the approved stock exchange or commodities exchange after giving the member and the approved stock exchange or commodities exchange an opportunity to be heard.
5. (5) Nothing in this section precludes the Authority in a case where an approved stock exchange or commodities exchange fails to act against a member of the stock exchange or commodities exchange, from suspending, expelling or otherwise disciplining a member of the approved stock exchange or commodities exchange except that the Authority shall, before suspending, expelling or disciplining a member, give the member and the approved stock exchange or commodities exchange an opportunity to be heard.
6. (6) Any person aggrieved by the decision of the Authority under this section may, within thirty days after notification of the decision, appeal to the Tribunal.
7. (7) Any person aggrieved by the decision of the Tribunal may within thirty days after notification of the decision appeal to the High Court on a point of law.

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

1. (1) Where a person under an obligation to comply with, observe, enforce or give effect to the rules or listing rules of a stock exchange or commodities exchange fails to perform the duty, the Tribunal may, on the application of the Authority, a stock exchange or commodities exchange or person aggrieved by the failure, and after giving to the person against whom the order is sought an opportunity of being heard, make an order giving directions to that person to perform the duty.
2. (2) For the purpose of subsection (1)-
3. (a) a body corporate that has been admitted to any official list of a stock exchange or commodities exchange and has not been removed from that official list; or
4. (b) a person associated with a body corporate that has been admitted to any official list of a stock exchange or commodities exchange and has not been removed from that official list, is under an obligation to comply with, observe and give effect to the listing rules of that stock exchange or commodities exchange to the extent to which those rules apply in relation to that body corporate or a person associated with that body corporate.

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

1. (1) The Authority may, where it appears to it to be in the public interest, issue directions to a stock exchange or commodities exchange-
2. (a) with respect to trading on or through the exchange facilities of that stock exchange or commodities exchange or with respect to any security listed on that stock exchange or commodities exchange;
3. (b) with respect to the manner in which a stock exchange or commodities exchange carries on its business, including the manner of reporting off-market purchases;
4. (c) with respect to the management of the securities exchange or commodities exchange, including the removal of members of the governing council of the securities exchange or commodities exchange and the appointment in their place of persons designated by the Authority on such terms and conditions as the Authority may specify; or
5. (d) with respect to any other matters which the Authority considers necessary for the effective administration of this Act, and the stock exchange or commodities exchange shall comply with any such direction.
6. (2) A stock exchange or commodities exchange which, without reasonable excuse, fails to comply with a direction given under subsection (1) commits an offence and is liable, on conviction, to a fine not exceeding fifty currency points and to a further fine of two and half currency points for each day on which the non-compliance continues after conviction.
7. (3) A stock exchange or commodities exchange aggrieved by any direction of the Authority under subsection (1) may appeal to the Tribunal within thirty days of the date of the direction.
8. (4) Where the Authority is satisfied that an executive officer of a stock exchange or commodities exchange-

2 further items remain in the statutory text above.

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

1. (1) Without prejudice to the general effect of section 44, where the Authority is of the opinion that it is necessary to prohibit trading in particular securities of, or made available by, a body corporate on the stock market of a stock exchange or commodities exchange in order to protect persons buying or selling the securities or to protect the interests of the public, the Authority may give notice in writing to the stock exchange or commodities exchange stating that it has formed that opinion and setting out its reasons.
2. (2) If, after the receipt of the notice, the stock exchange or commodities exchange does not take action to prevent trading in the securities to which the notice relates on the stock market of the stock exchange or commodities exchange and the Authority is still of the opinion that it is necessary to prohibit trading in those securities on that stock market, the Authority may, by notice in writing to the stock exchange or commodities exchange, prohibit trading in those securities on that stock market during a period, not exceeding fourteen days, as may be specified in the notice.
3. (3) Where the Authority gives a notice to a stock exchange or commodities exchange under subsection (2), the Authority shall-
4. (a) at the same time send a copy of the notice to the body corporate together with a statement setting out the reasons for giving the notice; and
5. (b) as soon as practicable, furnish to the Minister a written report setting out the reasons for giving the notice and send a copy of the report to the stock exchange or commodities exchange.
6. (4) Where the Authority gives a notice under subsection (3), the body corporate may refer the matter to the Tribunal.
7. (5) A stock exchange or commodities exchange which permits trading in securities on its stock market in contravention of a notice under subsection (2) commits an offence and is liable, on conviction, to a fine not exceeding fifty currency points and to a further fine not exceeding five currency points for each day during which the contravention continues.

