The Capital Markets and Securities Tribunal Rules, 2023
Section 2 is titled “Citation” and “Interpretation.”
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About this statute
Section 2 is titled “Citation” and “Interpretation.” This section is a heading list covering the Tribunal’s composition, conflict of interest, registrar, secretariat, and appeals. This section concerns endorsing and serving a notice of intention to appeal. This section concerns receipt of an appeal and notifying the parties. This section is titled “Rejection of application by Registrar.”
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Provisions of The Capital Markets and Securities Tribunal Rules, 2023
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Section 2
AI-assisted research summary: Section 2 is titled “Citation” and “Interpretation.”
2. Citation. Interpretation. PRELIMINARY PROVISIONS PART I COMPOSITION OF THE TRIBUNAL PART II
Part
PART II
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Section 6
AI-assisted research summary: This section is a heading list covering the Tribunal’s composition, conflict of interest, registrar, secretariat, and appeals.
6. Composition of Tribunal. Conflict of interest. Registrar of Tribunal. Secretariat to Tribunal. PART III INSTITUTION OF AN APPEAL BEFORE THE TRIBUNAL Appeal to Tribunal. Notice of intention to appeal. - 3 Verify source ↗
The Tribunal shall consist of
AI-assisted research summary: The Tribunal must include a chairman and four members, and one member must be a lawyer.
3. The Tribunal shall consist of: (a) a chairman; and (b) four members with knowledge and experience on the capital markets, one of whom shall be a lawyer. - 4 Verify source ↗
(1) Where a Member present at a sitting of the
AI-assisted research summary: A Tribunal member with a direct or indirect interest in a matter must disclose it promptly and must not take part in the proceedings unless the Tribunal directs otherwise.
4.-(1) Where a Member present at a sitting of the Tribunal at which any matter, in which the member or immediate family of the Member is directly or indirectly interested, is the subject of consideration, that Member shall, as soon as is practicable, after or before the commencement of the proceedings of the Tribunal, disclose that interest and shall not, the unless determination of the appeal or give an opinion on any question relating to that matter. the Tribunal otherwise directs, take part in (2) A disclosure of interest made by a Member shall be recorded as part of the proceedings in relation to the matter under determination. (3) A member who sits and takes part in the proceedings of the Tribunal in contravention of these rules commits an offence. Registrar of Tribunal - 5 Verify source ↗
There shall be a Registrar of the Tribunal who shall be
AI-assisted research summary: A Registrar of the Tribunal must perform the Tribunal’s administrative functions and any additional functions assigned by the Chairman.
5. There shall be a Registrar of the Tribunal who shall be appointed in accordance with the Act. (2) The Registrar shall perform all administrative functions as provided for under the Act and as may be assigned to him by the Chairman of the Tribunal. Secretariat to Tribunal - 6 Verify source ↗
(1) There shall be appointed a Secretariat to the
AI-assisted research summary: A Secretariat must be appointed for the Tribunal, with the Registrar as its head, and the Tribunal may तयermine staffing numbers and categories.
6.-(1) There shall be appointed a Secretariat to the Tribunal which shall perform all administrative functions of the Tribunal and be composed of: (a) the Registrar, who shall be the head to the Secretariat; (b) lawyers; (c) an administrative Secretary; (d) a registry officer; (e) an accountant; and 4 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules (f) a driver. (2) Tribunal may determine number and category of staff and such other staff to be hired. PART III INSTITUTION OF AN APPEAL BEFORE THE TRIBUNAL Matters from which appeal may lie
Part
PART III
- 10 Verify source ↗
Endorsement and service of notice of intention to appeal
AI-assisted research summary: This section concerns endorsing and serving a notice of intention to appeal.
10. Endorsement and service of notice of intention to appeal. - 12 Verify source ↗
Receipt of appeal and notification of parties
AI-assisted research summary: This section concerns receipt of an appeal and notifying the parties.
12. Receipt of appeal and notification of parties. - 13 Verify source ↗
Rejection of application by Registrar
AI-assisted research summary: This section is titled “Rejection of application by Registrar.”
13. Rejection of application by Registrar. - 14 Verify source ↗
Extension of time to institute appeal
AI-assisted research summary: This section is about extending the time limit for instituting an appeal.
14. Extension of time to institute appeal. - 17 Verify source ↗
Summary withdrawal of appeal
AI-assisted research summary: This section is titled “Summary withdrawal of appeal.”
17. Summary withdrawal of appeal. 1 Capital Markets and Securities Tribunal Rules GN. NO. 649 (Contd) - 18 Verify source ↗
Amendment of statement of appeal
AI-assisted research summary: Section 18 is titled “Amendment of statement of appeal.”
18. Amendment of statement of appeal. PART IV ATTENDANCE BY PARTIES - 7 Verify source ↗
(1) Subject to section 136 D of the Act, the Tribunal
AI-assisted research summary: The Tribunal may adjudicate specified disputes and matters, but it has no criminal jurisdiction.
7.-(1) Subject to section 136 D of the Act, the Tribunal shall have powers to adjudicate on matters related to- (a) the interpretation of any enactment or regulations to which the Act applies; (b) disputes between the Authority and any stock exchanges; (c) disputes between the Authority and any market intermediaries; (d) disputes between market intermediaries and their clients; (e) disputes between listed companies and regulators or the securities exchange; (f) refusal by the Authority to grant a licence; (g) imposition by the Authority of limitations or restrictions on a licence; (h) suspension or revocation of a licence by the Authority; (i) refusal to admit securities in a stock exchange; (j) suspension of trading of a security on a stock exchange; (k) removal of a security from the official list of a stock exchange; and (l) any other dispute arising in the course of discharge of the functions of the Authority under the Act; (2) Without prejudice to subrule (1), the Tribunal shall have no criminal jurisdiction. Appeal to Tribunal - 8 Verify source ↗
(1) A person who is aggrieved by the decision of the
AI-assisted research summary: An aggrieved person may appeal to the Tribunal within 30 days of the decision.
8. -(1) A person who is aggrieved by the decision of the Authority or any of the parties as stipulated under rule 7(1) may appeal to the Tribunal within thirty days from the date on which the decision was made. (2) An appeal may be instituted by lodging a statement to 5 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules the Registrar of the Tribunal to address other disputes as reflected under rule 7(1). Notice of intention to appeal - 9 Verify source ↗
(1) A person who wishes to appeal against a decision
AI-assisted research summary: A person who wants to appeal a decision of the Authority must file a notice of intention to appeal within seven days and follow the required form and copies.
