The Capital Markets and Securities (Amendments) Act, 2 010
This section gives the short title and lists the arrangement of sections.
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- The Capital Markets and Securities (Amendments) Act, 2 010
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About this statute
This section gives the short title and lists the arrangement of sections. This section lists amendments to several sections and repeals sections 33, 34, and 35. This section lists amendments and one repeal to multiple sections of the Capital Markets and Securities Act, and adds new parts and sections. This section says the Act may be cited as the Capital Markets and Securities (Amendments) Act, 2010, and that it is to be read together with the principal Act. This provision amends section 2 by inserting new definitions and replacing the definition of “securities.”
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Provisions of The Capital Markets and Securities (Amendments) Act, 2 010
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- 1 Verify source ↗
Section 1
AI-assisted research summary: This section gives the short title and lists the arrangement of sections.
1. Short title. A r r a n g e m e n t s o f S e c t i o n s PART I P r e l i m i n a r y P r o v i s i o n s PART II G e n e r a l A m e n d m e n t s
Part
PART II
- 15 Verify source ↗
Section 15
AI-assisted research summary: This section lists amendments to several sections and repeals sections 33, 34, and 35.
15. Amendment o f section 2. Am endm ent o f section 10. Am endm ent o f section 15. Amendment o f section 1 8. Am endm ent o f section 20. Amendment o f section 21. Amendment o f section 22. Amendment o f section 23. Amendment o f section 25. Amendment o f section 28. Amendment o f section 30. Am endm ent o f section 31. Am endm ent o f section 32. Repeal o f sections 33. 34 and 35 1 No. 10 C apital M arkets and Securities (Am endments) 2010 - 50 Verify source ↗
Section 50
AI-assisted research summary: This section lists amendments and one repeal to multiple sections of the Capital Markets and Securities Act, and adds new parts and sections.
50. Amendment o f section 39. Amendment o f section 48. Repealing o f section 49. Amendment o f section 50. Am endm ent o f section 52. Amendment o f section 59. Amendment o f section 60. Am endm ent o f section 61. Amendment o f section 63. Amendment o f section 64. Am endm ent o f section 65. Amendment o f section 67. Am endm ent o f section 69. Amendment o f section 70. Amendment o f section 72. Am endm ent o f section 95. Amendment o f section 97. Am endm ent o f sections 98, 101 and 102. Amendment o f section 106. Amendment o f section 107. Amendment o f section 113. Am endm ent o f section 1 15. Am endm ent o f section 116. Am endm ent o f sections 122, 125, 126 and 127 Amendment o f section 129. Am endm ent o f section 131. Amendment o f section 134. Amendment o f section 135. Amendment o f section 136. Addition o f new Parts. Amendment o f section 140. Am endm ent o f section 143. Amendment o f section 144. Addition o f section 147 A. Addition o f section 151. 2 No. 10 C apital M arkets and Securities (Am endments) 2010 T H E U N IT E D R E PU B L IC OF T A N Z A N IA No. 10 o f 2010 I A S SE N T , J a k a y a M r i s h o K i k w e t e , President 20th M ay, 2010 An Act to amend the Capital Markets and Securities Act with a view to making better provision for regulating, supervising and coordinating the capital markets activities and to provide for other related matters. E n a c t e d by Parliam ent o f the United Republic o f Tanzania. P A R T I P r e l i m i n a r y P r o v i s i o n s Short title - 1 Verify source ↗
This Act may be cited as the Capital Markets and
AI-assisted research summary: This section says the Act may be cited as the Capital Markets and Securities (Amendments) Act, 2010, and that it is to be read together with the principal Act.
1. This Act may be cited as the Capital Markets and Securities (Amendments) Act, 2 0 1 0 and shall be read as one with the Capital Markets and Securities Act, hereinafter referred to as the “principal Act” . PART II G e n e r a l A m e n d m e n t s Amendment section 2 o f - 2 Verify source ↗
The principal Act is amended in section 2 , b y
AI-assisted research summary: This provision amends section 2 by inserting new definitions and replacing the definition of “securities.”
2. The principal Act is amended in section 2 , b y - 3 No. 10 C apital M arkets and Securities (Am endments) 2010 (a) (b) inserting in their appropriate alphabetical order the following new definitions: '‘enterprise growth market” means a stock market o f segment securities o f start lip, small and medium size companies; facilitates trading that "market to limited dealers, intermediary" means an individual or are activities corporate body whose provided for under this Act including but not dealers” representatives, representatives, investment nominated advisors, nominated advisors' representatives, exchanges, collective investment schemes, securities depositories and custodian o f securities; investment advisors' advisors, stock to the authority undertake "nominated advisor’s” means a company licensed by the responsibility o f nurturing and assisting an issuer for a public office o f securities, listing o f those securities on the enterprise growth market o f the stock exchange and advising the issuer listed on the enterprise growth market. “nominated advisors person nominated advisor, who performs for su^ nominated advisor any o f the functions :: the nominated advisor; i time employment o f ^ representative” means full in “Tribunal” means the Capital Markets Tribuni. established under this Act. substituting deleting the definition o f the word “securities" and following ne» it definition: ““securities” includes- the for issued or proposed debentures, stock, shares, bonds notes to by a body corporate issued right, warrant or optior any respect thereof; (a) 4 No. 10 C apital M arkets and Securities (Am endments) 2010 (b) (c) (d) (e) ( 0 or interests, bonds or other loan instrument o f the Government o f Tanzania or o f any other country or corporation; whether rights described as units or otherwise under any collective investment scheme; any right, warrant, option or futures in respect o f any debenture, stocks, shares, bonds, notes or in respect of commodities; options and warrants on shares, depository receipts, derivatives and options on derivatives; such other interests or rights, instruments as the Authority may. by notice published in the Gazette prescribe." Am endm ent o f section 10 - 3 Verify source ↗
The principal Act
AI-assisted research summary: This section changes section 10 of the principal Act by replacing its text with new text about the Authority’s functions and powers.
