Capital Markets Authority (Conduct of Business) Regulations

1. These Regulations may be cited as the Capital Markets Authority (Conduct of Business) Regulations, 2025.

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. "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;
2. "Authority" means the Capital Markets Authority established under section 4 of the Act;
3. "churning" means engaging in excessive buying and selling of securities in a customer's account by a broker for the purpose of generating commission from the account;
4. "client" includes an investor;
5. "cold calling" includes visiting a prospective client, without a prior appointment, making unsolicited phone calls or sending text messages, emails to prospective clients who do not know the caller or sender for purposes of selling products or services of an approved person;
6. "contract note" means the note sent by the stock broker, commodities broker or agent to his or her principal or purchaser of the sale or purchase of any securities or commodities;
7. "Currency point" has the value assigned to it in Schedule 1 to these Regulations;
8. "customer" means a person for whom an approved person acts as an agent and to whom the approved person owes a duty of care, and includes a potential customer and or a client;

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. (b) act with due skill, care and diligence in the best interest of their clients and integrity of the market in accordance with principle B, specified in Schedule 1 of these Regulations;
2. (c) adapt and observe an appropriate internal code of conduct and high standards of market conduct in accordance with principle C, specified in Schedule 1 of these Regulations;
3. (d) pay due regard to the information needs of its customers and communicate information to the customers in a way that is clear, fair and not misleading;
4. (e) treat the particulars and information of customers with confidentiality;
5. (f) declare and manage appropriately, any conflict of interest;
6. (g) ensure adequate protection for the assets of the customers;
7. (h) ensure that it maintains adequate financial resources as prescribed by the Authority;
8. (i) organise and control its internal affairs responsibly and effectively with adequate risk management and disaster recovery systems;

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. (b) the person shall ensure that any claim he or she makes as to its independence or impartiality adequately includes any limitation that there may be on either.

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 person shall take reasonable steps to ensure that neither the person nor any of his or her employees or agents either offers or gives or solicits or accepts, any inducement that is likely to impair the person's objectivity in the execution of any duties owed to customers. (2) Where an approved person has a material interest in a transaction to be entered into with or for a customer, or a relationship which gives rise to a conflict of interest in relation to that transaction, the approved person shall not knowingly advise, or deal in the exercise of a discretion, in relation to that transaction unless the person has- (a) fairly disclosed that material interest or relationship, as the case may be, to the customer; and (b) taken reasonable steps to ensure that neither the material interest nor relationship adversely affects the interests of the customer.
2. (3) Where an approved person trades in securities of an affiliated listed company, the approved person shall at the end of each month notify, the Authority in writing.

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 approved person issues an advertisement concerning its securities business, it shall take all reasonable steps to ensure that- (a) the contents and presentation of the advertisement are demonstrably fair and not misleading; and (b) the advertisement fairly discloses the risks concerned.
2. (2) The advert shall identify the approved person as the advertiser. (3) The advert shall at the end it contain an acknowledgement that the advertiser is regulated 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) An approved person may together with another person issue communication, which is designed to promote securities only if they can show that they believe, on reasonable grounds, that the communication is accurate, fair, comprehensive and not misleading.
2. (2) An approved person shall take reasonable steps to ensure that any agreement, written communication, notification or information that they give or send to customers to whom they provide securities services, is accurate and presented fairly and clearly.

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 person, prior to providing any service to a client shall at all times ensure that he or she is in possession of-
2. (a) a copy of the client's identification documentation; (b) details of the client's source of funds; and (c) information on any trading restrictions applicable to the client.
3. (2) An approved person shall ensure that it does not give advice or effect a transaction on behalf of a client, unless the advice or transaction is suitable for the client considering the facts disclosed by the client, the client's circumstances and needs.
4. (3) The approved person shall obtain from the client such information as is necessary for it to comply with sub-regulation (2).