9.-(1) A person who wishes to appeal against a decision of the Authority shall file a notice of intention to appeal within seven days from the date of the decision in respect of which the appeal is to be preferred. (2) A notice of intention to appeal shall: (a) state whether it is intended to appeal against the whole or part of the appealable decision; (b) be made in CMT Form No. 1 as set out in the First Schedule to these Rules; (c) be signed by or on behalf of the appellant; and (d) Submitted in seven copies (3) The fees for filing a notice of intention to appeal shall be as set out in the Second Schedule to these Rules. (4) Where a party joins in an appeal, he shall also be required to pay fees as set out in the Second Schedule to these Rules.
Part
PART IV
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Appearance and representation of parties
AI-assisted research summary: 19. Appearance and representation of parties.
19. Appearance and representation of parties. - 23 Verify source ↗
Setting aside ex parte decision
AI-assisted research summary: Section 23 is titled “Setting aside ex parte decision.”
23. Setting aside ex parte decision. PART V PROCEEDINGS OF THE TRIBUNAL - 19 Verify source ↗
(1) In every proceeding before the Tribunal the
AI-assisted research summary: In Tribunal proceedings, the appellant may appear personally or through certain registered representatives, the Authority may use an authorized representative, the Registrar must issue a summons, and a served party must endorse each copy and file one copy with the Tribunal.
19.-(1) In every proceeding before the Tribunal the appellant may appear in person or be represented by a person registered as market intermediary, tax consultant, accountant, auditor or advocate, and the Authority may be represented by a person duly authorized in that behalf (2) The Registrar shall issue a summons to appear and the party served with a summons shall endorse each copy of the summons and submit one copy to the Tribunal. - 20 Verify source ↗
(1) Where, at the scheduled time the date fixed for
AI-assisted research summary: If the appellant does not appear at the appeal hearing and the respondent does appear, the Tribunal may dismiss the appeal unless it adjourns the hearing. If dismissed, the appellant cannot re-institute the appeal.
20.-(1) Where, at the scheduled time the date fixed for hearing of an appeal, the appellant does not appear but the respondent appears, and it is proved that the notice of hearing was duly served but the appellant failed to appear for no justifiable cause, the appeal may be dismissed, unless the Tribunal deems fit to adjourn the hearing. (2) Where the appeal has been dismissed pursuant to sub rule (1), the appellant shall be barred from re-instituting the appeal. Where respondent does not appear - 21 Verify source ↗
Where, at the scheduled time and the date fixed for
AI-assisted research summary: If the appellant appears at the scheduled appeal hearing and the respondent does not, the appellant may apply to proceed ex parte if the notice was duly served and the non-appearance was without justifiable cause.
21. Where, at the scheduled time and the date fixed for hearing of an appeal, the appellant appears and the respondent does not, and it is proved that the notice was duly served but the respondent failed to appear for no justifiable cause, the appellant 10 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules may apply to proceed ex parte. Where neither party appears - 22 Verify source ↗
Where neither party appears at the hearing of an
AI-assisted research summary: If neither party appears at an appeal hearing without a justifiable cause, the Tribunal may dismiss the appeal or review the matter on documents.
22. Where neither party appears at the hearing of an appeal for no justifiable cause, the Tribunal may make an order dismissing the appeal or proceed to review the matter by way of review of documents and inform the parties accordingly. Setting aside ex parte decision Proceedings of Tribunal - 23 Verify source ↗
(1) Where an ex parte decision is made against a
AI-assisted research summary: A respondent may ask the Tribunal to set aside an ex parte decision, but the request must be made within the stated time limits and on the required form.
23.-(1) Where an ex parte decision is made against a respondent, he may apply to the Tribunal, within thirty days from the date of the decision, for an order to set it aside the expert decision upon satisfaction that sufficient cause exists for the respondent’s non-appearance, shall fix another date for hearing. (2) The application to set aside an ex parte decision shall be made- (a) by filing CMT Form No. 6 stet as set out in the Eighth Schedule to these Rules; and (b) within five days from the date on which the decision was communicated to the respondent. PART V PROCEEDINGS OF THE TRIBUNAL
Part
PART V
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Notice to parties to attend hearing
AI-assisted research summary: This section is about notice to parties to attend a hearing.
29. Notice to parties to attend hearing. - 30 Verify source ↗
Tribunal may call for expert opinion
AI-assisted research summary: The Tribunal may call for expert opinion.
30. Tribunal may call for expert opinion. - 38 Verify source ↗
Assistance in execution of orders etc. of tribunal
AI-assisted research summary: Section 38 concerns assistance in executing tribunal orders.
38. Assistance in execution of orders etc. of tribunal. - 39 Verify source ↗
Account of Tribunal
AI-assisted research summary: This provision is titled “Account of Tribunal” and appears in Part VI on appeals to the Court of Appeal.
39. Account of Tribunal. PART VI APPEALS TO THE COURT OF APPEAL - 24 Verify source ↗
(1) Subject to the provisions of the Act and these
AI-assisted research summary: The Tribunal controls its own procedure, should keep proceedings as informal as possible, is not bound by strict evidence or court rules, may set practice and procedure when the Rules are silent, may close a hearing in limited cases, and may take extra evidence on oath.
24.-(1) Subject to the provisions of the Act and these Rules, the procedure of the proceedings before the Tribunal, shall be in the discretion of the Tribunal. (2) The proceedings before the Tribunal shall be conducted with as little formality and technicality as possible and, in relation thereto, the Tribunal shall not be bound by strict rules of evidence or court procedures. (3) Where these Rules are silent in relation to any particular practice or procedure, the proceedings of the Tribunal shall be conducted in accordance with such rules of practice and procedure as the Tribunal may specify. (4) The hearing before the Tribunal shall be open to the public unless the Tribunal, at the request of either party, or on its own motion, may directs that the hearing be closed to the public. (5) For the purposes of proceedings before the Tribunal, 11 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules the Tribunal may take additional evidence on oath, either orally or by affidavit, as it shall deem fit. Sitting of Tribunal - 25 Verify source ↗
The sitting of the Tribunal shall be in Dar es Salaam
AI-assisted research summary: The Tribunal must sit in Dar es Salaam Region, but it may sit elsewhere in the United Republic if it considers that necessary.
25. The sitting of the Tribunal shall be in Dar es Salaam Region, Provided that, the Tribunal may sit at any other location in the United Republic were it deem necessary to do so. Quorum - 26 Verify source ↗
(1) Three members of the Tribunal shall form a
AI-assisted research summary: Three Tribunal members make a quorum for an appeal, the Chairman normally presides, and the majority decision is recorded as the Tribunal’s decision.