3. The principal Act is amended in section 10 by repealing it and substituting for it the following: “ Functions and powers o f the Authority - 10 Verify source ↗
(1)
AI-assisted research summary: The Authority must regulate the securities market, protect investors, promote the market, and run public education programmes.
10.-(1) the provisions o f this Act. the Authority shall have the dutv to- Subject to (a) (b) (c) (d) the securities interests o f regulate market; protect the investors in securities; promote the securities market; and conduct public education programmes. and development facilitate of (2) provisions Authority shall have powers to- Without prejudice to the the o f subsection ( 1), (a) advise the Minister on all matters to relating the securities industry; 5 No. 10__________ C apital M arkets and Securities (Am endments)___________ 2010 and dealings surveillance advisors, advisors' investment other maintain over securities business; ensure orderly, fair and in equitable securities; register, authorise, approve and regulate in accordance with this stock exchanges, Act, dealers, dealers’ representatives, investment investment representatives, collective schemes market intermediaries; regulate and supervise the activities o f dealers, dealers’ representatives, advisors, investments advisors' investment and representatives other markei intermediaries with 2 to maintaining view of proper anc conduct professionalism the securities business; formulate principles fc* the guidance o f th f industry; determine licensi: r criteria, conditions arc cap:*_L the minimum requirements for licensed, registered, authorize: regulated standards appro\=c pers- * in (b) (c) (d) (e) (f) (g) 6 No. 10 C apital M arkets and Securities (Am endments) 2010 depending on the size o f operations and risk; monitor the solvency o f licence holders and take measures to protect the o f customers interest where the solvency of any such licence holder is in doubt; into the affairs inquire of, or conduct routine or ad hoc inspections o f the books and records o f licensed, any registered, authorized, approved or regulated person and any public o f company or issuer the securities; adopt to minimize and supervise any conflict o f interest that may arise; and review, takeovers, regulate acquisitions mergers, and o f forms all business combination in accordance with any existing rules o f practice authorizing or requiring the Authority to do so; create the environment orderly development capital market; perform required performed necessary the for and the functions be the measures approve growth to by the o f (li) (i) Ci) (k) (I) (m) Cap. 212 7 No. 10 C apital M arkets and Securities (Am endm ents) 2010 the under Authority Companies Act; investigations conduct where the Authority has reasons to believe that: (i) (ii) in transaction in is securities dealt with in a market a manner which is detrimental to the investors or -securities markets; or a intermediary which violated this Act or the directions issued by Authority; market the or for information call from any person and undertake, inspect, conduct inquiries and audits o f any market intermediaries including exchange, a stock investment collective public a scheme company; call for or furnish any agency such information as may be considered necessary by it for the efficient discharge o f it? functions; other levy charges on any perso~ carrying for fees or (n) (o) (p) (q) 8 No. 10 C apital M arkets cmd Securities (Am endments) 2010 in (r) (s) securities securities business Tanzania; conduct research into all aspccts o f industry; unfit disqualify individuals from being employed anywhere in the securities industry; liaise effectively with and regulators the o f supervisors other financial institutions locally and overseas: (u) do anything which (t) is to or o f discharge calculated facilitate the its is functions, incidental or conducive to its discharge, under this Act; issue notices, circulars, and conditions as guidelines the Authority considers necessary for effective administration the provisions o f this Act: and other undertake activities are necessary or expedient for giving full effect to the provisions o f this Act.” such as o f (v) (w) i.-iendmeni o f - 4 Verify source ↗
The principal Act is amended in section 15 by
AI-assisted research summary: Section 15 is amended to replace the offence penalty with a fine of not less than five million shillings, imprisonment for at least five years, or both.
4. The principal Act is amended in section 15 by - (a) deleting the phrase "is guilty o f an offence and shall be liable on conviction to a fine o f not iess than one million shillings or to imprisonment for 9 No. 10 C apital M arkets and Securities (Am endments) 2010 a term o f not less than five years or to both such fine and imprisonment” appearing in paragraph (c) after figure “ 13” ; inserting below paragraph phrase - following the (c) (b) "is guilty o f an offence and shall be liable on conviction to a fine o f not less to than imprisonment for a term o f not less than five years or to both.” five million shillings or Am endm ent section 18 - 5 Verify source ↗
The principal Act is amended in section 1 8 by
AI-assisted research summary: This provision amends section 18 by adding a new paragraph and changing the word “one” to “five” in subsection (2).
