Capital Markets & Securities Authority
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Legislations

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Legislations in Pipeline
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Legislations in Pipeline
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.
 
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