26.-(1) Three members of the Tribunal shall form a quorum at the determination of an appeal. (2) The Proceedings shall be presided over by the Chairman (3) Notwithstanding sub-rule (2), where the Chairman is absent, the members present shall appoint a member amongst themselves to preside. (4) At any sitting to determine an appeal the decision of the majority of the members present shall be recorded as the decision of the Tribunal, provided that- (a) a member who dissents from the decision shall be entitled to a dissenting opinion and the reasons thereof recorded in the minutes of the proceedings of the appeal; and (b) the Chairman shall not be bound by the opinion of any member, but if he disagrees with the opinion of any member, he shall record the opinion of such member or members differing with him and the reasons for his disagreement. - 27 Verify source ↗
(1) The records of proceedings on appeal shall be
AI-assisted research summary: The Tribunal’s appeal records must be written down by the Chairman or an authorized person, and the records of Tribunal proceedings must be signed by the Chairman and members present.
27.-(1) The records of proceedings on appeal shall be taken down in writing by the Chairman of the Tribunal or by any person authorized to do so, in the form to be decided upon by the Chairman. (2) The records of every proceedings of the Tribunal shall be signed by the Chairman and the Members present. (3) Without prejudice to sub-rule (1), the proceedings of appeal at the hearing of an appeal may be recorded in shorthand or by mechanical means or electronic means and if certified by the Tribunal be deemed to be a true record of such proceedings. 12 Record of proceedings GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules Review before Tribunal - 28 Verify source ↗
(1) A party who is aggrieved by the decision of the
AI-assisted research summary: A party aggrieved by a Tribunal decision may seek review in writing, but must give the Registrar notice within 7 days and lodge the review application within 10 days of the notice; the Tribunal may reject a non-compliant application, and a qualifying party may appeal to the Court of Appeal of Tanzania within 45 days after the verdict on appeal or review.
28.-(1) A party who is aggrieved by the decision of the Tribunal may apply in writing to the Tribunal for a review of its decision. (2) A party intending to apply for a review shall issue a written notice to the Registrar, within seven days upon delivery of the verdict, of his intention to seek redress by way of review before the Tribunal. (3) The application for review shall: (a) be lodged with the Tribunal within ten days from the date of issuance of the Notice of intention to apply for review of the decision of the Tribunal; and (b) state points of law or facts that if properly considered could have led to a contrary findings or verdict. (4) Failure to comply with the requirements set under this rule shall warrant the Tribunal to reject the application. (5) A person who was a party to the matter before the Tribunal and who is aggrieved by the decision of the Tribunal may, upon pronouncement of a verdict for an appeal or review by the Tribunal, appeal to the Court of Appeal of Tanzania within forty five days. Notice to parties to attend hearing - 29 Verify source ↗
(1) After submission of all the required statements by
AI-assisted research summary: After the required statements are submitted, the Registrar must issue a 14-day hearing notice to the parties.
29.-(1) After submission of all the required statements by the parties, the Registrar shall issue a 14 days’ notice of hearing to the parties. (2) The notice of hearing shall: (a) specify the date, time and place of hearing; and (b) be signed by the Registrar and served upon the parties using CMT Form No. 4(a) as set out in the Fifth Schedule to these Rules. (3) A person served with a notice of hearing shall endorse each copy of the notice and return a copy to the Registrar. (4) Endorsement of notice by the person served shall be sufficient proof of service. Tribunal may call for expert opinion - 30 Verify source ↗
(1) The Tribunal may summon any person to attend
AI-assisted research summary: The Tribunal may summon people to hearings for expert opinion and documents when needed, the Registrar must issue and sign the summons, and summoned witnesses are entitled to travel-expense allowance at a rate set by the Tribunal.
30.-(1) The Tribunal may summon any person to attend at the hearing and give expert opinion including production of any document, if it believes that such opinion is necessary for judicious disposition of a matter preferred before it. 13 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules Tribunal may call witnesses \ Decision (2) The summons to appear shall be issued and signed by the Registrar consistent with CMT Form No.4 (b), as set out in the Sixth Schedule to these Rules. (3) A person who is summoned as a witness by the Tribunal shall be entitled to an allowance to defray traveling expenses at the rate to be determined by the Tribunal. - 31 Verify source ↗
(1) Notwithstanding the preceding provisions of
AI-assisted research summary: The Tribunal may call witnesses for extra evidence, and if a witness is called at a party’s request, the party who benefits from the witness must pay the cost. The respondent is also allowed to make submissions with relevant evidence after the appellant’s submissions and evidence.
31.-(1) Notwithstanding the preceding provisions of these Rules, the Tribunal may, on application by either party or on its own motion, call witnesses for such additional evidence as it may deem necessary. (2) Where the witness is called upon the application by the party, a party whom the witness is to testify for shall bear the cost. (3) At the conclusion of the submission and of any evidence on behalf of the appellant, the respondent shall be allowed to make his submissions, supported by such relevant evidence as may be necessary. - 32 Verify source ↗
(1) The Tribunal shall, upon completion of the
AI-assisted research summary: The Tribunal must decide the case within 45 days after the hearing ends, and its decision must be written, signed, announced in the parties’ presence, and include reasons and any remedies. The Registrar must provide certified copies to the parties within 7 days after the decision is delivered, and the Chairman or Registrar may certify and furnish copies of decisions or decrees for that purpose.
32.-(1) The Tribunal shall, upon completion of the hearing, give its decision within forty five days. (2) The decision of the Tribunal shall: (a) be in writing and signed by all members forming the panel; (b) be pronounced in the presence of the parties or their advocates or representatives; and (c) state the reasons for the decision and the remedies granted, if any. (3) Upon delivery of the decision by the Tribunal, the Registrar shall, within seven days from the date of delivery of the decision avail the parties certified copies of the decision. (4) For the purpose of subrule (3), the Chairman or the Registrar, as the case may be, or their successors in office, may certify copies of decision or decree of the Tribunal and furnish such copies to the parties. Disposal by written submissions - 33 Verify source ↗
(1) Where the nature of appeal permits, the Tribunal
AI-assisted research summary: If the appeal can be handled on written submissions, the Tribunal may order that process. The appellant must lodge the statement of appeal, may need to file a reply within 14 days after receiving the respondent’s response, and the Tribunal must decide within 40 days of the appeal being instituted.