5. The principal Act is amended in section 1 8 by - (a) adding new paragraph (c) in subsection ( 1) as follows: A m endm ent section 20 "(c) for the purpose o f exchange o f information under section 147A.” deleting the word “one” and substituting for it the word "five” appearing in subsection (2). required (b) - 6 Verify source ↗
The principal Act
AI-assisted research summary: This provision amends section 20 of the principal Act by deleting and substituting specified words and amounts.
6. The principal Act is amended in section 20 by deleting- (a) in (b) in subsection (6)- (i) the phrase “o f section 18 or subsection ( 1) or (2 )" appearing immediately after figure "(3)”; and the hundred thousand" and substituting for them the words "ten million appearing immediately after the words "five not exceeding” ; words "one the words "subsection ( 1), (2) or (3) o f section 1 8 or” ; and the word “one” and substituting for it the word “five" appearing after the word "than". subsection (7)- (i) (ii) (ii) 10 No. 10 Capital M arkets and Securities (Am endments) 2010 A m end m ent section 21 o - 7 Verify source ↗
The principal Act is amended by repealing section 21
AI-assisted research summary: This section repeals section 21 of the principal Act and replaces it with new text, but the replacement wording is garbled in the source.
7. The principal Act is amended by repealing section 21 and replacing it with the following: "Invcstiga- non of c en a m matters . - 21 Verify source ↗
(1) Where the Authority has
AI-assisted research summary: The Authority may investigate suspected fraudulent or unfair practice on a securities market and inspect records, while people must provide access, documents, information, and facilities when required.
21.-(1) Where the Authority has is that any person to suspect fraudulent or unfair in any it may think reason . . . involved practice on a securities market conduct an proper. investigation as it , the purposes o f (2) For investigation under the section, this Authority may inspect the book, accounts, document and transactions o f any person. (3) The powers o f investigation under subsection (2 ). may be exercised by itself or by any person the Authority appointed in writing by the Authority to exercise those powers. (4) For by (3) the purpose o f an investigation under this section, a person shall afford the Authority or any person under the Authority appointed subsection shall access produce, its or his books, accounts and documents such documents, information and facilities as may the be inspection. required conduct shall give and and to. to (5) The Authority and any person appointed by the Authority shall for the purposes o f investigations have the power to copy or take possession o f the books, accounts and other documents o f any person. (6) Any person who. without reasonable excuse, fails to produce any book, account or document or furnish any information or facilities in accordance with subsection (3). is guilty o f an offence and shall be liable on conviction to a fine o f not less than five million shillings or to 11 No. 10 C apital M arkets and Securities (Am endments) 2010 imprisonment for a term o f not less than five years or to both.'' A m end m ent section 22 - 8 Verify source ↗
The principal Act is amended by repealing section
AI-assisted research summary: This section amends the principal Act by repealing section 22 and replacing it with new provisions.
8. The principal Act is amended by repealing section 22 and replacing it with the following provisions: “ M easures to be taken pendin g investigations - 22 Verify source ↗
(l) The Authority may
AI-assisted research summary: The Authority may take enforcement measures over securities-market matters, including suspending trading, restricting market access, suspending office-bearers, attaching bank accounts, and stopping disposal of assets.
22.-(l) The Authority may. for reasons to be recorded in writing, in the , . the securities investors or interests of market, following the any o f measures, either pending investigations or on completion o f investigations- take a suspend the trading o f any security stock on exchange; restrain any person from securities the accessing market and prohibit any person associated with a securities market to buy, sell or deal in securities; suspend any office-bearer o f any stock exchange or self-regulatory market organization, intermediary or any issuer o f securities from holding such position; retain impound and proceeds o f securities with respect to any transaction under is which investigation: attach one or more bank accounts any intermediary or any person the associated in any securities market in manner the violation o f any o f involved with o f (a) (b) (c) (d) (e) 12 No. 10 C apital M arkets and Securities (Am endments) 2010 (f) provisions o f this Act. or the rules or the regulations made thereunder: and direct any intermediary or any person associated with the securities market in any manner not to dispose o f or alienate an asset forming transaction part o f any which under is investigations. or accounts (2) Subject to subsection (1), the bank any account transaction entered therein, so far as it relates to the proceeds actually involved in violation of any o f the provisions of this Act shall be allowed to be attached. or (3) The Authority may take any o f the measures under this section against the Authority has any person where reasonable grounds to believe that such person has been insider trading, market manipulation, fraudulent or unfair practices relating to securities market. involved in (4) For the purpose o f subsection (3), the Authority may either before or after taking any measures referred to in this section afford a person concerned an opportunity to be heard.” Amendment section 23 '-.mendment ection 25
Part
part o f any
- 9 Verify source ↗
Section 9
AI-assisted research summary: This provision amends section 23(7) of the principal Act by replacing the word “one” with “five.”
9. The principal Act is amended in section 23 by in subsection (7) and deleting the word “one” appearing substituting for it the word “ five” . - 10 Verify source ↗
The principal Act is amended in section 25 by
AI-assisted research summary: This provision amends section 25(2) by replacing the fine and imprisonment terms.
