Capital Markets Authority unveil new board
KAMPALA - The Capital Markets Authority (CMA), the regulator of the capital markets industry in Uganda, is pleased to announce the appointment of a new board.
This board, which includes some continuing members from the previous board, will provide policy oversight for activities in the capital markets industry in Uganda, with the ultimate objective of developing the industry and protecting the interests of investors. The new board is constituted as follows;
Mr. Saul Sseremba-Chairman representing the Insurance Institute of Uganda, Board Chairperson.
Ms. Elizabeth Nakkungu representing Office of the Solicitor General, Ministry of Justice and Constitutional Affairs.
To be advised is a representative from the Uganda Bankers Association.
Mr. Protazio Begumisa representing the institute of Certified Public Accountants of Uganda (ICPAU).
Mr. Joseph Enyimu representing the Permanent Secretary/ Secretary to the Treasury, Ministry of Finance, Planning and Economic Development.
Dr. Martin Kyeyune representing Uganda Manufacturers' Association (UMA).
Mr. David Sajjabi representing Governor, Bank of Uganda.
Ms. Mercy Kainobwisho representing Registrar General, Uganda Registration Services Bureau(URSB).
Mr. Mohamed Kaliisa representing Uganda National Chamber of Commerce and Industry (UNCCI).
A representative from the Uganda Law Society is yet to be appointed.
Speaking at the inauguration of them new board at the CMA Offices at Uganda Business Facilitation Center (UBFC), Amos Lugolobi, the Acting, minister of finance, planning and economic development thanked the outgoing board and outgoing Chairperson, Ms. Jacqueline Kobusingye Opondo for providing strategic oversight that has led to the growth and depth of the Capital Markets in Uganda.
He noted that, Assets Under Management (AUM) for Collective Investment Schemes (CIS) Managers grew exponentially to UGX 1.46 trillion at the end of September 2022, from Ugx 69 billion in September 2017, at the start of the term of the outgoing board.
"I want to task the incoming Board and Management to seek more innovative ways through which business can tap into the existing capital raising opportunities in the capital markets. Government will support policy initiatives and continue to provide the necessary financing to ensure that the private sector is able access alternative long-term financing sources to finance private investment," Amos Lugolobi said.
" In reference to the Private Equity, I am happy to mention that through the Presidential CEO Forum, the President asked the CMA to work with the Ministry of Finance to harmonize the taxation regime of the Private Equity Funds. With the continued guidance from the Board, this should reach its logical conclusion," he added.
Ms. Jacqueline Kobusingye Opondo said: " I would like to thank God for the opportunity He granted me to serve on the Capital Markets Authority Board for the last ten (10) years. The capital Markets, as an industry, was not alienated from negative implications but the industry remained strong and resilient. To the incoming Board Chairperson and board members, the task ahead is great, but manageable. I am confident that you are fit for the task and able to take on the mantle well," she pointed out.
The new board Chairperson, Mr. Saul Sseremba, said; "I am honored to be appointed as the Chairperson of the Capital Markets Authority Board. I am committed to working with the board members and the management team to ensure that we continue to promote a fair, transparent and efficient capital market in Uganda, while protecting the interests of investors. I look forward to the challenge and to making a meaningful impact in the industry."
Mr. Keith Kalyegira, the CEO of CMA, commented; "I am excited to work with the new board to further develop and sustain confidence in the capital markets in Uganda. We will continue to focus on our mission of fostering sound and stable capital markets that serves the needs of all Ugandans. I look forward to the valuable insights and guidance that the new board members will bring, as we work together to achieve our goals."
CMA was established in 1996 by the CMA Act Cap 84. The Authority has several functions under this Act which include approval of prospectuses or offer documents; development of the capital markets; protection of investors , management of investor compensation fund, among others.