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 person shall not-
2. (a) recommend a transaction to a customer or effect a discretionary transaction with or for the customer, unless the approved person has taken all reasonable steps to enable the customer to understand the risks involved;
3. (b) mislead a customer as to any advantages or disadvantages of a contemplated transaction; or
4. (c) promise a return unless such the return is contractually guaranteed.
5. (2) An approved person shall give sufficient information to the customer to ensure that the customer's decisions are informed.
6. (3) An approved person shall, when making recommendations to a client, take all reasonable steps to satisfy himself or herself that the client has a full understanding of the-
7. (a) nature of the investment; (b) fees and charges associated with the investment; (c) risks of the investment; (d) factors that are likely to affect the performance of the investment; (e) terms and conditions of the investment; and (f) consequences of departing from the terms and conditions of the investment.

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 take reasonable steps to ensure that a customer is given adequate information about the identity and business address of the approved person and the identity and status of employees and other relevant representatives within the approved person's firm, with whom the customer has contact

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 person shall satisfy himself on reasonable grounds and on a continuing basis, that any representative appointed is fit and proper to act for it in that capacity.
2. (2) A representative of an approved person shall act in accordance with the Act, the regulations and any code of conduct to which he or she is contractually bound.
3. (3) The approved person shall also satisfy himself on reasonable grounds and on a continuing basis that he has adequate resources to monitor and enforce compliance by its representatives with high standards of business conduct.

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 person shall not provide to a customer or client any services relating to-
2. (a) the discretionary management of a portfolio; (b) fund investment; or (c) any other type of business that is prescribed by the Authority, except under a written agreement or management agreement or investment agreement signed by the customer and returned to the approved person.
3. (2) The Authority may from time to time, prescribe special procedures relating to the operation of discretionary accounts and every approved person shall follow the special procedures or ensure that the special procedures are followed.
4. (3) Where an approved person provides services to a customer on written contractual terms, the agreement shall set out in adequate detail, the basis on which the services are provided including-
5. (a) essential information about the parties, including the names, addresses and contact information; (b) services to be provided; (c) fees to be charged or the way the fees will be calculated;
6. (d) nature or basis of commissions to be received by the approved person from third parties in relation to the services provided to the client; (e) rights and obligations of the client, including- (i) the right to receive the title for any securities purchased; the right to receive a statement of all fees and charges; (ii) the right to information on the remuneration received by the approved person from third parties for the services provided, in relation to the customer; (iii) the right to information on the remuneration paid by the approved person to a third party; (iv) the right to ask for information on the experience, qualifications and disciplinary history of the approved person; (v) the right to receive interest on funds held by the approved person on the customer's behalf; (vi) the right to receive payment for securities sold within a specified period; (vii) the right to see the approved person's conflict of interest policy; (viii) the right to complain and to have that complaint handled fairly and promptly; (ix) the obligation to pay fees and other charges; (f) rights and obligations of the approved person; (g) arrangements made for securing titles to and for custody of securities bought, including where nominee or custodian accounts are to be used;
7. (h) any conflict of interest relating to the approved person;
8. (i) any connection the approved person has with third parties that could affect the services being provided, including a requirement that the approved person deals through certain third parties or recommends certain investment products;

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) An approved person shall not, in any written communication, action, conduct or agreement, seek to exclude or restrict-
2. (a) any duty or liability to a customer which it has under the Act or any regulation made under the Act;
3. (b) any other duty to act with skill, care and diligence that is owed to a customer in connection with the provision of service to him or her;
4. (c) any liability owed to a customer for failure to exercise the degree of skill, care and diligence that may reasonably be expected of it in the provision of securities services.
5. (2) An exclusion or restriction prohibited by this regulation that is included in any written communication, action, conduct or agreement shall be void.

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 person shall establish and observe internal operational procedures on cold calling, which shall be approved by the Authority.
2. (2) An approved person shall not, for the purposes of soliciting business relating to a regulated activity, make unsolicited telephone calls or attend at any property in a manner that is contrary to its procedures on cold calling established under sub-regulation (1).