10. The principal Act is amended in section 25 by deleting in subsection (2) - (i) the phrase “exceeding five hundred thousand shillings appearing after the words “ fine not” and 13 No. 10 C apital M arkets and Securities (Am endments) 2010 Am e ndm e nt section 28 l o A m en dm en t section 30 A m e nd m e n t section 31 I' I' substituting for it the phrase “ less than fifty million and not more than five hundred million shillings;’' (ii) the word “two” and substituting for it the phrase “ten and not more than fifteen years’'; - 11 Verify source ↗
The principal Act is amended in section 28
AI-assisted research summary: This section amends section 28(5) of the principal Act by removing references to “the Authority” and replacing the appeal wording so that, where the Authority made the decision, the appeal lies to the Tribunal.
11. The principal Act is amended in section 28 by deleting in subsection (5)- (a) (b) the phrase “or o f the Authority” which appears after the word “exchange” ; the phrase “ Minister whose decision shall be final” which appears at the end and substituting for it the phrase “Authority and where the decision was made by the Authority the appeal shall lie to the Tribunal”. - 12 Verify source ↗
The principal Act is amended in section 30
AI-assisted research summary: This section amends section 30 of the principal Act by replacing “Minister” with “Tribunal”.
12. The principal Act is amended in section 30 by deleting the word “ Minister” and substituting for it the word “Tribunal” . - 13 Verify source ↗
The principal Act is amended in section 31 by
AI-assisted research summary: This provision amends section 31 by replacing “Minister” with “Tribunal” in subsections (4) and (5), and changing “one” to “fifty” in subsection (6).
13. The principal Act is amended in section 31 by - (a) (b) the word “ Minister” appearing in deleting subsection (4) and (5) and substituting for it the word “Tribunal"' and deleting the word "one” appearing in subsection (6) and substituting for it the word “fifty” . A m endm ent section 32 f - 14 Verify source ↗
The principal Act is amended by repealing section
AI-assisted research summary: This section amends the principal Act by repealing section 32 and replacing it with new provisions about licences.
14. The principal Act is amended by repealing section 32 and replacing it with the following provisions: “ Requirement for licences - 32 Verify source ↗
A person shall not act in the
AI-assisted research summary: A person must not act as a dealer, dealer’s representative, investment advisor, investment representative, or intermediary unless they hold the required licence or certificate.
32. A person shall not act in the capacity of- (a) (b) (c) (d) a dealer; a dealers’ representatives: an investment advisor; an investment representative; or any intermediary, unless he is the holder o f a licence o* certificate for that purpose granted und=- this Part o f the Act.” advisor's market other (e) 14 No. 10 Capital M arkets and Securities (Am endments) 2010 Repealing o f sections 33.34 and 35 A m endm ent o f section 39 - 15 Verify source ↗
The principal Act is amended by repealing sections
AI-assisted research summary: This section amends the principal Act by repealing listed sections.
15. The principal Act is amended by repealing sections 3 3 ,3 4 , and 35, - 16 Verify source ↗
The principal Act is amended
AI-assisted research summary: This section amends section 39 by replacing the amount “two hundred thousand” with “ten million” and replacing the word “two” with “five” in the stated phrase.
16. The principal Act is amended in section 39 by deleting - (a) (b) the phrase “'two hundred thousand” and substituting for it the words “ten million” ; the word “two” and substituting for it the word “five” which appears after the words “term o f not less than”; Am endm ent o f section 48 - 17 Verify source ↗
The principal Act is amended by repealing section 48
AI-assisted research summary: This section repeals section 48 of the principal Act and replaces it with new wording starting with “Appeal against the decision of the Authority”.
17. The principal Act is amended by repealing section 48 and replacing it with the following: “ Appeal against the decision o f the Authority - 48 Verify source ↗
(l) Any person who is aggrieved
AI-assisted research summary: An aggrieved person may appeal to the Tribunal within 30 days after receiving the Authority’s decision on a licence.
48.-(l) Any person who is aggrieved by the decision o f the Authority refusing to grant, renew, suspend or revoke a licence may appeal to the Tribunal, within thirty days from the date o f receiving such decision.” Repealing o f section 49 - 18 Verify source ↗
The principal Act is amended by repealing section
AI-assisted research summary: This section amends the principal Act by repealing section 50.
18. The principal Act is amended by repealing section Am endment o f section 50 - 19 Verify source ↗
The principal Act is amended in section 50 by adding
AI-assisted research summary: The section is amended to let the Minister prescribe additional market intermediaries in Regulations.
19. The principal Act is amended in section 50 by adding immediately after paragraph (d) the following paragraph: “(e) any other market intermediary as the Minister may prescribe in the Regulations.” A m endm ent o f section 52 Amendment o f section 59 - 20 Verify source ↗
The principal Act is amended in section 52(5) by
AI-assisted research summary: This provision amends section 52(5) by replacing “one hundred thousand” with “one million” and “fifty” with “one hundred.”
20. The principal Act is amended in section 52(5) by deleting - (a) (b) the phrase “one hundred thousand” and substituting for it the words “one million” ; the word “fifty” and substituting for it the words “one hundred” appears in third line. - 21 Verify source ↗
The principal Act is amended in section 59(10) by
AI-assisted research summary: This provision amends section 59(10) of the principal Act by replacing certain wording and amounts.
