Regulatory Alerts2025-05-19
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Capital Markets Tribunal – RULING – MAMCO-MFS Vs SEC -Abraham Alutuli and Phillip Chitalu
The Capital Markets Tribunal dismissed the application for a stay of administrative or enforcement action by the Securities and Exchange Commission against Madison Asset Management Company Limited and Madison Financial Services PLC. The Tribunal ruled that it lacked jurisdiction to hear the interlocutory application because the required originating process had not yet been filed. This decision was based on Rule 2 of the Securities (Capital Markets Tribunal) Rules, which defines interlocutory applications as those made between the commencement and conclusion of proceedings.
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