Saturday, April 20, 2024
BusinessAdministrative tribunal up next in capital market formation process 

Administrative tribunal up next in capital market formation process 

  • Prime Minister to nominate five members.

The Office of the Prime Minister is expected to nominate five individuals to a capital market tribunal that will be in charge of settling appeals relating to disputes in the country’s first securities exchange.

Brook Taye (PhD), director-general of the Ethiopian Capital Market Authority (ECMA), told The Reporter his office had submitted a request to the Prime Minister to nominate members of the tribunal. The Authority is ready to proceed to the establishment of the tribunal, according to the Director-General.

The appointments will include a chairperson and deputy chairperson, who will both be required to hold qualifications necessary for an appointment to judgeship in the Federal High Court, as well as experience in commerce and finance, according to the capital market proclamation.

The proclamation dictates the three remaining members hold sufficient knowledge and experience in law, securities, commerce, finance, or accounting.

The tribunal will be tasked with settling appeals against ECMA decisions within two months of the appeal being filed. Claimants have a one-month window to appeal the Authority’s decisions.

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Claimants can appeal the tribunal’s rulings at the Federal High Court within a month of the decision.

Since its heads were assigned in December 2022, the Authority has embarked on several activities to realize a capital market in Ethiopia, among which were preparing the necessary legal frameworks. 

The Authority recently forged an alliance with several government institutions to tackle financial fraud and other criminal activity that could potentially harm the securities exchange.

On February 29, 2024, the Authority signed two memorandums of understanding (MoUs). The first was between five institutions, including the Authority, to work together to investigate and prevent financial crime. The Capital Market Integrity Task Force comprises the Federal Police Commission, Financial Intelligence Service, and the ministries of Justice and Trade.

The Task Force has the authority to investigate financial crimes retroactively.

The Authority also signed an MoU with three other government institutions to enhance technological infrastructure and capacity. These include the Information Network Security Administration (INSA), Ethiopian Artificial Intelligence Institute, and the National ID Program Office.

 

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