33.-(1) Where the nature of appeal permits, the Tribunal may order that the appeal be disposed of by way of written submissions. 14 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules (2) Where the Tribunal orders for an appeal to be disposed of by way of written submissions the appellant shall- (a) lodge his statement of appeal with the Tribunal and the Tribunal shall serve a copy of the same to the respondent; and (b) file his reply to the response of the respondent, if any, within fourteen days from the date of receipt of the response. (3) The provisions of rules 35, 36 and 37 shall apply with regard to delivery of the decision of the Tribunal. (4) The Tribunal shall review the submissions filed by the parties, deliberate on the evidence produced and give its decision within forty days from the date of institution of the appeal. Consolidation of appeals. - 34 Verify source ↗
The Tribunal may, where it deems fit, order any two
AI-assisted research summary: The Tribunal may, if it thinks fit, order two or more appeals to be consolidated, heard or reviewed together, or stayed until one is decided.
34. The Tribunal may, where it deems fit, order any two or more appeals to be- (a) (b) (c) consolidated on such terms as it thinks just; heard or reviewed at the same time or one immediately after the other; or stayed until after determination of any one of them. Contents of decision - 35 Verify source ↗
The decision of the Tribunal shall be in writing and
AI-assisted research summary: The Tribunal must issue its decision in writing and include the appeal description, outcome, reasons, any relief or remedy, and an order on costs.
35. The decision of the Tribunal shall be in writing and contain: (a) (b) a brief description of the nature of the appeal; affirmation or varying or setting aside the decision of the Authority; (c) the reasons for the decision; (d) the relief or remedy, if any, to which the parties are entitled; and (e) an order as to costs. Decree - 36 Verify source ↗
(1) A decree shall be extracted from the decision and
AI-assisted research summary: A decree must be prepared from the decision and signed by the Chairman or Registrar (or their successors).
36.-(1) A decree shall be extracted from the decision and be signed by the Chairman or the Registrar, as the case may be, or their successors, in office. (2) The decree shall agree with the decision and contain the number of the appeal, the names and description of the parties, particulars of the claim and specify the relief granted or 15 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules other determination of the appeal. (3) The Tribunal may direct that the costs payable to one party by the other shall be set off against any sum which is admitted or found to be due from the former to the latter. (4) The decree shall bear the date of the day on which the decision was pronounced and when the Chairman or Registrar as the case may be or their successors in office, has satisfied himself or herself that the decree has been drawn up in accordance with the decision, sign the decree. - 37 Verify source ↗
(1) The decision of the Tribunal shall be enforced by
AI-assisted research summary: A Tribunal decision is enforced by a written application in Form CMT No. 6, after which the Chairman or Registrar issues an order authorizing execution.
37.-(1) The decision of the Tribunal shall be enforced by submitting a written application to the Tribunal in Form CMT No. 6 and the Chairman or Registrar, thereafter issue an order authorizing execution. (2) Execution of the decree or order issued by the Tribunal shall be in accordance with the provision of the Civil Procedure Code or any other law. (3) The application for execution shall be made upon expiry of thirty days from the date on which the decision of the Tribunal was made. Execution of decision Cap.33 Assistance in execution of orders etc. of court - 38 Verify source ↗
For the purpose of rule 38 the Tribunal shall have
AI-assisted research summary: The Tribunal is entitled to the same assistance as an ordinary court in Tanzania when carrying out its lawful processes, orders, rules, decrees, or commands.
38. For the purpose of rule 38 the Tribunal shall have such assistance in carrying out its lawful processes, orders, rules, decrees, or commands as is available to an ordinary court in Tanzania. Account of Tribunal - 39 Verify source ↗
There shall be established an account of the Tribunal
AI-assisted research summary: An account of the Tribunal must be established for depositing money related to the Tribunal’s operations and functions under these Rules.
39. There shall be established an account of the Tribunal into which all monies in relation to the operation and functions of the Tribunal under these Rules shall be deposited. PART VI APPEALS TO THE COURT OF APPEAL Appeals from decision of Tribunal
Part
PART VI
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Application of Court of Appeal rules
AI-assisted research summary: This section is titled “Application of Court of Appeal rules.”
41. Application of Court of Appeal rules. _________ SCHEDULES _________ 2 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules THE CAPITAL MARKETS AND SECURITIES ACT, (CAP. 79) ______ RULES ______ (Made under section 136J) ________ THE CAPITAL MARKETS AND SECURITIES TRIBUNAL RULES, 2023 PART I PRELIMINARY PROVISIONS Citation - 40 Verify source ↗
A person who is aggrieved with the decision of the
AI-assisted research summary: An aggrieved person may appeal to the Court of Appeal of Tanzania within 30 days of the Tribunal’s decision.
40. A person who is aggrieved with the decision of the Tribunal may lodge an appeal to the Court of Appeal of Tanzania within thirty days from the date of the decision. Application of Court of Appeal Rules - 41 Verify source ↗
Without prejudice to the preceding provisions with
AI-assisted research summary: Petitions of appeal to the Court of Appeal of Tanzania must follow the Court of Appeal Rules, 2019.
41. Without prejudice to the preceding provisions with regarding appeals to the Court of Appeal of Tanzania, the 16 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules GN. No. 344 of 2019 procedure for lodging a petition of appeal to the court of appeal of Tanzania shall be in accordance with the Court of Appeal Rules, 2019. __________ FIRST SCHEDULE __________ (Made under rule 9(3)) __________ THE CAPITAL MARKETS TRIBUNAL FEES Particulars Amount in Shs. Lodging notice of appeal Lodging statement of appeal Lodging statement of reply Lodging additional statement Application for execution of decree or order Application for extension of time to appeal Perusal fee On option to join as co-appellant to the proceedings Application for Amendment of Statement of Appeal Notification for withdrawal of appeal Application to set aside ex parte decision On option to join as co-appellant to the proceedings Service of Judgment, Proceedings etc., 50,000.00 200,000.00 50,000.00 100,000.00 30,000.00 50,000.00 40,000.00 200,000.00 100,000.00 3,000,000.00 1,500,000. 00 200,000. 00 50,000.00 S/N - 13 Verify source ↗
Section 13
AI-assisted research summary: This provision reproduces appeal form templates for the tribunal, including a notice of intention to appeal and the beginning of a statement of appeal.
