Regulatory Alerts2024-02-01
Capital Markets and Securities (Establishment of Stock Exchanges) (Amendment) Regulations 2016
The Tanzanian Minister for Finance and Planning has issued the 2016 Amendment Regulations to update ownership and governance rules for stock exchanges. The amended Regulation 4 requires applicants to submit Memorandums and Articles of Association that comply with the Companies Act while restricting related parties from collectively holding more than 20 percent of shares or controlling voting rights. Furthermore, the regulations mandate prior Capital Markets Authority approval for any acquisition of ten percent or more aggregate shareholding and require explicit shareholding limitation clauses in the exchange’s constitutional documents.
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