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 approved person effects a sale or purchase of securities with or for a customer, that person shall ensure that the customer is sent with due dispatch, a contract note containing the details of the transaction.
2. (2) Where an approved person acts as a fund manager for a client, that person shall ensure that the client is sent a report every quarter, stating the value of the portfolio or account at the beginning and end of the period, its composition at the end of the period and, in the case of a discretionary portfolio or account, changes in its composition between those dates.

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 broker, dealer or commodities broker shall, in respect of every transaction of sale or purchase of securities or commodities, give a contract note that complies with the following- (a) the name of the person for whom the stock broker or commodities broker entered into the transaction and whether the transaction took place in the ordinary course of business at an exchange; (b) the name or style under which the stock broker, dealer or commodities broker carries on his business as a stock broker or commodities broker and the address of the principal place at which he carries on business;
2. (c) where the stock broker ,dealer or commodities broker is acting as such or such or as a principal, statement that it is so acting as such or as a principal (d) the name, address and identity of the person to whom the stock broker or commodities broker gives the contract note; (e) the day and time on which the transaction took place and, if the transaction did not take place in the ordinary course of business at an exchange, a statement to that effect; (f) the number, or amount and description, of the securities or commodities that are the subject of the contract; (g) the price of each security or commodity (h) the amount of the consideration; (i) the rate and amount of commission charged if any; (j) the amount of stamp duties or other duties and taxes payable in connection with the contract; (k) Where an amount is to be added to or deducted from the settlement amount in respect of the right to a benefit purchased or sold together with the securities, the amount and the nature of the benefit; and (l) any other relevant information as may be requested to be included by the Authority including information necessary to ensure a complete audit trail in respect of the execution of client instructions and the settlement of market transactions.
3. (2) A stock broker, dealer or commodities broker shall not include any false information in a contract note given under subregulation (1).
4. (3) A stock broker, dealer or commodities broker who acts in contravention of this regulation is liable to pay to the Authority, a fine not exceeding one hundred currency points.

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 person who, without reasonable basis, makes a recommendation with respect to securities or a class of securities to a person who may reasonably be expected to rely on the recommendation, commits an offence and is liable, on conviction, to a fine not exceeding two hundred currency points.
2. (2) For the purpose of sub regulation (1), an approved person does not have a reasonable basis for making a recommendation to a person unless-
3. (a) the approved person has, for the purposes of ascertaining that the recommendation is appropriate, had regard to the information possessed by it concerning the investment objectives, financial situation and particular needs of the person, given such consideration to, and conducted such investigation of, the subject matter of the recommendation as is reasonable in all the circumstances; and
4. (b) the recommendation is based on that consideration and investigation.
5. (3) Where- (a) an approved person contravenes subregulation (1);
6. (b) the person relying on the recommendation does any particular act, or refrains from doing any particular act;
7. (c) it is reasonable, having regard to the recommendation and all other relevant circumstances, for the person to have done that act or to refrain from doing that act, relying on the recommendation; and
8. (d) the person suffers loss or damage as a result of doing that act or refraining from doing that act, the approved person is liable to pay a fine not exceeding two hundred currency points.

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 broker, or commodities broker shall not, as principal, deal in any securities unless it has been licensed as a dealer by the Authority.
2. (2) A person who contravenes this regulation commits an offence and is liable, on conviction, to a fine not exceeding two hundred currency points.

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 person shall not give unsecured credit to its employee or to a person whom it knows is associated with its employee where-
2. (a) the unsecured credit is given for the purpose of enabling or assisting the employee, to purchase or subscribe for any securities; or
3. (b) the approved person knows or has reason to believe that the unsecured credit will be used to purchase or subscribe for securities.
4. (2) This restriction shall not apply to arrangements under employee share option plans and or employee share incentive programmes by Companies undertaking public offers approved by the Authority under the Act.
5. (3) A person who contravenes subregulation (1) commits an offence and is liable to pay a fine not exceeding two hundred currency points or to such other disciplinary action as the Authority may impose.

