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INTRODUCTION HIGHLIGHTS Regulatory Issues Public Education Capital Markets Authority, 14 Parliament Avenue, Jubilee Insurance Centre 8th Floor, P.O. Box 24565, Kampala. Tel: (+256) 414 342788/91, (+256) 312 264950/1 Fax: (+256) 414 342803. Email: [email protected] Please visit our website at www.cmauganda.co.ug for more information July-September 2013, Volume 15, Number 3 INTRODUCTION 1.2 Application for a Cross-listing and Rights Issue This Electronic Quarterly Review covers the period July-September 2013. CMA received applications from Uchumi Supermarkets Limited (USL) to cross-list shares HIGHLIGHTS on the Uganda Securities Exchange (USE) and the National Insurance Corporation (NIC) to have a Regulatory Issues rights issue. Public Education USL applied to CMA for the cross-listing of 265 million shares at the USE. USL is primarily Regional and International listed at the Nairobi Securities Exchange and Cooperation if the application is approved, it will be the second cross-listing of the counter which is International News cross-listed at the Rwanda Securities Exchange. USL is a supermarket chain with head-quarters Outlook in Nairobi, Kenya. The company has 33 branches in Kenya, Uganda and Tanzania. Capital Markets in the Press In a related development, the NIC applied to the CMA for approval of a right issue. NIC 1.0 REGULATORY ISSUES intends to raise about Ush 8.4 Billion through the rights issue. The proceeds will enable the The following were the key regulatory issues insurance company expand its branch network during the period July to September 2013; countrywide, boost turnover and market share and increase retention capacity. NIC 1.1 Collective Investment Scheme was listed at the USE in March 2010 as part Licences of the government divestiture program. The During the period under review, the Board of company is a provider of insurance and risk the Capital Markets Authority (CMA) granted management services. The company has over Collective Investment Scheme (CIS) Licences 2,000 shareholders and a market capitalization to Stanlib Kenya, UAP Financial Services Ltd of Ush 14.14 billion (as at the end of the third and ICEA Investment Services Ltd. This brought quarter of 2013). the number of CIS to four. The licensing of the CIS is expected to provide a cost-effective and 2.0 PUBLIC EDUCATION diversified product offering to both institution- 2.1 Public Education Seminars al and retail investors in Uganda’s capital mar- kets. The three (3) new licencees joined KCB During the quarter ending 30th September Bank Uganda Limited and Standard chartered 2013, the Communication and Investor Educa- Bank Uganda Limited which were licensed as tion Department (CIED) held two seminars as CIS Trustees in the second quarter of the year part of the tour of Western Uganda aimed at (April-June 2013). sensitizing Ugandans on capital markets. Both seminars were held on 1st July 2013 and tar- geted students at St. Henry’s College Kitovu Protecting Your Investments and Masaka Senior Secondary School. During recorded during the last edition of the In- the seminars, various publications were is- vestment Clubs Program. The new approach sued to the students and the school libraries. aims at widening the reach of the program The CIED team also heard from participants by increasing the number of Investment on ways that could be applied in augmenting Clubs by six. This will not only lead to a more the public education campaigns. competitive Investment Club Challenge but also ensure that more university students are Through these outreach activities, a total of reached. Towards this the CIED has engaged 150 students were educated on personal students from Bugema University, Ndejje finance, saving and investing in the capital University and Makerere University Business markets. School with a view to assisting them set up 2.2 Exhibitions Investment Clubs. The newly formed Invest- ment Clubs and existing ones are expected During the quarter, the CIED participated in to participate in the next Investment Club the Domestic Investors expo organized by Challenge that is set for April 2014. the Ministry of Finance, Planning and Eco- nomic Development. The event was held The Investment Club program assists univer- on 20th September, 2013. The one day expo sity students set up Investment Clubs with brought together government agencies to the objective of enhancing awareness and showcase their services to domestic inves- understanding of various pertinent capital tors. It was opened the Vice-President, His markets and financial sector issues. Addition- Excellency Edward Sekandi (who repre- ally, the program targets to positively influ- sented the President). The expo had sixteen ence attitudes and perceptions towards (16) government agencies exhibiting and the financial