13. 17 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules __________ SECOND SCHEDULE __________ (Made under rule 9(2)(b)) CMT FORM No.1 IN THE CAPTIAL MARKETS TRIBUNAL AT __________________________________________ In the matter of the intended APPEAL NO. _______________OF_________________ BETWEEN _______________________________________________________________APPELLANT AND ______________________________________________________________RESPONDENT NOTICE OF INTENTION TO APPEAL TAKE NOTICE that _______________________________________ (Appellant’s name) of P.O Box, __________________Physical Address: ________________________________ Tel:________________________being aggrieved by the decision of ______________________________(the Respondent’s name) made on the __________day of _______ 20______ regarding___________________________________________________intends to appeal against the whole /part of the decision. Appellant’s Signature ______________________Dated this _______day of ______________________ 20 __________________ Signed by: _____________________________________________________________________ (the Appellant/Legally Authorized representative). OR Signature____________________________ dated this __________day of _____________20 ______________ 18 Capital Markets and Securities Tribunal Rules GN. NO. 649 (Contd) FOR OFFICIAL USE ONLY (REGISTRY) Received this the ________________________at (AM/PM) Registry by _______________day of_____________20 Name: _________________________________________Designation________________________ ___________________ Signature_______________________________________ stamp_________________________________________ Official ___________ THIRD SCHEDULE __________ (Made under rule 11(2)) CMT FORM No.2 IN THE CAPITAL MARKETS TRIBUNAL AT __________________________________________ In the matter of the intended APPEAL NO. _______________OF_________________ BETWEEN _________________________________________________APPELLANT AND _________________________________________________RESPONDENT STATEMENT OF APPEAL - 1 Verify source ↗
PARTICULARS OF THE APPELLANT
AI-assisted research summary: This section asks the appellant to provide contact and address details.
1. PARTICULARS OF THE APPELLANT (a) Name:_______________________________________________________________ 19 Capital Markets and Securities Tribunal Rules GN. NO. 649 (Contd) ___ (b) Postal ____________________________________________________________ (c) City, Municipality, _____________________________________________________ address Town (d) Telephone No:______________________________________________________________ (e) Fax No:___________________________ E-mail address:____________________________ - 2 Verify source ↗
Section 2
AI-assisted research summary: This section is for stating the facts supporting an appeal.
2. STATEMENT OF FACTS SUPPORTING THE APPEAL (If space provided is not adequate, attach as many additional pages as needed for the statements) ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ 20 Capital Markets and Securities Tribunal Rules GN. NO. 649 (Contd) _________________________ - 3 Verify source ↗
Section 3
AI-assisted research summary: This section is a form prompt asking for the grounds or reasons for an appeal.
3. GROUNDS/ REASONS FOR THE APPEAL ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ________________________________________ - 4 Verify source ↗
LIST OF DOCUMENTS OR ITEMS TO BE PRODUCED BEFORE THE CM
AI-assisted research summary: This section lists the documents or items that must be produced before the CM Tribunal and attached to the Statement of Appeal.
4. LIST OF DOCUMENTS OR ITEMS TO BE PRODUCED BEFORE THE CM TRIBUNAL (Give brief description of each document or items attached to the Statement of Appeal and number them accordingly :) S/N Number of Description Source/Author Document/Appendix 21 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules - 5 Verify source ↗
Section 5
AI-assisted research summary: List the remedies, reliefs, or claims sought and number them consecutively.
5. REMEDIES/RELIEFS/CLAIMS SOUGHT: (number them consecutively) - 5 Verify source ↗
1 __________________________________________________________
AI-assisted research summary: 5.1 __________________________________________________________
5.1 __________________________________________________________ - 5 Verify source ↗
2 _________________________________________________________
AI-assisted research summary: 5.2 _________________________________________________________
5.2 _________________________________________________________ - 5 Verify source ↗
3 _________________________________________________________
AI-assisted research summary: 5.3 _________________________________________________________
5.3 _________________________________________________________ - 5 Verify source ↗
4 _________________________________________________________
AI-assisted research summary: 5.4 _________________________________________________________
5.4 _________________________________________________________ - 5 Verify source ↗
5 _________________________________________________________
AI-assisted research summary: 5.5 _________________________________________________________
5.5 _________________________________________________________ - 5 Verify source ↗
6 _________________________________________________________
AI-assisted research summary: 5.6 _________________________________________________________
5.6 _________________________________________________________ - 5 Verify source ↗
7 _________________________________________________________
AI-assisted research summary: 5.7 _________________________________________________________
5.7 _________________________________________________________ - 5 Verify source ↗
8 _________________________________________________________
AI-assisted research summary: 5.8 _________________________________________________________
5.8 _________________________________________________________ - 5 Verify source ↗
9 __________________________________________________________
AI-assisted research summary: 5.9 __________________________________________________________
5.9 __________________________________________________________ - 5 Verify source ↗
10 ________________________________________________________
AI-assisted research summary: This section is a witness-particulars form for a tribunal filing, with spaces for names, designation, address, signatures, and registry receipt details.
5.10 ________________________________________________________ 6 PARTICULARS OF WITNESS S/N NAME DESIGNATION ADDRESS this________________________________ day of ___________________ 20 Dated _______________ Name: ____________________________________________________________ Designation: ______________________________________________________ Signed by: _____________________________ (the Appellant/Legally Authorized representative). FOR OFFICIAL USE ONLY (REGISTRY) Received ________________________at (AM/PM) the Registry by this _______________day of_____________20 22 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules Name:_________________________________________Designation___________________ ________________________ Signature_______________________________________ stamp_________________________________________ Official - 7 Verify source ↗
COPY OF THE STATEMENT OF APPEAL TO BE SERVED UPON
AI-assisted research summary: This is a form section for serving a copy of the statement of appeal, with spaces to fill in the recipient’s details and signature.
7. COPY OF THE STATEMENT OF APPEAL TO BE SERVED UPON: Name: __________________________________________ Address: _______________________________________ Tel: _________________________________________ Date: __________________________________________ Signature of the recipient: __________________________ Designation: _____________________________________ Official stamp ___________________________________ 23 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules __________ FOURTH SCHEDULE __________ (Made under rule 12(3))CMT FORM No.3 IN THE CAPITAL MARKETS TRIBUNAL AT __________________________________________ In the matter of the intended APPEAL NO. _______________OF_________________ BETWEEN _________________________________________________APPELLANT AND _________________________________________________RESPONDENT REPLY TO THE STATEMENT OF APPEAL - 1 Verify source ↗
Section 1
AI-assisted research summary: This section is a form requesting the respondent’s details and reply to the statement of appeal.
1. PARTICULARS OF THE RESPONDENT Name: _____________________________________________ Postal address: _______________________________________ Physical Address: ______________________________________ City, Municipality, Town: ________________________________ Telephone No:_________________________________________ Fax No. ______________________________________________ E-mail address:_________________________________________ REPLIES TO THE STATEMENT OF APPEAL - 2 Verify source ↗
Section 2
AI-assisted research summary: If the space provided is not enough, attach additional pages and deal with each ground of appeal in the same order as the appellant presents them.