21. The principal Act is amended in section 59(10) by deleting - (a) the words substituting for it the words “ five million” . hundred thousand” “one and 15 No. 10 C apital M arkets and Securities (Am endments) 2010 (b) the words “ fifty thousand” and substituting for it the words “one hundred thousand”. - 22 Verify source ↗
The principal Act is amended in section 60(3) by
AI-assisted research summary: Section 60(3) is amended to replace “five hundred thousand” with “five million.”
22. The principal Act is amended in section 60(3) by deleting the words “ five hundred thousand” and substituting for it the words “five million” . - 23 Verify source ↗
The principal Act is amended in section 61(7) by
AI-assisted research summary: The principal Act is amended so that in section 61(7), “one hundred thousand” is replaced with “ten million”.
23. The principal Act is amended in section 61(7) by deleting the words “one hundred thousand” and substituting for it the words "ten million” . - 24 Verify source ↗
The principal Act is amended in section 63(2), by
AI-assisted research summary: Section 24 changes section 63(2) of the principal Act by replacing “five hundred thousand” with “ten million.”
24. The principal Act is amended in section 63(2), by deleting the words “ five hundred thousand” and substituting for it the words "ten million”. - 25 Verify source ↗
The principal Act is amended in section 64(2) by
AI-assisted research summary: This provision amends section 64(2) by replacing “two million” with “twenty million.”
25. The principal Act is amended in section 64(2) by deleting the words "two million” and substituting for it the words “twenty million” . - 26 Verify source ↗
The principal Act is amended in section 65(2) by
AI-assisted research summary: Section 65(2) is changed by replacing “five hundred thousand” with “two million.”
26. The principal Act is amended in section 65(2) by deleting the words “ five hundred thousand” and substituting for it the words "two million” . - 27 Verify source ↗
The principal Act is amended in section 67(2) by
AI-assisted research summary: This provision amends section 67(2) by replacing “two hundred thousand” with “five million”.
27. The principal Act is amended in section 67(2) by deleting the words "two hundred thousand” and substituting for it the words “ five million” . - 28 Verify source ↗
The principal Act is amended in section 69 by
AI-assisted research summary: This section amends the principal Act, including changes in section 69 that replace “one” with “five” in subsection (6) and “five” with “fifty” in subsection (7).
28. The principal Act is amended in section 69 by - Am endm ent o f section 60 A m endm ent o f section 61 A m endm ent o f section 63 A m end m ent o f section 64 Am endm ent o f section 65 A m end m ent o f section 67 Am endm ent o f section 69 (a) (b) the word “one” which deleting in subsection (6) and substituting for it the word “five”; appears the word “ five” which deleting in subsection (7) and substituting for it the word “ fifty”. appears Amendment o f section 70 - 29 Verify source ↗
The principal Act
AI-assisted research summary: This provision amends section 70 of the principal Act by changing several word references.
29. The principal Act is amended in section 70 by deleting - (a) the word “two” which appears in the penultimate 16 No. 10 C apital M arkets and Securities (Am endments) 2010 paragraph and “twenty” substituting for it the word (b) (c) the word “ five” which appears and substituting for it the word “fifty” ; and in subsection (2) the word “two” which appears and substituting for it the word “twenty” . in subsection ( 8) A m end m ent o f section 72 A m e ndm e nt o f section 95 A m endm ent o f section 97 A m endm ent o f sections - 98 Verify source ↗
101 and
AI-assisted research summary: This provision appears to be a section heading about amendments to sections 101, 102, 106, and 107.
98. 101 and 102 Am endment o f section 106 A m endm ent o f section 107 - 30 Verify source ↗
The principal Act is amended in section 72(2) by
AI-assisted research summary: Section 72(2) of the principal Act is amended by replacing the word “Tribunal” with “Court”.
30. The principal Act is amended in section 72(2) by the word the word “Court” and substituting for it deleting “Tribunal” . - 31 Verify source ↗
The principal Act is amended
AI-assisted research summary: This section amends the principal Act, apparently by changing wording in section 95 and deleting “Tribunal” in section 97.
31. The principal Act is amended the word “Court” and substituting for in section 95. by the word it deleting “Tribunal” . in section 97 by - 32 Verify source ↗
The principal Act is amended
AI-assisted research summary: This section amends the principal Act by replacing specified words in subsections (3) and (7).
32. The principal Act is amended deleting - (a) the phrase “to a judge o f the high Court who” which appears in subsection (3) and substituting for it the phrase “to the Authority which”; the word “Court” which and substituting for it the word “Tribunal. appears in subsection (7) (b) - 33 Verify source ↗
The principal Act is amended in sections 98. 101 and
AI-assisted research summary: The principal Act is amended in sections 98 and 101, with the text continuing beyond the provided excerpt.
33. The principal Act is amended in sections 98. 101 and - 102 Verify source ↗
by deleting the word “Court" and substituting for it the word
AI-assisted research summary: This provision changes the text by replacing the word “Court” with “Tribunal.”
