Regulatory Alerts2016-01-01
The Capital Markets (Asset Backed Securities) (Amendment) Regulations, 2016
The Uganda Capital Markets Authority issued these 2016 regulations to amend the principal Asset Backed Securities Regulations by inserting a new Schedule III that establishes specific approval fees. The schedule mandates a submission fee of 0.2 percent of the issue value, capped between ten million and five hundred million Ugandan shillings, alongside a fixed four million shilling charge for prospectus re-submissions due to material discrepancies. These amendments, made under section 101 of the Capital Markets Authority Act and effective July 2015, standardize cost structures for asset-backed security issuers while granting the Authority explicit fee assessment powers.
STATUTORY INSTRUMENTS SUPPLEMENT No. 2 15th January, 2016
STATUTORY INSTRUMENTS SUPPLEMENT to The Uganda Gazette No. 3, Volume CIX, dated 15th January, 2016 Printed by UPPC, Entebbe, by Order of the Government.
S T A T U T O R Y I N S T R U M E N T S 2016 No. 4.
The Capital Markets (Asset Backed Securities) (Amendment) Regulations, 2016
(Under section 101 (l) of the Capital Markets Authority Act, Cap. 84)
IN EXERCISE of the powers conferred upon the Capital Markets Authority by section 101 of the Capital Markets Authority Act, these Regulations are made this 3rd day of July, 2015.
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Title. These Regulations may be cited as the Capital Markets (Asset Backed Securities) (Amendment) Regulations, 2016.
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Amendment of S.I. No. 46 of 2012. The Capital Markets (Asset Backed Securities) Regulations, in these Regulations referred to as the principal Regulations, are amended in regulation 85 by inserting immediately after the word “fees” the words “in Schedule III”.
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Insertion of new Schedule III in the principal Regulations. The principal Regulations are amended by inserting immediately after Schedule II, the following—
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“SCHEDULE III Regulation 85
APPROVAL FEES FOR ASSET BACKED SECURITIES
| ITEM | MATTER | FEES (Ug Shillings) |
|---|---|---|
| 1. | For submission of an information memorandum for approval of an Asset Backed Security | 0.2% of the value of the issue subject to a minimum of 10, 000,000/= and a maximum of 500, 000,000/= |
| 2. | For re-submission of a prospectus due to material omissions or discrepancies identified by the Authority after the initial review at the first submission | 4, 000,000/= |
GRACE JETHRO KAVUMA, Chairperson, Capital Markets Authority.
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