Regulatory Alerts2017-04-01
Added · Updated
Capital Market Disclosure Guidelines No. 17 for Small and Medium Enterprises in Rwanda
The Rwanda Capital Market Authority issued Disclosure Guidelines No. 17 to establish eligibility and disclosure requirements for small and medium enterprises seeking to raise capital through public securities offerings on the SME Market segment. The regulations mandate that issuers operate as public limited companies with freely transferable shares, maintain a board of at least three directors including one-third non-executives, and secure independent audit and custody arrangements. Applicants must demonstrate adequate working capital for twelve months, comply with a twenty-four-month lock-in period for controlling shareholders, and ensure their directors and management possess relevant industry experience without bankruptcy or criminal records.