102. by deleting the word “Court" and substituting for it the word “Tribunal” . - 34 Verify source ↗
Section 34
AI-assisted research summary: This provision amends section 106 of the principal Act by adding the words “or outside Tanzania” after “in Tanzania” in subsection (1).
34. The principal Act in section 106 by inserting after the words “ in Tanzania” appearing in subsection (1) the words “or outside Tanzania”. is amended - 35 Verify source ↗
Section 35
AI-assisted research summary: This provision amends section 107 by adding the words “or outside Tanzania” after “in Tanzania” in subsection (1).
35. The principal Act in section 107 by inserting after the word “ in Tanzania” appearing in subsection (1) the words “or outside Tanzania” . is amended Amendment of section 113 - 36 Verify source ↗
Section 36
AI-assisted research summary: This section changes section 113 by replacing the word “five” with “fifty”.
36. The principal Act is amended in section 113 by deleting the words “five” and substituting for it the word “ fifty” . 17 No. 10 C apital M arkets and Securities (Am endments) 2010 Am endm ent o f section 115 - 37 Verify source ↗
The principal Act is amended in section 115 by
AI-assisted research summary: This section amends section 115 by replacing “not exceeding one” with “not less than fifty million.”
37. The principal Act is amended in section 115 by deleting the word “not exceeding one” and substituting for it the words “ not less than fifty million” . A m endm ent o f section 116 - 38 Verify source ↗
The principal Act is amended in section 116, by
AI-assisted research summary: This provision changes section 116, paragraph (b), by replacing the words “not exceeding one” with “not less than twenty million”.
38. The principal Act is amended in section 116, by deleting the words “ not exceeding one” which appear in paragraph (b) and substituting for them the words "not less than twenty million”. Am endm ent o f sections - 122 Verify source ↗
125. 126
AI-assisted research summary: Headings refer to amendments of sections 129 and 131.
122. 125. 126 and 127 Am endm ent o f section 129 A m endm ent o f section 131 - 39 Verify source ↗
The principal Act is amended in sections 122, 125
AI-assisted research summary: This provision changes sections 122, 125, 126, and 127 so that references to “High Court” or “Court” are replaced with “Tribunal”.
39. The principal Act is amended in sections 122, 125. 126 and 127. by deleting the words “ High Court” or “Court" and substituting for them the word "Tribunal” . - 40 Verify source ↗
The principal Act is amended in section 129 by
AI-assisted research summary: This section amends section 129 of the principal Act by replacing “not exceeding five hundred thousand” with “not less than fifty million.”
40. The principal Act is amended in section 129 by deleting the words “not exceeding five hundred thousand" and substituting for them the words “ not less than fifty million” . - 41 Verify source ↗
The principal Act is amended by repealing section
AI-assisted research summary: This section amends the principal Act by repealing section 131 and replacing it with new text that starts with “Approval prospectus”.
41. The principal Act is amended by repealing section 131 and replacing for it the following- "Approval prospectus - 131 Verify source ↗
(1) No person shall issue or
AI-assisted research summary: A person may not issue or cause the issue of an advertisement offering securities unless the issuer has submitted a prospectus for Authority approval and appointed the required advisers.
131.-(1) No person shall issue or cause to be issued an advertisement offering securities unless the issuer has- . . . . . . (a) (b) submitted for approval by the Authority and the Authority prospectus has approved a which the complies with requirements o f this Part: appointed advisors who shall include but not limited to the Lead Advisor. Sponsoring Independent Broker, Reporting Accountant and a Legal Advisor; In the case o f an application Enterprise for Growth Market, the issuer shall, in addition to advisors referred to in subsection (l)(b;. appoint a Nominated Advisor.” issue o f securities the (2) in 18 No. 10 C apital M arkets and Securities (Am endments) 2010 A m end m ent o f section 134 - 42 Verify source ↗
The principal Act is amended
AI-assisted research summary: This section amends section 135 by changing the amount in subsection (5) from “not exceeding five hundred thousand” to “not less than fifty million.”
42. The principal Act is amended by deleting the words “not exceeding five hundred thousand” which appear in subsection (5) and substituting for them the words “ not less than fifty million” . in section 134 A m endm ent o f section 135 - 43 Verify source ↗
The principal Act is amended
AI-assisted research summary: This section amends section 135 of the principal Act by replacing “not exceeding three hundred thousand” in subsection (5) with “five million”.
43. The principal Act is amended in section 135 by deleting the words “not exceeding three hundred thousand” which appear in subsection (5) and substituting for them the words “five million”. A m e n d m e n t o f s e c ti o n 136 Addition o f new Parts - 44 Verify source ↗
The principal Act is amended
AI-assisted research summary: This section amends section 136 by replacing the phrase “not exceeding five hundred thousand” in subsection (6) with “five million”.
44. The principal Act is amended by deleting the phrase “not exceeding five hundred thousand” which appear in subsection (6) and substituting for it the words "five million”. in section 136 - 45 Verify source ↗
The principal Act is amended by adding a new Part
AI-assisted research summary: This section amends the principal Act by adding a new Part X111A after Part XIII.
