| a) |
Review of the Capital Markets
and Securities Act, 1994: A review of the CMS Act 1994
[as amended in 1997] is being carried out so that it is in line
with developments that have taken place in the market both at
national and international levels. The review is also aimed
at harmonizing the CMS Act with IOSCO principles on achieving
compliance with IOSCO Multilateral Memorandum of Understanding. |
| |
| b) |
Capital Markets and Securities (Substantial
Acquisitions, Takeovers and Mergers) Regulations:
These Regulations have been prepared to regulate
and govern mergers and acquisitions. The objective of these
Regulations is to ensure that in the Tanzanian capital markets,
the critical processes of mergers, acquisitions and takeovers,
which significantly influence corporate growth, take place
within an orderly legal framework and that such framework,
conforms with the principles of fairness, transparency, equity
and the need to protect the rights of shareholders affected
by such transactions. |
| |
| c) |
Central
Depository System: The proposed Bill is intended
to provide a legal framework for the establishment, operation
and regulation of Central Depositories in Tanzania. The Bill
also contemplates a situation where securities will eventually
be dematerialized i.e. no certificate will be needed as evidence
of title to securities, instead electronic entries in the security
depository will be adequate evidence of ownership. |
| |
| d) |
Capital Markets and Securities (Custodian
of Securities) Regulations: These Regulations shall
provide for the legal framework under which custodians can operate
and be supervised within the capital markets. This has become
more important particularly with the opening up of the capital
market to foreign investors / participants. |
| |
| e) |
Regulations on Anti-Money Laundering:
These Regulations are intended to control money-laundering activities
within the securities industry. They will complement the National
Anti-Money Laundering legislation. |
| |
| f) |
Legislation on Pyramid Schemes:
The aim of this legislation is to deter the establishment of
pyramid schemes by enacting laws that directly address pyramid
schemes as criminal offences. CMSA has submitted its recommendations
on the form in which prohibition of pyramid schemes should take.
The office of the Attorney General is working on the draft legislation
for tabling in the Parliament. |
Legislations
in Pipeline
