In a major leap towards strengthening the integrity and transparency of Ethiopia’s financial landscape, the Ethiopian Capital Market Authority (ECMA) announces the official enforcement of the “Capital Market Service Providers Licensing and Supervision Directive No. 980/2024” as of January 18, 2024.
This directive marks the inaugural step in a series of forthcoming regulations by the ECMA. It establishes a comprehensive legal framework delineating intricate guidelines for capital market activities necessitating licensing, the prerequisites for obtaining a license, and the duties and responsibilities of licensed service providers.
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Dr. Brook Taye, the Director General of the Ethiopian Capital Market Authority, expresses the significance of this directive, declaring it a “significant milestone” in the development of Ethiopia’s capital market. He emphasizes its role in ensuring market integrity and stability, while concurrently fostering investor protection and market transparency.
Within this groundbreaking framework, there are 15 distinct types of licenses slated for issuance to qualified capital market service providers. The ECMA will assume the crucial role of overseeing and regulating the activities of these licensed service providers, ensuring adherence to the stipulated directives.
As the ECMA finalizes preparations for the launch of the capital market in Ethiopia, they eagerly anticipate collaborative efforts with stakeholders to achieve this monumental goal.
Get the Directive here https://www.stockmarket.et/the-capital-market-service-providers-licensing-and-supervision-directive-no-980-2024/
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