45. The principal Act is amended by adding a new Part X 111A immediately after Part XIII as follows: “ PART X111A E s t a b l i s h m e n t , J u r i s d i c t i o n a n d P r o c e d u r e f o r A p p e l l a t e T r i b u n a l shall - 136A Verify source ↗
(1) There
AI-assisted research summary: An independent tribunal called the Capital Markets Tribunal is established, and it has the High Court’s powers for its functions, including dealing with witnesses, documents, and commissions for witnesses abroad.
136A.-(1) There be established an independent Tribunal to be known as the Capital Markets Tribunal which shall, subject to this Act, have jurisdiction respect o f matters specified in subsection (2 ). in (2) The Tribunal shall, in the performance o f its functions and the exercise o f its pow'ers, have all the powers o f the High Court including, but not limited to- and (a) enforcing the attendance o f examining witness them on oath, affirmation or otherwise; compelling and documents; and the discovery o f production (b) "E stablish ment o f the Tribunal 19 No. 10 C apital M arkets and Securities (Am endments) 2010 Com position o f the Tribunal Eligibility o f m em bers (c) issuing o f a commission or requesting for examination o f witnesses abroad. - 136B Verify source ↗
The
AI-assisted research summary: The Tribunal is made up of a Chairman and four members, with the Chairman appointed by the President after consulting the Chief Justice and the four members appointed by the Minister.
136B. The Tribunal shall consist of- (a) (b) person to hold a Chairman who shall be holding or a qualified the office o f a Judge o f the High Court, appointed the President after by consultation with the C hief Justice; and four members who have knowledge and experience on the capital markets one o f whom lawyer, shall be appointed the Minister. by a 136C. No person shall be appointed as a member o f the Tribunal unless he qualifies for appointment by virtue or o f experience in law. norms, practices and operations o f the capital markets. knowledge his of, T enure o f office o f m em bers - 136D Verify source ↗
A member o f
AI-assisted research summary: A Tribunal member serves for up to three years, may be re-appointed, and the Minister may revoke the appointment in specified cases.
136D. A member o f the Tribunal shall hold office for a period not exceeding three years and shall be for re- appointment unless, eligible prior to the expiration o f that period- resigns his office by notification written hand under addressed the Minister; his to (a) 2 0 No. 10 C apital M arkets and Securities (A m endm ents) 2010 (b) that being the the Minister, satisfied member is unfit by reason o f mental or physical infirmity to perform the duties that o f his office, or member has failed without leave or good cause to attend at consecutive three least meetings the Tribunal, o f revokes his appointment. the - 136E Verify source ↗
(1) The quorum for
AI-assisted research summary: The Tribunal’s quorum for meetings is the Chairman and two other members, and the Tribunal sits at the time and place it appoints.
136E.-(1) The quorum for meetings o f the Tribunal shall be the mem bers. C hairm an and tw o other (2) time and place as The Tribunal shall sit at it may the appoint. o f The terms - 136F Verify source ↗
Section 136F
AI-assisted research summary: The remuneration and conditions for members are to be prescribed in their letters of appointment.
136F. and conditions o f the rem uneration their m em bers and shall be such as m ay be prescribed in their letters o f appointment. service The - 136G Verify source ↗
(1)
AI-assisted research summary: The Tribunal can decide disputes and controversies under the Act, and it has no criminal jurisdiction.
136G.-(1) Tribunal shall have powers to adjudicate on disputes and controversies arising under this Act. (2) W ithout prejudice to the generality o f subsection Tribunal shall matters relating to- (a) (1), adjudicate the on interpretation enactm ent the any regulations this Act applies; o f or to which Q uorum o f meetings Remuneration o f m em bers Jurisdiction o f the Tribunal 21 No. 10 C apital M arkets and Securities (Am endments) 2010 (b) dispute betw een the Authority and the stock exchanges; (c) dispute betw een and the any Authority market intermediaries; (f) (e) and or (d) dispute betw een market intermediaries and their clients; dispute between listed the com panies regulators the securities exchange; refusal A uthority licence; the imposition Authority o f limitations or a restrictions on licence; (h) suspension the to grant a or revocation o f a licence by the Authority; (g) by by to admit stock refusal securities on a exchange; suspension o f trading o f a security on a stock exchange; removal o f a security from the official list o f a stock exchange; and any other arising in the course o f the discharge dispute o f (i) (j) (k) (1) 2 2 No. 10 C apital M arkets and Securities (Am endm ents) 2010 o f functions A uthority under Act. the this (3) The Tribunal shall have no criminal jurisdiction. the (4) W here in the course o f investigation, Authority discovers that there is evidence o f possible com m ission o f a criminal an inform shall offence, appropriate prosecuting criminal authority. it Appeals from the decisions o f the Authority A - 136H Verify source ↗
(1)
AI-assisted research summary: A person aggrieved by an Authority decision may appeal to the Tribunal within 30 days, but not from an Authority order made with the parties’ consent.
