CMA Explores Ugandan Depository Receipts to Deepen Capital Markets

By Diana Namawolya

As Uganda’s capital markets continue to evolve, innovative products such as Ugandan Depository Receipts (UDRs) are expected to play an important role in expanding investment opportunities and increasing access to regional and international securities.

UDRs are financial instruments that allow investors to buy and trade shares of foreign companies within Uganda’s capital markets environment, making cross-border investment more accessible to local investors.

In a continued effort to promote innovation and broaden investment opportunities within Uganda’s financial sector, the Research & Market Development Department of the Capital Markets Authority Uganda hosted a roundtable discussion on Ugandan Depository Receipts (UDRs) on 24 th March, 2026.

The engagement brought together key stakeholders from the financial sector to discuss the potential of UDRs in advancing Uganda’s capital markets and improving investor access to regional and international securities. The discussion also provided a platform for participants to examine the opportunities, challenges, and regulatory considerations surrounding the introduction and implementation of UDRs in Uganda.

Our CEO, Josephine Okui Ossiya highlighted the important role Ugandan Depository Receipts can play in expanding investment opportunities and increasing access to a wider range of securities beyond Uganda’s borders. She noted that innovative products such as UDRs have the potential to enhance market participation and contribute to the continued growth and competitiveness of Uganda’s capital markets.

Additionally, Dickson Ssembuya the Director Research & Market Development emphasized the importance of liquidity in deepening the capital markets, noting that instruments such as UDRs can help stimulate market activity, attract more investors, and broaden participation within the financial sector.

The engagement also enabled stakeholders to discuss the proposed UDR framework and key regulatory considerations necessary to support the successful introduction and operation of the product within Uganda’s capital markets ecosystem.

As CMA marks 30 years of regulating and developing Uganda’s capital markets industry, the Authority continues to promote innovative financial products and market development initiatives aimed at strengthening market efficiency, increasing investor participation, and supporting economic growth.