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

1. (1) Subject to subsections (2) and (3), the Authority may, after consultation with an approved securities exchange, order that the securities exchange be closed for transactions or dealings in securities for a period of not more than three trading days.
2. (2) The Authority may make an order under subsection (1) on the ground that, in the opinion of the Authority, the orderly transaction of business on the securities exchange is likely to be adversely affected due to-
3. (a) an emergency or natural disaster in Uganda;
4. (b) an economic or financial or other crisis, whether in Uganda or elsewhere; or
5. (c) an actual or threatened major market manipulation or disruption.
6. (3) The Authority may extend the duration of an order made under subsection (1).
7. (4) A dealer, stock broker or representative who deals in securities listed on a securities exchange while an order under subsection (1) or (3) is in force, being an order that has been notified to the securities exchange commits an offence and is liable, on conviction, to a fine not exceeding three hundred currency points or to imprisonment for a term not exceeding three years, or both.
8. (5) Where the Authority issues an order under subsection (1) or (3), notice of the order shall be published in the Gazette and in two daily newspapers having national circulation in Uganda.

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

1. (1) An approved securities exchange shall keep or cause to be kept such records or information in sufficient detail, whether such records or information are maintained in electronic form or manual form, so as to show particulars of every bid or offer made or deal executed on the securities exchange.
2. (2) An approved securities exchange shall keep records showing the business of trading in securities including daily, weekly, monthly, quarterly and annual transactions and the record or information shall be subject to inspection at all reasonable times by the Authority.
3. (3) The records referred to in this section shall be kept for at least ten years from the date of the transaction to which they relate except that where a transaction is the subject of an investigation by a court or the Authority the records shall be kept until the investigation is completed if the investigation continues after the expiration of the ten years.
4. (4) A securities exchange that fails to comply with the provisions of this section commits an offence and on conviction every director shall be liable to a fine not exceeding two hundred currency points or to imprisonment for a term not exceeding two years, or both.
5. (5) The requirement in this section that electronic records be maintained includes a requirement to continue to provide equipment that enables access, reading and printing of those electronic records.

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

1. (1) A person shall not carry on or hold himself or herself out as carrying on the business of organising the promotion and flotation of securities to the public on behalf of an issuer, unless the person is approved by the Authority for the purpose of carrying on such business.
2. (2) The Authority may grant such approval on such terms and conditions as the Authority may require, including the condition that the approval is limited to a particular promotion or flotation.
3. (3) Any person who acts in breach of subsection (1) commits an offence and is liable, on conviction, to a fine not exceeding three hundred currency points or to imprisonment for a term not exceeding three years, or both.

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

1. (1) Without prejudice to section 149, the Authority may make regulations prescribing that certain activities relating to securities business are to be approved by the Authority.
2. (2) Where regulations are made under subsection (1), an activity prescribed under the regulations shall not be conducted without the approval of the Authority.
3. (3) Section 48 shall apply to an activity prescribed under this section as if the activity was one of the activities covered by that section.

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

1. (1) A person shall not act in any of the following capacities unless that person is approved to carry out that activity under this Act as-
2. (a) a stock broker;
3. (b) a dealer;
4. (c) an authorised depository;
5. (d) a commodities exchange;
6. (e) a commodities broker;
7. (f) a stock exchange;
8. (g) a transaction adviser;

18 further items remain in the statutory text above.

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

1. (1) An application for a licence or for the renewal of a licence shall be made to the Authority in the prescribed form and manner and shall be accompanied by the prescribed fee, to be paid in the manner specified by the Authority and, in the case of an application for renewal of a licence, shall be made not later than thirty days before the expiration of the licence.
2. (2) The Authority may require an applicant to supply it with such further information as it considers necessary in relation to the application.
3. (3) The Authority shall not refuse to grant or renew a licence unless it has given the applicant or the holder of the licence an opportunity of being heard.

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

1. (1) The Authority shall, except for a commodities broker, only authorise a body corporate to conduct the activities specified in section 50(1).
2. (2) An approved person shall, meet such minimum financial requirements, educational qualifications and other requirements as may be determined by the Authority.
3. (3) A licence to act as a representative shall only be granted to an individual.
4. (4) Subject to section 51(3) and any regulations made under this Act, the Authority shall refuse an application for the grant of approval or renewal of a licence if the Authority has reason to believe that the applicant is not of good reputation or character or is not a fit and proper person.