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 person that is a member or trading participant of an approved securities exchange or commodities exchange shall charge fees according to the rate prescribed by the approved securities or commodities exchange.
2. (2) All other approved persons shall charge fees in accordance with the agreement with the client or customer.
3. (3) An approved person shall, before providing the service of a regulated activity to a client, disclose to the client the basis for its charges for the provision of the services and the nature and amount of any other remuneration payable by the client.
4. (4) An approved person shall upon request by its client, provide statements to its client for each transaction undertaken and the statements shall show the nature and value of the transaction the fees charged and any other information agreed upon with the client, provided that the statements by venture capital funds shall be sent at least annually and statements by all other approved persons shall be sent at least quarterly.
5. (5) An approved person's charges shall not be unfair in their incidence or unreasonable in their amount having regard to all relevant circumstances.
6. (6) An approved person shall not take any fees or charges from any client's funds or liquidate a customer's securities for the purpose of recovering its fees or charges unless it is in accordance with the client agreement or in the 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) Where an approved person has agreed or decided in his or her discretion to effect or arrange a customer order, it shall effect or arrange the execution of the order as soon as is reasonably practicable in the circumstances or as specified by the client.
2. (2) An approved person shall execute a client's order- (a) only if the customer has made final and irrevocable arrangements for the necessary funds or securities; and (b) unless extenuating circumstances or conditions peculiar to a particular order exist, in the chronological sequence in which the orders were received and give priority to outstanding orders.
3. (3) An approved person shall deal for a client on the best terms available for the client.

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 person shall ensure that the transactions it executes are allocated to the customers who gave the orders in a timely and equitable manner.
2. (2) Where an approved person has aggregated an order for a customer transaction with an order for an own account transaction, or with an order for another customer transaction, then, in the subsequent allocation- (a) it shall not give unfair preference to itself or to any of those for whom it dealt; and (b) it shall give priority to satisfying orders for customer transactions if all orders cannot be satisfied.

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 broker or dealer shall not, except as permitted by subregulation (3), enter into, as principal or on behalf of a person associated with it, a transaction of purchase or sale of securities that are permitted to be traded on a securities exchange if a client of the stockbroker or dealer, who is not associated with the stockbroker or dealer, has instructed the stock broker or dealer to purchase or sell, respectively, securities of the same class and the stockbroker or dealer has not complied with the instruction.
2. (2) A stock broker or dealer who contravenes this regulation is liable to pay to the Authority, a fine not exceeding two hundred currency points.
3. (3) Subregulation (1) does not apply in relation to the entering into a transaction by a dealer as principal or on behalf of a person associated with it where- (a) the instructions from the client of the stockbroker dealer require the purchase or sale of securities on behalf of the client to be effected only on specified conditions at which the securities were to be purchased or sold and the dealer has been unable to purchase or sell the securities by reason of those conditions; or (b) the transaction is entered into in prescribed circumstances.

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) Every approved person and financial journalist shall maintain a register of securities in which it has an interest in the form prescribed in Schedule 2 of these Regulations.
2. (2) The particulars of the securities in which an approved person has an interest shall be entered in the register within seven days after acquisition or disposal of the interest.
3. (3) Where there is a change in the interest or interests in securities of an approved person, it shall enter in the register, within 7 days after the date of the change, the full particulars of the change, including the date of the change and the circumstances by reason of which that change has occurred.
4. (4) Where the Authority or a person authorised by the Authority request to inspect the register required under subregulation (1), the approved person or financial journalist shall produce the register for inspection within fourteen days after the request and the Authority or the person authorised by the Authority may make extracts from the register.

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 an approved person intends to publish to customers a price sensitive recommendation or research or analysis, the approved person shall not knowingly effect on its own account, a transaction in the investment concerned or in any related investment until the customers for whom the publication was principally intended have had, or are likely to have had, a reasonable opportunity to react to it

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) advise a customer to deal, if the dealing could, in the circumstances reasonably be regarded as excessive in size or frequency in view of the financial resources and character of the account.