136H.-(1) person aggrieved by an action or decision o f the A uthority under this Act may the Tribunal lodge an appeal against such decision w ithin thirty days from the date o f the action or the A uthority was decision o f aggrieved com m unicated party. the to to (2) N o appeal shall lie to the Tribunal from an order made by the Authority with the consent o f the parties. (3) appeal, In the determ ination o f the Tribunal may the confirm or rescind the decision o f the Authority or give such direction as it m ay deem appropriate for the determ ination o f the appeal. (4) W here an appeal has been lodged to the Tribunal against any decision o f the Authority, the shall decision o f the Authority 23 No. 10 C apital M arkets and Securities (Am endments) 2010 rem ain in force until a final decision o f the Tribunal is delivered. o f (5) A decision the Tribunal reversing or rescinding the decision o f the A uthority shall not be enforced until for lodging an appeal has expired or where the appeal has been lodged, been appeal the until determined. time has the (6) Until the establishment o f the Tribunal, appeals and powers o f determ ination o f the appeals shall be exercised by the M inister and the shall this provisions o f apply nnitatis m utandis in respect with the exercise o f powers o f the Tribunal by the Minister. section 136 1. Any person dissatisfied with a decision o f the Tribunal may that decision on appeal against points o f law to the C ourt o f Appeal o f Tanzania upon giving notice in writing to the Tribunal w ithin thirty days from the date on which the decision was made. - 136J Verify source ↗
The Tribunal may
AI-assisted research summary: The Tribunal may make rules for regulating its own proceedings.
136J. The Tribunal may r , , ■ , , c tor reg ulating its make RuleS proceedings.” Appeals to the Appeal1 Powers and procedures o f the Tribunal Amendment o f section 140 - 46 Verify source ↗
Section 46
AI-assisted research summary: This section amends section 140 by replacing the word “one” with “five” in the penultimate paragraph.
46. The principal Act is am ended in section 140. by deleting the word “one” which appears in the penultimate paragraph and substituting for it the word “ five” . 24 No. 10 C apital M arkets and Securities (Am endm ents) 2010 A m endm ent o f section 143 - 47 Verify source ↗
The principal Act is am ended in section 143 by
AI-assisted research summary: This provision amends section 143 by replacing references to “Court” or “High Court” with “Tribunal.”
47. The principal Act is am ended in section 143 by deleting the words "C ourt" or "H igh C ourt" and "C ourt" and substituting for them the word “T ribunal” . Am endm ent o f section 144 - 48 Verify source ↗
The principal Act is am ended in section 144 by
AI-assisted research summary: This provision amends section 144 of the principal Act, including deleting and substituting certain words and referring to the addition of section 147A.
48. The principal Act is am ended in section 144 by deleting - (a) (b) the word “C ourt” or substituting for them and subsection (3). ‘'High Court" and the word “T ribunal” ; A d d i t i o n o f s e c ti o n 14 7A - 49 Verify source ↗
Section 49
AI-assisted research summary: The Authority may help a foreign supervisory authority investigate an alleged legal or regulatory breach if it gets a written request and thinks assistance is in the public interest.
49. The principal Act is am ended by adding im m ediately after section 147 the following new provisions. "Assistance to 147A-(1) The Authority may, breach uPon receiy in g a written request from a foreign supervisory authority for assistance to investigate into an or legal alleged the regulatory requirem ent which authority foreign enforces or administers, and if it considers it necessary in the interest o f the public - supervisory o f a (a) provide assistance by out carrying investigations o f all the alleged breach o f the legal or regulatory requirem ent; or. provide assistance, to the foreign supervisory authority as the A uthority thinks fit. other (b) authorities 25 No. 10__________ C apital M arkets and Securities (Am endments)___________ 2010 the purpose o f (2) For subsection (1), the provisions o f Part IX shall, apply and have effect accordingly as if the breach o f the requirem ent legal or were an offence under this Act. regulatory (3) In determ ining w hether it is in the interest o f the public to render assistance under subsection (1), the Authority shall have regard to w hether the - foreign supervisory authority shall pay to the Authority any costs and expenses incurred for the providing supervisory foreign the with authority assistance; foreign supervisory authority shall be able and willing to provide assistance reciprocal within jurisdiction its in response to a request for assistance from the Authority; and to signatory foreign requesting supervisory authority is a the Multilateral M e m o ra n d u m understanding o f International o f the (a) (b) (c) 2 6 No. 10 Capital M arkets and Securities (Am endm ents) 2010 O rganization Securities C o m m issions.” o f Addition of Section 151
Part
Part IX shall, apply and have effect
- 50 Verify source ↗
Section 50
AI-assisted research summary: This provision amends the principal Act by inserting a new section 151 after section 150.
50. The principal Act is am ended by adding im m ediately after section 150 a new Section 151 which reads: “Powers over other legislation - 151 Verify source ↗
Where the provisions o f this Acts is
AI-assisted research summary: If this Act conflicts with another written law on listing of shares, this Act prevails to the extent of the inconsistency.
151. Where the provisions o f this Acts is in conflict or is otherwise inconsistent with a provision o f any other written law relating to listing o f shares the provision o f this Act shall prevail to the extent o f such inconsistency.” the stock exchange, to Passed in the National A ssem bly on the 16th April, 2010. D r . T h o m a s D. K a s h i l i l a h , Clerk o f the N ational Assem bly 27
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The Capital Markets and Securities (Amendments) Act, 2 010
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