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

1. Subject to section 51(3) and regulations made under this Act, the Authority shall grant or renew a representative's licence if after consideration of the application it considers that the applicant will perform the duties of the holder of a representative's licence efficiently, honestly and fairly

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

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

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

1. (1) In deciding whether an approved person or a representative of the approved person shall hold a licence under this Act, the Authority may inquire into any transactions involving the purchase or sale of securities entered into by that person, whether directly or indirectly, during any period of twelve months preceding the application for a licence or renewal of a licence, in this section referred to as the relevant period, to ascertain if that person has in the transaction or series of transactions used dishonest, unfair or unethical methods or trading practices, whether those methods or trading practices constitute an offence under this Act or not.
2. (2) For the purposes of subsection (1), the Authority may, in such form and within such time as it may specify by notice in writing, require an approved person or a representative of the approved person to submit detailed information of all or any transactions involving the purchase or sale of securities, whether those transactions were completed during the relevant period before or after the commencement of this Act.
3. (3) A person who, without reasonable excuse, fails or refuses to submit information to the Authority within the time specified in the notice referred to in subsection (2) or who gives false or misleading information shall, in addition to any other penalty that may be imposed under this Act, be liable in the case of an application for renewal of a licence, to have the licence revoked under section 62 and in the case of first application for a licence, to have the application refused.

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

1. (1) The Authority may grant or renew a licence subject to such conditions or restrictions as it thinks fit; and the Authority may, at any time by written notice to a licence holder, vary any condition or restriction in relation to the licence.
2. (2) Without limiting the general effect of subsection (1), the Authority may, in granting or renewing an investment adviser's licence, impose a condition or restriction as to the class of business that the investment adviser may carry on, including a condition or restriction that-
3. (a) the investment adviser shall only carry on the class of business of advising others concerning securities;
4. (b) the investment adviser shall only carry on the class of business of issuing or promulgating analyses in reports concerning securities;
5. (c) the investment adviser shall only carry on a class of business involving the management of a portfolio of securities on behalf of clients for investment purposes; or
6. (d) the investment adviser shall carry on any of the classes of business in paragraph (a), (b) and (c) of this subsection in combination with each other.
7. (3) The Authority may also, by written notice to a licence holder suspend, cancel, restrict or impose terms and conditions on the right of the licence holder-
8. (a) to call at any residence; or

3 further items remain in the statutory text above.

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

1. (1) The Authority shall not grant or renew a broker or dealer's licence unless the applicant has lodged with the Authority at the time of the application for the licence, a deposit prescribed by the Authority in respect of the licence.
2. (2) A deposit required under subsection (1) shall be in cash or in such other form as the Authority may in any particular case direct.
3. (3) All amounts paid under this section shall be deposited in a commercial bank prescribed by the Authority.
4. (4) A deposit lodged under subsection (1) shall be applied by the Authority subject to and in accordance with regulations made under this Act.

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

1. (1) Subject to subsection (2), a licence shall expire at the end of one year from the date of issue.
2. (2) A licence renewed in accordance with this Part shall continue in force for one year from the date of the renewal.

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

1. An approved person shall notify the Authority of any change in the particulars of the approved person or any matter relating to the business of the approved person in a manner prescribed by the Authority

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

1. (1) The Authority shall keep in such form as it thinks fit, a register of approved person, specifying-
2. (a) in relation to each holder of a broker's or a dealer's or investment adviser's licence-
3. (i) the name of the broker, dealer or investment adviser;
4. (ii) the address of the principal place of business at which the broker, dealer or investment adviser carries on the business to which the licence relates; and
5. (iii) the name of the compliance officer; and
6. (b) in relation to each holder of a representative's licence-
7. (i) the name of the representative;
8. (ii) the name of the broker or dealer or investment adviser in relation to whom the licence was issued; and

2 further items remain in the statutory text above.

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

1. (1) The Authority shall, before granting a licence, satisfy itself-
2. (a) that the applicant is a company or a body corporate, with such minimum share capital as the Authority may prescribe, or is duly constituted as a collective investment scheme;
3. (b) that none of the directors of the applicant company-
4. (i) has been declared bankrupt;
5. (ii) has been a director of a company that has been denied a licence or approval under this Act or equivalent legislation in any other jurisdiction; or
6. (iii) has been a director of a company providing financial services whose licence has been revoked by the appropriate authority;
7. (c) that management and the board of the applicant have satisfied such minimum qualification requirements as prescribed by the Authority;
8. (d) in the case of a stockbroker, dealer or any other person prescribed by the Authority, that the applicant company has lodged a security or deposit in such sum as may be determined by the Authority or an equivalent bank guarantee or bond with the securities exchange of which it is a member or with the Authority or other person approved by the Authority as the case may be;

6 further items remain in the statutory text above.

