Regulatory Alerts2019-12-11
CMS Foreign Companies Offers Eligibility and Cross Listing Requirements (2004)
Tanzania’s Ministry of Finance issued these regulations to establish eligibility criteria, disclosure standards, and cross-listing procedures for foreign companies seeking public offers or stock exchange listings in Tanzania. The rules mandate that applicants from Kenya and Uganda demonstrate primary listing compliance, establish a local registered office under the Companies Ordinance, and pay prescribed fees to the regulatory Authority. Taking effect on May 21, 2003, the framework streamlines market access while ensuring robust investor protection and transparent corporate governance for international issuers.
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- !,! ' 6; , , .;" , - , . 46. '% 9; . m , . . . ,.,. . Made under section I?8(l) - ,' . . .'I ,y . : - - ;;?# . , ?. &&;.T.$:>.~!:. !: , - ! :; . , .,,... .k j; 1 .: ;; ; !* c " .' - . .<: : ,,,, . ;.'%,c - A ' -! , ,J. > +,:*:':-,>, -:, 7 , k>. 6'!15. - - 1-- - . . -. , -. - THE CAPITAL MARKETS AND SECURIT lES (FOREIGH COMPANIES PUBLIC OFFERS ELIGIBILITY AND CROSS LISTING REQUIREMENTS) REGULATIONS. 2003 Citation I 1. These Regulations may be cited as the Capital Markets and Securities (Foreign Companies Public Offers Eligibility and Disclosure Requirements) Regulations, ,, ZO@ .$d and, shall come into 45.. effect on 2 1 * May, 2003. +,A: - :+ Interpre- 2. In these Regulations unless- the context requires otherwise- ..+ > =' , $ Mk_"_"-a ;;$:Srp- -- .- - jstioggi;~hd securities af a cumpany-\adti ; * already listed in another stock =xchange; . . . "foreign company" means a company or other legal entity incorporated under the laws of a country other than the United Republic of . V.I !T -; t; Tanzania; "issuer" means a company or other legal entity incorporated in or ' established under the laws of the United Republic of Tanzania or the prescribed teritory whose securities area subject of an application for . . _- listing-orhave been listed; - - "listed" means being admitted to the oficid list of a stock exchange and listing shall be construed accordingly; "listed company" means an issuer any part of whose securities have ,
- .-, ' gn been listed; a,. "prescribed territory" means the Republic of Kenya or the Republic of Uganda; "public issue" means an offer of an issuer's securities to the public; Application
- These Regulations apply to all offers of securities to the public in Tanzania or applications for cross listing by foreign Eompanies which have been incorporated in the prescribed territory and
(2) The respective confidential reports shall contain but not be limitedmto the mmpliance history of the foreign company in the stock exchange of primary listing. 7. Every foreign company a&lying for cross listing shall establish Establish .- a. place of bushed and 'reaster as a-fareign company- under the mcnt of-- -- -- -- - - .__A - Companies Ordinhce. plaa of busint~s Cap. 212 8. Every issuer of securities who hk applied for approval of the Fecs me tothe Authority shall pay such fees as may be prescribed by the Authority from time to time. Dar es Salaam, 19* May, 2003 BASIL P. MRAMBA, Minister ftr Finmce