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 profit or seek to profit, either for its own account, the account of a client or any third party, from inside information on publicly listed securities in the possession of any of its directors, officers, employees, agents, or any insider or assist anyone with such information to make profit for itself or for another 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. who has custody of a customer's securities shall (a) where the securities are not listed on an approved exchange, keep safe, or arrange for the safekeeping of any documents of title, or documents evidencing title, relating to them; and (b) ensure that any securities that the approved person buys or holds for a customer are properly registered in the name of

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 have a sound risk-management framework for purposes of comprehensively managing risks

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 person shall put in place internal procedures to ensure the proper handling of complaints from customers and to ensure that remedial action on the complaints is promptly taken.
2. (2) An approved person shall adopt, document and disclose to a customer its procedures for complaint handling and escalation.
3. (3) An approved person shall handle complaints in a fair, appropriate and timely manner, and shall inform the client of the outcome and the right to appeal to the Authority where dissatisfied with the outcome.
4. (4) Where a complaint is justified, an approved person shall within a reasonable time provide appropriate restitution, address the factors that led to the complaint and document action taken and the reasons for the decision reached.
5. (5) An approved person shall within 30 days from the date of receipt of a complaint, inform the Authority of any unresolved complaint, the steps taken to address the complaint and whether the intervention of the Authority is necessary to resolve the complaint.

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 person shall take reasonable steps, including the establishment and maintenance of procedures, to ensure that-
2. (a) the approved person has a Compliance Officer who is fit and proper with the relevant technical competencies to implement relevant compliance requirements under these regulations and the policies;
3. (b) the approved person has comprehensive written policies on operations, compliance, business continuity planning, including disaster recovery procedures which should be reviewed periodically;
4. (c) the approved persons' officers, employees and other representatives are aware of their obligations under the Act and any regulations or other legislation administered by the Authority, and that they act in conformity with them; and
5. (d) sufficient information is recorded and retained about its securities business and compliance with the regulatory system.
6. (2) Every approved person shall keep, in Uganda, adequate and orderly records of its business affairs, the financial position, the internal organisation, the compliance with statutory and regulatory requirements and the risk management systems.
7. (3) The approved person shall keep adequate and orderly records of the business transactions undertaken for their customers, the business affairs of the customers, where relevant to the business undertaken for its customers and the relationship with its customers.
8. (4) The records shall be arranged, filed, indexed and cross referenced to permit prompt access to any particular record.

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. person shall comply with the requirements under the Anti-Money Laundering Act, Cap 118 Laws of Uganda and shall maintain policies and procedures to guard against money laundering and terrorist financing

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) each staff does not give advice or provide services of such a nature as is beyond his or her competence to give or to provide;
2. (c) the staff are fit and proper persons, who are able to exercise care and diligence in handling business matters; and
3. (d) the staff are persons that understand and comply with the laws governing the market.

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 person shall comply with the Data Protection and Privacy Act and shall ensure that all information in the possession of an approved person relating to a customer or prospective customer, shall be kept confidential by the approved person.
2. (2) An approved person shall adopt and document policies and procedures to ensure that information obtained from clients and third parties is kept confidential and secure and the policies and procedures shall include-
3. (a) a requirement that employees undertake to maintain confidentiality in their contract of employment; (b) the criteria for determining the employees who may have access to confidential information; (c) procedures that effectively restrict access to confidential information by employees through the use of secure document management, storage systems and encryption protected information, within the approved person's information technology system; and
4. (d) systems to safeguard the integrity of any electronic record or transaction recording system.
5. (3) An approved person shall keep confidential all information in its possession relating to a client whether obtained from the client or third parties.
6. (4) An approved person may disclose information relating to a customer in the following circumstances-
7. (a) where consent to disclose the information has been given by the person to whom it relates or the person from whom it was received;
8. (b) where required to do so by the Authority, a securities central depository or a securities exchange or commodities exchange of which the approved person is a member; or

