Regulatory Alerts2019-12-11
EAC Council Directive on Self-Regulatory Organizations
The East African Community Council of Ministers issued this directive to establish a unified regulatory framework for self-regulatory organizations (SROs) operating across Partner States. It mandates national Competent Authorities to formally recognize SROs based on constitutional compliance, financial capacity, and competent personnel, while delegating specific supervisory and disciplinary powers to them. Partner States must enact implementing legislation within one year to ensure SROs maintain transparent reporting, fair decision-making processes, and statutory liability protection, thereby harmonizing regional financial market oversight.
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