2. (If the space provided is not adequate, attach as many additional pages as needed for the statements. Ensure you address each of the grounds of appeal in the same order as presented by the Appellant) 24 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ _________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ 25 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules ___________________________________________________________________________ ___________________ - 3 Verify source ↗
Section 3
AI-assisted research summary: This section is a heading for a tribunal document list to be produced before the CM, with space to briefly describe each attached document or item and number the appendices.
3. TRIBUNAL LIST OF DOCUMENTS OR ITEMS TO BE PRODUCED BEFORE THE CM (Give a brief description of each document or items attached to the Statement of Reply and number Appendix No. them accordingly ) Subject Date Source/Author - 4 Verify source ↗
REPLY TO THE REMEDIES SOUGHT
AI-assisted research summary: Section heading: “Reply to the remedies sought.”
4. REPLY TO THE REMEDIES SOUGHT _________________________________________________________ ________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ - 5 Verify source ↗
Section 5
AI-assisted research summary: This section is a form for listing witness details and signing the document.
5. PARTICULARS OF WITNESSES S/N Name Designation Address Dated ________________________________20____________________ ________day this of 26 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules __________________________________ Designation: Name: ___________________________ Signed by: _____________________________ representative). (the Respondent/Legally Authorized FOR OFFICIAL USE ONLY: Received by theRegistry on the __________day of __________20_____at______ (AM/PM) Name: ___________________________________Designation:_____________________ Signature: ________________________________________________________________ Official stamp_____________________________________________________________ - 6 Verify source ↗
SERVICE OF THE COPY OF THE STATEMENT OF REPLY UPON
AI-assisted research summary: This section provides tribunal notice forms and says parties and witnesses must appear at the Capital Markets Tribunal when required.
6. SERVICE OF THE COPY OF THE STATEMENT OF REPLY UPON: Name: _______________________________________ Address: _____________________________________ Physical Address:______________________________ Date: _______________________________________ Signature:_____________________________________ Designation: ___________________________________ Official stamp:__________________________________ 27 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules __________ FIFTH SCHEDULE __________ (Made under rule 12(5), 29(2) CMT FORM No.4 (a) IN THE CAPITAL MARKETS TRIBUNAL AT __________________________________________ In the matter of the intended APPEAL NO. _______________OF_________________ BETWEEN _________________________________________________APPELLANT AND _________________________________________________RESPONDENT NOTICE FOR PARTIES TO APPEAR TO: ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ______________________________ TAKE NOTICE that the above appeal will be heard by the Capital Markets Tribunal (CM Tribunal) on the_______________ day of _________________________20________at (time) ____________(AM/PM) at (venue and physical address)____________________________________________________________________ ___________________________________________________________________________ ____________________ You are required to appear on scheduled time before the CM Tribunal and bring witness with you, if any. If you do not appear in person without notice or by any person legally authorized by you to act on your behalf, the appeal may be dismissed or heard and decided in your absence. 28 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules Signed and issued by the CM Tribunal this ________day of_________________20_______________ Name: _______________________________________ Designation ______________________________ Signature: ______________________________________ Official Stamp: __________________________________ ACKNOWLEDGEMENT OF RECEIPT OF NOTICE Name: _____________________________________Address:_______________________________ ____ Signature: __________________________________Designation:___________________ Date: ______ ___________ SIXTHS CHEDULE __________ (Made under rule 12(6)) and 30 (2) ___________ CMT FORM No.4 (b) IN THE CAPITAL MARKETS TRIBUNAL AT ____________________________________ In the matter of the intended APPEAL NO___________ OF ___________________ BETWEEN ________________________________________________________APPELLANT ______________________________________________________RESPONDENT AND 29 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules NOTICE OF A WITNESS/EXPERT TO APPEAR To: ______________________________________________________ ______________________________________________________ ______________________________________________________ ______________________________________________________ Whereas your attendance is required as a witness/ an expert witness on behalf of the CM Tribunal during the hearing of the above appeal. By this notice, You are required toappear before the CM Tribunal on the ________day of ______________20 ______at_____ O’clock at (venue and physical address)__________________________________________________ You are required to bring with you or send the following books, documents or items to the CM Tribunal. (a) ________________________________________________ (b) ________________________________________________ (c) ________________________________________________ (d) ________________________________________________; or (e) any other relevant material as your evidence. by the and Issued Signed of_______________________20_____. Name: __________________________ Signature:_______________________________ Official Stamp:_________________________ CM _________________________________ Tribunal this _________day Designation: ACKNOWLEDGEMENT OF SERVICE OF NOTICE BY THE WITNESS Full Name:____________________________________________________ Address:______________________________________________________ Tel:_________________________________________________________ Signature:____________________________________________________ Designation:__________________________________________________ Date:________________________________________________________ 30 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules ______________ SEVENTH SCHEDULE _______________ (Made under rule 14(3) CMT FORM No.5 IN THE CAPITAL MARKETS TRIBUNAL AT __________________________________________ In the matter of the intended APPEAL NO. _______________OF_________________ BETWEEN _________________________________________________APPELLANT AND _________________________________________________RESPONDENT APPLICATION FOR EXTENSION OF TIME - 1 Verify source ↗
PARTICULARS OF THE APPLICANT
AI-assisted research summary: This section is a form asking the applicant to provide basic identification and contact details.
1. PARTICULARS OF THE APPLICANT (a) Name:________________________________________________ (b) Nature of business:______________________________________ (c) Postal address:__________________________________________ (d) City, Municipality, Town:__________________________________ (e) Telephone No. ___________________________________________ (f) Fax No:___________________ E-mail address:___________________ To: ______________________________________________________ ______________________________________________________ ______________________________________________________ ______________________________________________________ 31 Capital Markets and Securities Tribunal Rules GN. NO. 649 (Contd) - 2 Verify source ↗
STATEMENT OF FACTS
AI-assisted research summary: This form is for an applicant to ask the Tribunal for more time to file an appeal.