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) A member of the governing body of an approved person shall not serve as a member of the governing body of another approved person except with the approval of the Authority.
2. (2) Notwithstanding the restriction in sub-regulation (1)- (a) a member of the governing body of an approved person may serve in representative capacity as a member of a securities or commodities exchange;
3. (b) a member of a governing body of an approved person may serve on the governing body of a wholly or substantially owned subsidiary where the subsidiary is an approved person;
4. (c) a fund manager of a private equity or venture capital fund may be a member of the governing body of a registered private equity or registered venture capital fund; or
5. (d) a member of a governing body of a listed company may serve on the governing body of another listed company in line with the Capital Markets Authority (Corporate Governance) Regulations.

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 person shall establish an adequate policy and procedures for disclosure and management of conflict of interest.
2. (2) The approved person shall take all reasonable steps to ensure that any conflict of interest between itself and its clients and between clients where dealing in securities is concerned is managed in such a way that the interests of the clients are not adversely affected.
3. (3) Where an approved person maintains an established arrangement where disclosure of information obtained by one part of its business to persons with whom it deals in another part of its business, may lead to a conflict of interest, each of the said business units shall withhold that information from the other.
4. (4) An approved person shall not take advantage of information it obtains from providing services to a client for its own benefit or the benefit of its employees or the benefit of another client, and where such an eventuality is likely to occur, the approved person shall-
5. (a) adopt and document procedures, including the creation of information barriers such as information technology systems barriers and physical barriers to minimise the possibility of information from one client being used for the benefit of another client, its employees or the approved person;
6. (b) sensitise employees in matters relating to the conflict of interest and the procedures developed to avoid them;
7. (c) obtain undertakings from employees that they will not use information gained from the clients for their personal benefit.
8. (5) An approved person shall take reasonable steps to ensure that neither it nor any of its employees or agents offers, gives, solicits or accepts any inducement that is likely to impair their objectivity in the course of executing the duties owed to clients.

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 person-
2. (a) directly or through his or her associates acquires a notifiable interest in the shares of an approved person, listed company or relevant entity, or ceases to be interested in the shares; or (b) becomes aware that he or she is the beneficiary of a notifiable interest in the relevant shares of any approved person, listed company or relevant entity or that he or she has ceased to be interested in the shares in which he or she was previously interested; the person shall notify the approved person, listed company or relevant entity of the interest which he or she has, or had in its shares.
3. (2) An approved person shall submit to the Authority and every listed company shall submit to the exchange on which it is listed; a report every six months giving particulars of-
4. (a) all persons from which the approved person, listed company or relevant entity has received a notification under sub-regulation (1); (b) all directors holding three percent or more of the issued share capital; and (c) cumulative holding of the issued share capital of the approved person or listed company by directors. (3) A person is taken to have an interest in shares-
5. (a) if he or she makes a buy or sale recommendation publicly in respect of those shares; (b) if he or she is an employee of the approved person, listed company or where such listed company or approved person has an employee share option plan or similar scheme; (c) if he or she is a director or chairperson of the board of an approved person, listed company or entity in which his or her spouse, any child of his or hers is interested; or if a body corporate is interested in them and- (i) the body corporate or its directors are accustomed to act in accordance with his or her directions or instructions; or (ii) the person is entitled to exercise or control the exercise of fifteen percent or more of the voting power at general meetings of the body corporate; or (iii) the person is a director or a shareholder of the body corporate.
6. (4) The existence of the obligation to disclose an interest in a particular case depends-
7. (a) on circumstances obtaining before and after whichever is in that case the relevant time; and (b) in a case within subregulation (1) (b), the time at which the person became aware of the facts in question.

