TOLEA SECURITIES-V-CAPITAL MARKETS AUTHORITY A WIN FOR FINANCIAL MARKETS IN UGANDA

Tolea Securities Limited (Tolea) through judicial review process challenged the decision of
the Capital Markets Authority (CMA) to reject the application for approval of Exchange
Traded Funds (ETF) securities on the ALTX Stock Exchange in Uganda.


Being the first time the Capital Markets processes were being challenged in court, it was
paramount that the precedent set by the court would either curtail or propel innovation in
financial markets in Uganda. The decision of the court was that the CMA wrongfully
rejected the prospectus for Tolea Securities to approve the ETF Securities that Tolea
sought to issue on the ALTX exchange. The Court further directed CMA to evaluate
Tolea’s prospectus/application through the ALTX Rules of 2016 which applied to the ETF
securities.


A financial market is a market in which people trade financial securities and derivatives at
low transaction costs. Some of the securities include stocks and bonds, and precious

 

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