| 1. |
Dar
Es Salaam Stock Exchange (DSE) |
| |
| 2. |
East
African Member States Securities and Regulatory Authorities
(EASRA) |
| |
| 3. |
Capital
Markets Development Committee (CMDC) |
| |
| 4. |
The
International Organization of Securities Commissions (IOSCO) |
| |
|
| Dar Es Salaam
Stock Exchange (DSE)
The Dar
es Salaam Stock Exchange was incorporated in September
1996 as a private company limited by guarantee and not having
a share capital under the Companies Ordinance (Cap. 212).
The DSE is therefore a non-profit making body created to facilitate
the Government implementation of the economic reforms and
in future to encourage the wider share ownership of privatized
and all the companies in Tanzania and facilitate raising of
medium and log-term capital.
The formation of the DSE followed the enactment of the Capital
Markets and Securities Act, 1994 and the establishment of
the Capital Markets and Securities Authority (CMSA), the industry
regulatory body charged with the mandate of promoting conditions
for the development of capital markets in Tanzania and regulating
the industry.
|
| |
East African Member
States Securities and Regulatory Authorities (EASRA)
EASRA is comprised of the Capital Markets Authority Kenya (CMA
(K)), Capital Markets Authority Uganda (CMA (U)) and the Capital
Markets and Securities Authority in Tanzania (CMSA). It was
established on 5th March 1997 through the signing of a Memorandum
of Understanding (MOU) formally establishing a framework for
mutual cooperation in the area of capital markets development
and with a mission to facilitate the harmonization of securities
laws among the East African member states and to promote information
sharing and cooperation among the members. EASRA intends to
provide mutual assistance to its member states in; the development
of capital markets institutions, exchanging information to facilitate
the enforcement of their respective laws and regulations, cross
border surveillance, public education awareness, co-ordination
on technical assistance and promotion of regional consultancies.
This is done through three standing committees which are each
charged with the task spelt out under the committee name. These
are: |
| |
|
| i. |
Legal Issues Committee
|
| ii. |
Disclosure and Accounting
Standards Committee |
| iii. |
Market
Development Committee |
| |
|
| The formation of EASRA
was based on the premise; |
| |
|
| • |
That securities markets are fundamental to the
development of private enterprises, the mobilization of savings
and investments, the efficient allocation of resources, and
the promotion of economic growth. |
| |
|
| • |
That international co-operation can facilitate
the development of effective operation of securities markets |
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|
| • |
That increasing internationalization of securities
markets adds new and dynamic dimension to the economies of all
nations. |
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|
| • |
That maintaining effective domestic legal and
regulatory structures is essential to market integrity and investor
protection. |
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|
| • |
EASRA holds meetings every quarter in the three
East African countries on a rotational basis. |
| |
Capital
Markets Development Committee (CMDC)
The Capital Markets Development Committee (CMDC) was established
in 2001 and operates under the auspices of the East African
Community as one of the standing committees. CMDC membership
comprises chief executives of the securities regulatory authorities
of the member countries and the chief executives of the securities
exchanges of the member countries. It formulates policy, develops
and makes recommendation to the council of ministers, regulation
and integration of Capital Markets of Kenya, Uganda and Tanzania.
The Committee meets as it deems necessary to carry out its mandate
from time to time and to report to the Council at least once
a year. |
| |
The
International Organization of Securities Commissions (IOSCO)
The International Organization of Securities Commissions (IOSCO)
has its headquarters in Madrid and has approximately 140 members.
The three objectives upon which IOSCO’s securities regulation
is based are the protection of investors, ensuring that markets
are fair, efficient and transparent and the reduction of systemic
risk.
The benefits of IOSCO membership include information exchange
at an international level, mutual legal assistance through
a multilateral MOU, setting regulatory standards and best
practice, resource persons for training, lower registration
fees to events and market recognition. Tanzania is a member
of IOSCO.
The member agencies in the International Organization of Securities
Commissions have resolved, through its permanent structures: |
| |
| • |
to cooperate together to promote high standards
of regulation in order to maintain just, efficient and sound
markets; |
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|
| • |
to exchange information on their respective experiences
in order to promote the development of domestic markets; |
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|
| • |
to unite their efforts to establish standards and
an effective surveillance of international securities transactions;
and |
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|
| • |
to provide mutual assistance to promote the integrity
of the markets by a rigorous application of the standards and
by effective enforcement against offenses. |
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Affiliated Organizations
