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Annual Report 2017-2018 Download C A P IT A L M A R K E T S A N D S EC UR IT IES AU TH ORI TY (C MSA) ANNUAL 2017 -2018 REPORT 1 ANNUAL REPORT 2017 -2018 CAPITAL MARKETS AND SECURITIES AUTHORITY Establishment of the Capital Markets and Securities Authority (CMSA) The Capital Markets and Securities Authority (CMSA) became operational in the 1995/1996 Financial Year. The establishment of CMSA followed comprehensive financial sector reforms in the early 1990s aimed at developing among others capital markets in Tanzania. The development of capital markets enable provision of appropriate mechanism for mobilizing long term savings and ensuring efficient allocation of resources to productive sectors and in that way stimulate economic growth. The capital market in Tanzania is governed by the Capital Markets and Securities Act, Chapter 79 R.E. 2002 (CMS Act). The CMS Act is supplemented by 19 Regulations and Guidelines governing various aspects of the capital markets. Given that the capital markets industry is dynamic in nature, regular review, among other things, of the legal framework had been undertaken in order to keep pace with developments in the industry. In the financial year 2017/2018, the CMSA continued with the review of the Capital Markets Act with a view to developing proposals for a new Act that addresses identified challenges. Furthermore, following the enactment of the Commodity Exchanges Act 2015, the CMSA is also mandated to supervise, develop and regulate the commodity exchanges sector in Tanzania. The Commodity Exchanges Act is supplemented by the Commodity Exchanges Regulations, 2016. Functions of the CMSA The general functions of the CMSA are to - · promote and develop efficient and sustainable capital markets and securities business in Tanzania while ensuring fair and equitable dealings; · formulate principles for the guidance of the industry, protection of investors’ interests and integrity of the securities market against any abuses; · licensing and regulating stock and commodity exchanges, dealers, brokers and their representatives and investment advisors; · advising the Government on policies and all matters relating to the securities and commodity markets industry. I ANNUAL REPORT 2017 -2018 Our vision To be a professional regulator of capital markets that meet international standards of inclusion and investor protection. Our Mission: To create enabling environment for the development and maintenance of a fair, inclusive, efficient, transparent, innovative and sustainable capital and commodity markets which fuel economic growth. Priorities: In the financial year 2017/18 CMSA focused on the following priorities; · Improving coordination and policy direction of the securities industry. · Mobilization of resources for implementation of industrialization objective, · Promulgation of a legal and regulatory framework that addresses the existing and emerging challenges to ensure resilience, soundness and safety of the capital markets and commodity exchanges in the country · Enhancing capital and commodity markets awareness campaigns among investors, issuers, farmers, policy makers and the general public. II ANNUAL REPORT 2017 -2018 TABLE OF CONTENTS Our Vision...................................................................................................................................ii Our Mission:................................................................................................................................ii LIST OF ABBREVIATIONS.............................................................................................................v 1. TRANSMITTAL LETTER.......................................................................................................1 2. CORPORATE INFORMATION..........................................................................................2 3.0 CHAIRMANS’ STATEMENT...............................................................................................3 4.0 CORPORATE GOVERNANCE REPORT............................................................................5 4.1. The CMSA’s Corporate Governance Philosophy.......................................................5 4.2. Instuitutional and Regulatory Framework....................................................................5 4.3 The Board of the Capital Markets and Securities Authority......................................5 4.4. The Management..........................................................................................................8 5.0 CHIEF EXECUTIVE OFFICER’S STATEMENT ..................................................................10 6.0. PERFORMANCE OF THE CAPITAL MARKETS IN TANZANIA.........................................13 6.1. Equity Market................................................................................................................13 6.2. The Bond Market..........................................................................................................17 6.3. Performance And Continuous Disclosure By Listed Companies............................18 6.4. Performance Of Collective Investment Schemes...................................................19 6.5. Performance Of Other Funds Under Management ...............................................21 6.6. Monitoring of Dealers...................................................................................................21 6.7. Surveillance Of Dse Trading And Csd Operations....................................................21 7.0. STRATEGIC INITIATIVES AND ACTIVITIES CARRIED OUT DURING THE YEAR..............22 7.1. Improving CMSA’s Service Delivery...........................................................................22 7.2. CMSA Financial Sustainability.....................................................................................22 7.3. Implementation of key legal Development.............................................................23 7.4. Enforcement Actions....................................................................................................24 7.5. Licensing of Market Intermediaries............................................................................24 7.6. Regional and International Cooperation.................................................................24 7.7. Periodic Assessment of the Status of Compliance with the IOSCO Objectives and Principles...............................................................................................................26 III ANNUAL REPORT 2017 -2018 7.8. Making Appearance in Courts of Law to Represent CMSA..................................26 7.9. Strengthening Market Intermediary Environmen.....................................................26 7.10. Resolution of Market Structure Weaknesses..............................................................27 7.11. Development of Capital Markets Policy...................................................................28 7.12. Development of CMSA’s Five Years Strategic Plan FY 2018/19 – FY 2022/23.......28 7.13. National Capital Markets Master Plan (NCMP).......................................................29 7.14. Deepening and Broadening the Market..................................................................29 7.15. Improving Financial Inclusion and Literacy...............................................................30 7.16. Improve CMSA Retail and Institutional Profile..........................................................31 7.17. Market Challenges......................................................................................................32 7.18. Future Outlook.............................................................................................................32 8.0. FINANCIAL REPORT......................................................................................................34 8.1. Directors’ Report...........................................................................................................34 8.2. Statement of Directors’ Responsibility........................................................................34 8.3 Declaration of the Head of Finance..........................................................................35 8.4. Report of Independent auditor..................................................................................36 8.5. Financial Statements....................................................................................................39 8.6. Statement of the Financial Performance.................................................................39 8.7. Statement of the Financial Position............................................................................40 8.8. Statement of the Changes in the Net Asset.............................................................41 8.9. Statement of Cash Flow.............................................................................................42 8.10. Statement of Comparison of Budgte and Actual Amount....................................43 8.11. Notes..............................................................................................................................45 9.0. APPENDICES..................................................................................................................70 IV ANNUAL REPORT 2017 -2018 LIST OF ABBREVIATIONS AML Anti Money Laundering ATS Automated Trading System BOT Bank of Tanzania CIS Collective Investment Scheme CDS Central Depository System CISNA Committee of Insurance, Securities and Non-bank Authorities of SADC CMSA Capital
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