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 person shall, in accordance with section 11 of the Act and Schedule 3 of these Regulations, provide specified information in the form and content as required by the Authority.
2. (2) The Authority, may request an approved person to provide information on orders, purchases, sales or trading and settlement of securities including documentation relating to such transactions and disclosure of beneficial ownership of securities.
3. (3) The information requested by the Authority in subregulation (1) may be used by the Authority for regulatory purposes including enforcement and compliance and shared with other local and foreign regulatory agencies for the sole purpose of ensuring compliance, enforcement and any other matters pursuant to a bilateral or multilateral memorandum of understanding in accordance with section 20A of the Act.
4. (4) The information sought from any person under subregulation (1) shall be submitted to the Authority in a written form within the time specified by the Authority and such information shall be accompanied by statements made under oath.
5. (5) Where information has been submitted to the Authority under sub-regulation (2), the Authority may seek to verify the information and the person in possession of the information and documentation shall avail it without obstruction to the authorised personnel of 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. (2) A person shall not at any time within the prescribed period interfere, deface or destroy the records referred to in sub-regulation (1), in any manner that will lead to the alteration of any facts or content therein including the date, amount and names of all persons party to the transactions whether such person is a licensee of the Authority, an issuer of securities to the public or a section thereof, an auditor of the licensee or issuer or any professional who is or will be involved directly or indirectly in the transactions.
2. (3) Where the record keeping requirements of an approved person are not specifically provided for under Schedule 3 of these Regulations, the approved person shall keep all records necessary to comply with the directives of the Authority provided for in section 9 of the 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) An approved person shall make available to its auditor the information and explanations necessary for the discharge of his or her responsibilities as an auditor in accordance with the requirements of the Authority.
2. (2) The auditor shall satisfy himself or herself that the accounts of the approved person have been properly prepared in accordance with the books and records of the approved person and that-
3. (a) he or she has obtained adequate information from the records of the approved person;
4. (b) the approved person's financial statements are in accordance with the provisions of the Act; and (c) the financial statements of the approved persons give a true and fair representation of the approved person's financial position and profit or loss.
5. (3) The auditor shall- (a) be an accounting firm or practising accountant licensed by the Institute of Certified Public Accountants of Uganda; (b) audit the accounts of the approved person in an independent and impartial manner; and (c) ensure that an audit is conducted in accordance with international standards on auditing as adopted by the Institute of Certified Public Accountants of Uganda.
6. (4) Where the auditor of an approved person resigns or is removed, the approved person shall, within a reasonable time, notify the Authority of the resignation or removal of the auditor and state the reasons for the resignation or removal.

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 person shall not appoint an individual or firm as an auditor, where the individual or firm directly responsible for the audit is- (a) a director, partner, shareholder, officer, representative or employee of the approved person; (b) a partner of or in the employment of, any person in paragraph(a); (c) a spouse, parent, step-parent, child, or other dependant relative of any person in paragraph (a); (d) a person or firm who is not otherwise independent of the approved person; or
2. (e) a person or firm disqualified by the Institute of Certified Public Accountants of Uganda from acting as an auditor.
3. (2) Where conflict of interest arises after the appointment of the auditor, the approved person shall notify the Authority of the conflict of interest and the measures in place for its management.

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 make a written notification to the Authority of any event or circumstance designated as a notifiable or clearance event under Schedule 4 of these Regulations

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.

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. A custodian shall comply with the conduct requirements set out in Schedule 7 of these Regulations

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 stock broker shall comply with the conduct of business requirements set out in Schedule 8 of these Regulations

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 credit rating agency shall comply with the conduct of business requirements set out in Schedule 9 of these Regulations

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 transaction advisor shall comply with the conduct of business requirement set out in Schedule 10 of these Regulations

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 the conduct of business for an approved person is not specifically provided for under these Regulations, the approved person shall comply with all the conduct of business requirements for other approved persons, unless the approved person obtains a waiver from the Authority to comply with the requirements.
2. (2) The criteria for considering and approving any waiver requested under these regulations shall be solely determined by the Authority which may issue guidelines for this purpose.

