INTRODUCTION

The Act further defines Nominated Advisor’s Representative to mean “a person in full time employment of a Nominated Advisor, who performs for such Nominated Advisor any of the functions of a Nominated Advisor”.

Following the Amendments of the CMS Act in 2010, the Capital Markets and Securities (Nominated Advisors) Regulations 2010 were promulgated by the Minister responsible for Finance to provide among others the eligibility criteria for companies and individuals aspiring to be licensed as Nominated Advisors and Nominated Advisors’ Representatives respectively.

INVITATION OF APPLICATIONS

LICENSING CRITERIA

The following are the criteria for licensing for Nominated Advisor and Nominated Advisor’s Representative:

1. Nominated Advisor An applicant seeking a license as Nominated Advisor shall:
   1. be company duly incorporated under Companies Act
   2. Have Memorandum and Articles of Association which restricts the business of the company to only nominated advisory services;
   3. Have and maintain suitable facilities for carrying on business including offices space, operational system, appropriate equipment and personnel.
   4. employ at least one person who shall be licensed as Nominated Advisor’s Representative;
   5. Have capital of two billion shillings; and
   6. Have acted at on at least three of the following transactions during the two years period preceding the application
      1. Corporate advisory role involving financial planning services in analyzing the financial circumstances of a company and providing a plan to meet that other company’s financial needs;
      2. Business creation and institutional building;
      3. Reorganizing and restructuring of company
      4. The arrangement , takeover or merger of a corporation or any of its assets or liabilities;
      5. Examining the technical , managerial, commercial economics and finance aspects of the company, establishing the necessary operational infrastructure and determining the price at which the price of the company shall be offered to the public; and
      6. The publication of an offer document and application for listing of shares on the stock exchange.
   7. Pay application fees of TZS 1,000,000.

2. Nominated Advisor Representative

   1. A person seeking a license as a Nominated Advisors Representative shall: Have at least a first degree in accounting, finance, economics, law or other relevant fields;
   2. Have participated and passed the CMSA securities certification examination for Nominated Advisor Representative (in order to fulfill this condition, the exam will be conducted once the Nominated Advisor company which is sponsoring the representatives has been selected);
   3. Have practical experience in corporate finance transactions on restructuring and reorganization of companies and transforming them into profitable ventures;
   4. Have good track record of promoting and implementing successful corporate reforms;
   5. Have acted as lead consultant or advisor in corporate finance advisory role, which may include regulating issues relating to corporate finance, for at least the last three years;
   6. Be in full time employment of Nominated Advisor;
   7. Have good reputation and character;
   8. Demonstrate a sound understating of capital markets operations in general and EGM in particular;
   9. Have no record of being convicted in Tanzania or elsewhere of an offence involving fraud or dishonesty punishable on conviction with imprisonment for term of three months or more;
   10. Have not been adjudged bankrupt anywhere; and
   11. Have no record of being subject to disciplinary action by any regulator or other law enforcement agency in the context of financial services;
   12. Pay application fees of TZS 500,000.
   
   

   Application Procedures

   Interested applicants should complete form NA1 for Nominated Advisor and Form NA2 for Nominated Advisor’s Representative obtained from CMSA offices and send their application to the address below not later than Friday 16th September 2011.
   
   

   The Chief Executive Officer, Capital Markets and Securities Authority PPF Tower 6th Floor, Ohio / Garden Avenue P.O. Box 75713 Dar es Salaam Electronically to: info@cmsa-tz.org