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

1. (1) A licence shall be taken to be revoked, in the case of-
2. (a) an individual, if the individual dies;
3. (b) a body corporate, if it is wound up.
4. (2) The Authority may revoke a licence-
5. (a) in the case of a licensed person who is an individual-
6. (i) if a levy of execution in respect of him or her has not been satisfied;
7. (ii) if he or she ceases to carry on the business for which he or she was licensed;
8. (iii) if he or she has been adjudged bankrupt in any jurisdiction;

20 further items remain in the statutory text above.

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

1. An approved person shall not carry on its licensed activity without having in its employment at least a representative

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

1. (1) The powers conferred by subsection (3) may be exercised, in the following circumstances-
2. (a) if the licence of a stock broker, dealer, securities central depository, central counter party, clearing house or a fund manager is suspended or revoked under section 62 or the approval of a securities exchange is suspended or revoked under section 40;
3. (b) if a petition is filed, or a resolution proposed, for the winding up of a licensed person or of an approved securities exchange or if a receiver or similar officer is appointed in respect of the licensed person or securities exchange or in respect of all or any part of its assets.
4. (2) Where the Authority discovers whether on inspection or otherwise, or becomes aware of any fact or circumstance which, in the opinion of the Authority, warrants the exercise of its power in the interest of investors, the Authority shall give the licensed person or securities exchange as the case may be, an opportunity to be heard prior to the exercise of the power.
5. (3) Notwithstanding the provisions of any other written law, in any case to which this section applies, the Authority may apply to the court-
6. (a) for the appointment by the court of a competent person, in this Act referred to as "a statutory manager" to assume the management, control and conduct of the affairs and business of a licensed person or approved securities exchange and to exercise all the powers of a licensed person to the exclusion of its board of directors, including the use of its corporate seal;
7. (b) for an order removing any officer or employee of the licensed person or approved securities exchange who, in the opinion of the Authority, has caused or contributed to any contravention of this Act or any regulations made under it or to any deterioration in the financial stability of the licensed person or approved securities exchange, or has been guilty of conduct detrimental to the interests of investors;
8. (c) for the appointment by the court of a competent person familiar with the business of the licensed person or approved securities exchange to its board of directors to hold office as a director and a person appointed shall not be removed from office without the approval of the court.

15 further items remain in the statutory text above.

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

1. (1) Where a person who holds a licence issued under this Act has, before the expiration of the licence, applied for a renewal of the licence and it has not been issued, the licence shall, until it is renewed or the application for the renewal of it is refused or withdrawn, be taken to continue in force.
2. (2) If, thirty days before the date of expiration of the licence, the licensed person fails to provide the Authority a duly made application or has within the time permitted or specified by the Authority failed to provide any further information required by the Authority for the purpose of renewal of the licence, the application shall be taken to be withdrawn.
3. (3) The Authority may, on application being made to it, and on proper cause being shown, reinstate an application for renewal that is taken to be withdrawn under subsection (2) and may impose such terms and conditions as the Authority may consider necessary.
4. (4) The Authority shall make its determination on an application for renewal of a licence within thirty days after receipt of the application.

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

1. (1) Any person aggrieved by the refusal of the Authority to grant or renew a licence, or the decision of the Authority to revoke or impose conditions on or suspend a licence, may, within thirty days after the decision of the Authority appeal to the Tribunal.
2. (2) Any person aggrieved by a decision of the Tribunal under subsection (1) may within thirty days from the decision of the Tribunal, appeal to the High Court on a point of law.

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

1. (1) An organisation which intends to operate as a self-regulatory organisation shall apply to the Authority for recognition as a self-regulatory organisation.
2. (2) An application made under subsection (1) shall specify the functions and powers that the entity is seeking to exercise, upon recognition.
3. (3) The Authority may, in respect of an application under subsection (1), subject to such terms and conditions as it considers necessary, by notice in the Gazette, declare an organisation to be a recognised self-regulatory organisation where the Authority is satisfied that the organisation-
4. (a) has a constitution and internal rules and policies consistent with this Act or related legislation;
5. (b) has the capacity and financial and administrative resources necessary to carry out its functions as a self-regulatory organisation; including dealing with a breach of the law or of any other applicable standards or guidelines;
6. (c) is a fit and proper person;
7. (d) has competent personnel for the carrying out of its functions; and
8. (e) satisfies such other criteria as may be specified by the Authority.