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 is not a fit and proper person in accordance with the fit and proper criteria specified in Schedule 3 of the Act and prescribed by the Authority shall not become or remain an employee or director of an approved person.
2. (2) The Authority shall vet all persons proposed as senior employees or directors of an approved person within thirty days and notify the approved person accordingly.
3. (3) An approved person shall submit a certificate of good conduct to the Authority as may be required by the Authority from time to time.
4. (4) In determining whether a person is fit and proper to be employed by or to manage, or direct an approved person, the Authority shall have regard to the criteria for fitness and properness under the Act.
5. (5) In addition to the criteria under the Act, the following additional factors may constitute prima facie evidence that an approved person does not qualify as a fit and proper person-
6. (a) a person whose conduct as a director or senior employee of an approved person contributed to the approved person's approval or license or authorisation being revoked by the Authority or other securities regulatory or supervisory body in any other jurisdiction;
7. (b) a person whose conduct as a director or senior employee of a company providing banking, insurance, financial or investment advisory services contributed to the approved person's licence, approval, authorisation or registration being revoked by relevant regulatory or supervisory body in Uganda or any other jurisdiction.
8. (6) Where a representative of an approved person or a director or employee of an approved person has been charged with a criminal offence of moral turpitude, the Authority may require the person to step aside from his or her position pending conclusion of investigations and a judgment from court acquitting him or her of any wrong doing.

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 person who fails, without reasonable excuse, to comply with any of the requirements of these Regulations commits an offence and is liable, on conviction, where no penalty is specified, to a fine not exceeding two hundred currency points or imprisonment not exceeding two years or both.
2. (2) The Authority may impose other disciplinary action under section 39 or 44 of the Act as it may determine.

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.

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.

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. (b) any statement which is, by reason of the omission of a material fact, rendered false, misleading or deceptive and which he or she knows, or has reasonable grounds for believing is rendered false, misleading or deceptive by reason of the omission of that fact, commits an offence and is liable, on conviction, to a fine not exceeding five thousand currency points or imprisonment not exceeding two 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. Where the penalty for non-compliance with any requirement or provision under these Regulations is not specifically provided for, an approved person who, after being heard by the Authority is found in breach, is liable to pay a fine not exceeding two hundred currency points

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 person shall-
2. (a) conduct its business in a fair, orderly and transparent manner; (b) not place its interests above those of its customers; (c) be accountable for its actions and must not be influenced by customers', peers, employers, employees or any person to compromise the standards of integrity and fair dealing; (d) avoid any behaviour or practice, which may be seen as compromising or deceptive; (e) at all times be honest and must not in any way engage in conduct that is likely to bring the capital markets in disrepute; (f) not employ unfair means such as giving of inducements either in cash or in kind to secure business from customers, current or prospective; (g) not broadcast, publish or advertise or cause to be broadcast, published or advertised in any manner, any representation or any implication with intent to cause a false market; (h) refrain from public expression of adverse criticism, false or misleading information relating to other approved persons or the Authority;
3. (i) not knowingly deal in stolen securities or aid or abet fraudulent activities in the market; (j) charge to its customers and agents the prescribed commission; (k) not withhold information when requested by the Authority or other Government agencies.
4. (2) The Authority considers that an approved person will not have acted with high standards of integrity and fair dealing if, in the course of carrying out its functions or in connection with it, the approved person has misled or attempted to mislead, by act or omission a customer, the Authority or its auditors and examples of such behavior may include- (a) forging documents; (b) providing false or inaccurate documents or information; (c) destroying incriminating documents; and (d) misleading a customer about the risks of an investment, charges of investment products, likely performance of investment products by providing inappropriate projections of future investment returns. (e) failure to disclose conflict of interest in a transaction prior to acting in any capacity with respect to the transaction. (f) Failure to publish its audited financial accounts within the timelines prescribed by the Authority
5. (a) does not ensure prompt settlement of customers' dues and claims;
6. (b) does not segregate all money received from the customers;
7. (c) uses customers' account to secure overdrafts or credit facilities;
8. (d) does not provide a customer with a full and fair account of the management of the customer's assets when requested;

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.