Capital Markets & Securities Authority
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a) Capital Markets And Securities Act [PRINCIPAL LEGISLATION]Acts Nos.5 of 1994 : An Act to establish a Capital Markets and Securities Authority for the purposes of promoting and facilitating the development of an orderly, fair and efficient capital market and securities industry in Tanzania, to make provisions with respect to stock exchanges, stockbrokers and other persons dealing in securities, and for connected purposes.
 
b) Capital Markets and Securities (Foreign Companies Public Offers Eligibility and Cross Listing Requirements) Regulations, 2003. : These Regulations may be cited as the Capital Markets and Securities (Foreign Companies Public Offers Eligibility and Disclosure Requirements) Regulations,2003 and shall come into effect from 21st May,2003
 
c) Capital Markets and Securities (Foreign Companies Public Offers Eligibility and Cross Listing Requirements) Regulations, 2003 [as amended in 2005]: These Regulations provide for the participation in the capital markets by foreign issuers of securities, in terms of the eligibility criteria and the disclosure requirements for such companies to make public offers or cross list at the DSE.
 
d) Capital Markets and Securities (Foreign Investors) Regulations, 2003: These Regulations set out the limit of aggregate securities to be held by foreign investors. These Regulations also prescribe the manner and conditions under which foreign investors will participate at the DSE, the mechanism by which the Authority can monitor observance of the prescribed limits by the DSE and Central Depos  
e) Capital Markets and Securities (The Capitalization and Rights Issue) Regulations, 2000: These Regulations set out the disclosure requirements that an issuer is obliged to comply with during capitalization by way of Rights Issue.
 
f) Capital Markets and Securities (Collective Investment Schemes) Regulations, 1997:To supplement the Capital Markets and Securities Act, these Regulations make detailed provisions relating to the roles of managers, trustees, schemes, trust deeds, pricing, issue and redemption of units / shares and other relevant matters.
 
g) Capital Markets and Securities (Conduct of Business) Regulations, 1997: The Conduct of Business list rules on conduct including inducements, churning, customer right, confidentiality, charges, execution in addition to the conduct of business provisions provided in the Capital Markets and Securities Act.
 
h) Capital Markets and Securities (Advertisements) Regulations, 1997: These Regulations relate to the vetting of securities advertisements by the Authority and it provides for a number of conditions that have to be met by advertisers in the securities business. Conditions include the requirement for the content and presentation of the advertisement. The advertisement has to be factual, that is comparison or contrasting of investment should not be done unless it is fair, or it should not contain unfair or otherwise misleading matters or it should not exaggerate the success or performance of the company.
 
i) Capital Markets and Securities (Accounting and Financial Requirements) Regulations, 1997: These Regulations provide for the maintenance of accounting records (including audit trail), preparation of the annual financial statements as well of treatment of customer money in accordance with the law (i.e. in trust for the client). These Regulations were amended in 2003 to include provisions for penalties in case of non-compliance on the part of dealers. These Regulations supplement provisions on accounts and audit, which are contained in the Capital Markets and Securities Act.
 
j) Capital Markets and Securities (Prospectus Requirements) Regulations, 1997: These Regulations supplement the general provisions on public issues of securities which are contained in the Capital Markets and Securities Act. The prospectus is an important document which is required where a public offer is being made. The items required to be included in the prospectus are listed in the Regulations. These include matters to be stated in the first page of the prospectus. Others include information on the right of holders, information on bankers, capital of the issuer, debt of the issuer, any material contracts, the use of the proceeds from the issue etc.
 
k) Capital Markets and Securities (Licencing) Regulations, 1996 : These Regulations set out the procedures to be complied with by the applicants for licencing for example dealers, investment advisers or their representatives. The requisite application forms are prescribed in the Regulations. General conditions relating to licences once obtained are also provided for, including the provision that the licence shall be personal to the applicant and the requirement for a licencee to inform the Authority (by written notice) of any relevant alterations.
 
l) Capital Markets and Securities (Establishment of Stock Exchange) Regulations, 1996: These Regulations provide for procedures for the establishment of a Stock Exchange. Applications for establishment of a Stock Exchange are to be made by a corporate body to the Authority, which grants approval subject to certain conditions, and will continue to regulate the stock exchange once it is approved.
 
m) Capital Markets and Securities (Registers of Interests in Securities) Regulations, 1996: Certain market players are required by the Act to maintain a register in the prescribed form of the securities in which he / she has an interest. These Regulations therefore include the prescribed forms as well as a provision for varying of the form of register by the Authority where necessary. The registers of interest in securities enable transactions to be easily traceable by the Authority and other interested parties thus providing the requisite transparency in securities transactions.
 
n) Capital Markets and Securities Authority Enforcement Guidelines, 2004: These Guidelines set out the practices and procedures to be followed by the CMSA when conducting investigations or inquiries where there is breach of the law by market participants or otherwise.
 
o) Capital Markets and Securities Scheme of Service, Staff Regulations and Code of Conduct, 2003:
In February 2003, the Authority approved the Capital Markets and Securities Authority Scheme of Service, Staff Regulations and Code of Conduct to among other things guide the affairs of its staff, carrying out staff procedures and to set out criteria governing salary entry points, the mode of movement from entry point to retirement and the criteria for movement.
 
p) Capital Markets and Securities (Conflict of Interest) Guidelines, 2002: The Guidelines aim at giving members of the Authority and employees of the CMSA a framework within which to deal with conflicts of interest and other related matters. They are also intended to protect members of the Authority and employees of the CMSA against any suggestions that regulatory decisions have been influenced by personal interests or that their investment decisions are made by using insider information.

These Guidelines include general principles on conflicts of interest, the policy on employees’ interests, securities transactions by employees and Authority members, treatment of gifts and consequences of default.
 
q) Capital Markets and Securities (Corporate Governance) Guidelines, 2002: These Guidelines aim at improving and strengthening corporate governance practices by issuers of securities through the capital markets and promote the standards of self-regulation so as to raise the level of governance in line with international trends.

The Guidelines have been issued in view of the role that good governance has in corporate performance, capital formation and maximization of shareholders value in addition to protection of investors’ rights.

The Guidelines apply to public listed companies and any other issuers of securities through the capital markets including issuers of debt instruments.
 
r) Guidelines for the Issuance of Corporate Bonds and Commercial Paper, 1999: These Guidelines set out the disclosure requirements that an issuer is obliged to comply with when applying for issuance of a Corporate Bond or a Commercial Paper.
 
s) Substantial Acquisitions Takeovers and Mergers :
 
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t) Capital Markets and Securities (Custodian Securities) Regulations, 2006: These regulations may be cited as the Capital Markets and Securities (Custodian of Securities) Regulations, 2006.
u) THE CAPITAL MARKETS AND SECURITIES (COLLECTIVE INVESTMENT SCHEMES REAL ESTATE INVESTMENT TRUSTS) RULES, 2011: TThese Rules may be cited as the Capital Markets and Securities (Collective Investment Schemes) (Real Estate Investment Trusts) Rules, 2011
 
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