sector; enhance student par- drew scores of members of the public from ticipation in the capital markets; and create all walks of life. Visitors to the CMA stand awareness of the need for accounting and were taken through saving and investing in financial management skills. the capital markets. Additionally public edu- cation materials such as brochures and pam- 2.5 Public Relations and Media phlets were distributed to the visitors. Support 2.3 National Financial Literacy With the creation of the CIED, the CMA sig- Strategy nalled its intention to better public relations and engagements with various stakeholders. The National financial Literacy Strategy un- The intended approach towards this will der Bank of Uganda was launched on 16th encompass: event management; promotions; August, 2013 at the Bank of Uganda gardens. internal communication; publicity as well The event was presided over by the Min- as advertising. The department on several ister of Finance, Planning and Economic De- occasions during the past quarter engaged velopment, Hon. Maria Kiwanuka. CMA was in public relations exercises and addressed recognised for its contribution towards the media, investors and potential securities is- development of this strategy. suers’ inquiries. The National Financial Literacy Strategy will inform efforts aimed at enabling investors The CIED’s public relations and media sup- improve their understanding of financial port initiative is expected to raise the vis- products and concepts through information, ibility, strengthen the reputation and extend instruction and objective advice. The strat- the reach of CMA through clear, consistent egy also targets development of the skills and constant communication to several im- and confidence of investors to be more portant audiences. Moreover, the initiative aware of financial risks and opportunities to is expected to build important relation- make informed choices. ships and brings vital information back to the organization for analysis and action. This 2.4 Investment Clubs Program will in turn have a measurable impact on the The CIED focused on the recruitment of achievement of the overall strategic organi- new investment clubs following the success zational goals. 2 Protecting Your Investments 3.0 REGIONAL AND INTERNA- Uganda currently hosts the EASRA Secretar- TIONAL CO-OPERATION iat and the CEO is also the current EASRA Chairperson. 3.1 Meeting of the Technical Working Group on the EAC At the 38th EASRA Consultative meeting Securities Legal and Regulatory the EAC Capital Markets regulators agreed to develop and implement a harmonized Framework, 19th -24th August Risk-Based Supervision (RBS) framework 2013, Kigali, Rwanda. across the EAC region. The framework to be The second meeting of the Technical Work- implemented will include: financial resources ing Group (TWG) on the development of rules; conduct of business and governance the securities legal and regulatory frame- rules; formulation of a standardized risk work was convened in accordance with the based capital adequacy reporting mecha- recommendations of the CMIPC meeting nism; and harmonization of paid up share held from 8th-10th April 2013 in Kampala. capital for various license categories across CMA is represented by the Legal Affairs the region. Additionally, the regulators will Manager on this Working Group. work to harmonize their market infrastruc- ture systems in preparation for the adoption During the second meeting, the following of RBS regionally. CMA was represented at Directives were finalized for exposure to these meetings by the Chief Executive Of- stakeholders in the region: ficer, the Director Legal and Market Super- (i) Directives on public offers (Equity, vision, the Legal and Market Supervision Fixed Income and Asset Backed Manager, the Research, Policy and Planning Securities); Manager and the Research, Policy and Plan- (ii) Directive on Collective ning Officer. Investment Schemes; EASRA is a forum of East African capital (iii) Directives on listing; markets regulators from Kenya, Tanzania, (iv) Directives on corporate Rwanda and Uganda. The Bank of Burundi is governance for EAC market also a member having joined in August 2011. intermediaries; The main objectives of EASRA are; infor- (v) Directive on licensing in the mation sharing among the members; mutual securities market; assistance and cooperation between mem- (vi) Directive on regional listings in the bers; and advancing the integration of the securities market; and East African capital markets. (vii) Directive on admission to trading on a secondary market. 4.0 INTERNATIONAL NEWS As part of the harmonization of the EAC le- 4.1 Twitter Files for Initial Public gal and regulatory framework, the Sectoral Offering Council on Finance and Economic Affairs re- solved that
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