2. STATEMENT OF FACTS of on the out time appeal The above named Applicant intends to apply to this Tribunal for an extension of time to file an following ground(s____________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ _________________________ The Applicant wishes to attach the following documents to support their application (attach if any) (a) _____________________________________________________________ __ (b) _____________________________________________________________ __ (c) _____________________________________________________________ __ (d) _____________________________________________________________ __ (e) _____________________________________________________________ __ 32 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules Dated at______________________________this__________of__________________20_________ _ Name:______________________________________Designation:______________________ ______ Signature: representative) _______________________________(the Respondent/legally Authorized FOR OFFICIAL USE ONLY: Received by the Registry on the __________day of __________20_____at______(AM/PM) Name: ___________________________________Designation:_____________________ Signature: ________________________________________________________________ Official stamp:_____________________________________________________________ 33 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules _________ EIGHTH SCHEDULE _________ (Made under rule 23(2)(a)) CMT FORM No.6 IN THE CAPITAL MARKETS TRIBUNAL AT ____________________________________ In the matter of the intended APPEAL NO___________ OF ___________________ BETWEEN ________________________________________________________APPELLANT AND ______________________________________________________RESPONDENT APPLICATION TO SET ASIDE EXPARTE DECISION - 1 Verify source ↗
PARTICULARS OF THE APPLICANT
AI-assisted research summary: This section is a form asking for the applicant’s particulars.
1. PARTICULARS OF THE APPLICANT. Name:________________________________________________ Postal address:_________________________________________ Physical Address:_______________________________________ City, Municipality, (a) (b) (c) (d) Town:_________________________________ (e) Telephone No:_______________ Fax No:___________________ (f) _______________________________________ E-mail address: To: ______________________________________________________ ______________________________________________________ ______________________________________________________ ______________________________________________________ 34 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules - 2 Verify source ↗
Section 2
AI-assisted research summary: This is a tribunal application form section for a respondent/applicant to ask the Tribunal to set aside an ex parte decision.
2. STATEMENT OF FACTS The above named Applicant being the Respondent in the Dispute between _______________________________ and____________________________ of P.O. BOX ________________________________with regard to (issue in dispute) No.____ with regard to ____________________________________________applies to this Tribunal to set aside its exparte decision delivered on the __________day of______________________20___________on the following grounds: (a) (b) (c) (d) (e) _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ The Applicant wishes to attach the following documents to support their application (attach if any) (a) ________________________________________________ (b) ________________________________________________ (c) ________________________________________________ (d) ________________________________________________ (e) ________________________________________________ Dated at______________________________this__________of__________________20_________ _ Name:______________________________________Designation:______________________ ______ Signature: representative) _______________________________(the Respondent/legally Authorized - 3 Verify source ↗
FOR OFFICIAL USE ONLY
AI-assisted research summary: This is an official-use registry receipt section with spaces for recording the date, time, name, designation, signature, and official stamp.
3. FOR OFFICIAL USE ONLY: Received by the Registry on the __________day of __________20_____at______(AM/PM) Name: ___________________________________Designation:_____________________ Signature: ________________________________________________________________ Official stamp:_____________________________________________________________ 35 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules - 4 Verify source ↗
COPY OF THE APPLICATION TO BE SERVED UPON
AI-assisted research summary: This section is a form for a copy of the application to be served, with blanks for the recipient’s name, address, date, signature, designation, and official stamp.
4. COPY OF THE APPLICATION TO BE SERVED UPON: Name: __________________________________________ Address: _______________________________________ Date: _________________________________________ Signature of the recipient:__________________________ Designation:_____________________________________ Official stamp ___________________________________ Dodoma, 21st August, 2023 MUSTAFA ISMAIL KAMBONA Chairman of the Tribunal 36
Part
PART I
- 1 Verify source ↗
These Rules may be cited as the Capital Markets and
AI-assisted research summary: These Rules may be cited as the Capital Markets and Securities Tribunal Rules, 2023.
1. These Rules may be cited as the Capital Markets and Securities Tribunal Rules, 2023. Interpretation Cap. 79 Cap. 79 - 2 Verify source ↗
In these Rules, unless the content requires otherwise
AI-assisted research summary: This section defines key terms used in the Rules, including Act, applicant, appellant, Authority, Chairman, member, market intermediary, Minister, Registrar, respondent, and Tribunal.
2. In these Rules, unless the content requires otherwise- “Act” means the Capital Markets and Securities Act; “applicant” means any person who institutes an application before the Tribunal; “appellant” means any person who institutes an appeal before the Tribunal; “Authority” means has the meaning ascribed to it under section 6 of the Act; “Chairman” means the Chairman appointed under section 136B (a) of the Act; “member” means the Chairman and other members of the Tribunal appointed in accordance with section 136B of the Act; “market intermediary” has the meaning ascribed to it under section 2 of the Act; “Minister” means the Minister responsible for finance; “Registrar” means the Registrar of the Tribunal; “respondent” means any person against whom an appeal or an application as the case maybe is instituted; “Tribunal” means the Capital Markets Tribunal established by section 136A of the Act. 3 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules PART II COMPOSITION AND FUNCTIONS OF THE TRIBUNAL Composition of Tribunal Conflict of interest
Part
Schedule to these Rules;
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(1) The Registrar shall, upon receipt of a notice of
AI-assisted research summary: The Registrar must date-stamp and record a notice of intention to appeal when it is received, and the appellant must serve a copy of the endorsed notice on the respondent and other affected parties.
10.-(1) The Registrar shall, upon receipt of a notice of intention to appeal, endorse on it the date on which it was received and thereafter enter or cause to be entered into the register, all relevant particulars as may be necessary to identify such appeal. (2) The appellant shall cause a copy of the endorsed notice of intention to appeal to be served on the respondent and all parties who are, likely to be affected by the decision of the Tribunal. - 11 Verify source ↗
(1) An appeal to the Tribunal shall be instituted by
AI-assisted research summary: An appeal to the Tribunal must be filed by lodging a statement of appeal with the Registrar within 30 days, and the appeal must include the required supporting documents.
11.-(1) An appeal to the Tribunal shall be instituted by lodging a statement of appeal with the Registrar of the Tribunal within thirty days from the date of the decision of the Authority against whom the appeal is preferred. (2) The statement of appeal shall be in CMT Form No. 2 as set out in the Third Schedule to these Rules. (3) Every appeal shall be accompanied by all materials, which are necessary for the determination of the appeal. (4) Without prejudice to subrule (2), the appeal shall be 6 Endorsement and service of notice of intention to appeal Contents of appeal Capital Markets and Securities Tribunal Rules GN. NO. 649 (Contd) accompanied by- Receipt of appeal and notification of parties (a) a certified copy of the decision of the Authority; (b) a certified copy of the proceedings by the Authority; (c) a copy of the notice of intention to appeal; (d) a statement of appeal; and (e) any other material documents which the appellant may consider necessary for the proper determination of the appeal. (5) For the purpose of subrule (4)(b), proceedings shall not necessarily include exhibits and annexures presented during the hearing of the matter at the level of the Authority. (6) The Tribunal may require that annexures and exhibits presented during the hearing of the matter at the level of the Authority be presented. - 12 Verify source ↗
(1) On receipt of the appeal, the Registrar shall
AI-assisted research summary: The Registrar must endorse and circulate an appeal, the respondent must reply within 14 days, and affected parties may join or observe in some cases.
12.-(1) On receipt of the appeal, the Registrar shall endorse the date of receipt of the statement of appeal and send a copy of the appeal to the respondent together with a notification letter requiring the respondent to submit his reply within fourteen days from the date of receiving the notification. (2) Upon receipt of a notification letter and the statement of appeal, the respondent shall, within fourteen days from the date of receipt, file a written statement of reply to the Tribunal, addressing all the issues raised in the statement of appeal and submit all documents or information requested by the Tribunal, if any. (3) The statement of reply shall be in CMT Form No. 3 as set out in the Fourth Schedule to these Rules. (4) The statement under sub-rule (3) shall be accompanied by the statement of appeal and the statement of reply from the respondent and at this stage, any other party, which may be affected by the appeal proceedings, if any, shall have the right to join as a party to the proceedings or attend the hearing as an observer. (5) Where the procedure for determination of an appeal is by way of oral hearing, the Registrar shall fix the hearing date and notify all relevant parties through CMT Form No. 4(a), as set out in the Fifth Schedule to these Rules. (6) The Registrar shall notify the witnesses or experts 7 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules required for the appeal to appear for hearing through CMT Form No. 4(b), as set out in the Sixth Schedules to these Rules. (7) Where a person who may be affected by the appeal proceedings, opts to join as a party to the proceedings, he shall file a statement indicating his reasons for joining, if any, within five days from the date of receipt of the notification. Rejection of application by Registrar - 13 Verify source ↗
The Registrar shall, where the application for appeal
AI-assisted research summary: If an appeal application does not meet the Rules’ requirements, the Registrar must reject the appeal.
13. The Registrar shall, where the application for appeal has not complied with the requirements under these Rules, reject the appeal. Extension of time to institute appeal - 14 Verify source ↗
(1) Notwithstanding the rejection of an application
AI-assisted research summary: The Tribunal may extend the time for an appellant to appeal, if the appellant applies in writing, the respondent is heard, and the Tribunal considers it just and equitable.
14.-(1) Notwithstanding the rejection of an application for appeal in rule 13, the Tribunal may- (a) by a written application by the appellant; (b) where it deems just and equitable; and (c) upon the respondent being given an opportunity to be heard, by order, extend the period within which the appellant may institute an appeal to the Tribunal. (2) For the purpose of subrule (1) an application for an extension of time to lodge an appeal out of time shall be filed with the Tribunal within seven days from the date on which the appeal was due for filing. (3) The application for extension of time shall be in CMT Form No. 5, as set out in the Seventh Schedule to these Rules. - 15 Verify source ↗
(1) The Tribunal may, in its discretion strike out an
AI-assisted research summary: The Tribunal may strike out an appeal if a condition for starting the appeal was not met, and it must give reasons if it does so.
15.-(1) The Tribunal may, in its discretion strike out an appeal where it is satisfied that any condition regarding institution of an appeal has not been complied with. (2) Where an appeal is struck out pursuant to subrule (1), the Tribunal shall give reasons for striking out the appeal. (3) The striking out of appeal on any ground, shall not operate as a bar of institution of a fresh appeal in respect of the same matter, subject to the law of Limitation Act. Striking out appeal Withdrawal of appeal - 16 Verify source ↗
(1) An appellant may, at any time in the course of
AI-assisted research summary: An appellant may withdraw an appeal by filing a written notice with the Registrar, but not later than three days before the hearing date.
16.-(1) An appellant may, at any time in the course of hearing, but not later than three days before the hearing date, lodge a written notice to the Registrar that he does not intend to further proceed with the appeal. 8 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules (2) The appellant shall, before or within seven days after lodging the notice of withdrawal, serve copies of it on the respondent or any other party who may be affected by the lodged appeal, if any. (3) If the withdrawal is made at the time when the parties are in attendance, it shall be sufficient for the appellant to make an oral statement to that effect and the chairman of the panel shall record the statement. (4) The Tribunal may, upon receipt of the notice of withdrawal, grant the application, upon such terms as to costs or other conditions. (5) Where the appeal has been withdrawn, the Registrar shall immediately send to the respondent and to other parties a copy of the notice of withdrawal or a statement as recorded by the Chairman, pursuant to sub-rule (4), and may attach any document relating to the subject matter of the appeal. - 17 Verify source ↗
Notwithstanding the preceding provisions regarding
AI-assisted research summary: An applicant may withdraw an appeal by filing a written notice in the Tribunal registry before the hearing, and must serve copies on each respondent within the stated time window.
17. Notwithstanding the preceding provisions regarding admission of an application for appeal, an applicant may at any time after instituting his appeal and before the appeal is called on for hearing, lodge in the registry of the Tribunal a written notice that he does not intend to proceed with the appeal, Provided that, the applicant shall ensure that before or seven days after lodging the notice of withdrawal, he serves copies of it on each respondent. Summary withdrawal of appeal Amendment of statement of appeal - 18 Verify source ↗
(1) The Tribunal may, on its own motion or on
AI-assisted research summary: The Tribunal may allow an appeal statement to be amended, but the amended statement must be filed within five days, and the respondent may reply within five days after receiving it. The appellant may not raise new issues at the hearing unless they come from the respondent’s reply.
18.-(1) The Tribunal may, on its own motion or on application by a party to the proceedings order that the statement of appeal be amended in such manner as may be suitable and necessary for the determination of the appeal. (2) An order for amendment under subsection (1) shall be made- (a) in the case of a motion by the Tribunal, within reasonable time before the hearing date; or (b) in the case of a motion by the appellant, within seven days from the date of submission of the application for statement of appeal to be amended. (3) Where an order for amendment has been issued, the 9 GN. NO. 649 (Contd) Capital Markets and Securities Tribunal Rules amended statement of appeal shall be made in writing and filed with the Tribunal within five days from the date of the order for the amendment. (4) After the amended statement of appeal has been lodged with the Tribunal and a copy of the same served on the respondent, the respondent shall have the right to reply and that such right shall be exercised within five days from the date of receipt of the amended statement of appeal. (5) At the hearing of the appeal or review, the appellant shall not raise any new issues, which were not in the original written statement of appeal except where such new issues emanate from the respondent’s reply. PART IV APPEARANCE OF THE PARTIES Appearance and representation of parties Where appellant does not appear
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The Capital Markets and Securities Tribunal Rules, 2023
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