The Capital Markets Authority (CMA) of Uganda has today launched its first-ever Capital Markets Handbook, a comprehensive guide aimed at improving public understanding, investor protection, and market development within Uganda’s financial ecosystem.
Speaking at a joint press conference with the Uganda Securities Exchange (USE) at the Uganda Business Facilitation Centre, CMA Chief Executive Officer Mrs. Josephine Okui Ossiya underscored the Authority’s continued drive to build a transparent, well-regulated, and inclusive capital markets environment.
“This handbook is a testament to our commitment to transparency, investor education, and the development of a robust capital market in Uganda,” said Ossiya. “It will be an invaluable resource for issuers, investors, researchers, and the general public alike.”
A Tool for Education, Compliance, and Growth
According to CMA, the Capital Markets Handbook is designed to: educate and create awareness about capital market products and operations; serve as a reference for laws, regulations, and compliance requirements; promote broader participation in capital markets; enhance investor protection through information clarity and dispute resolution mechanisms.
Ossiya called on all stakeholders—from market participants to policymakers—to make full use of the handbook as a gateway to deeper engagement with Uganda’s capital markets.
Regulatory Breakthroughs Announced
In addition to the launch, CMA announced several regulatory advancements during the second quarter of 2025, aimed at fostering innovation and protecting investors:
Regulatory Sandbox Approved: The CMA Board has greenlit the Regulatory Sandbox Guidelines, allowing innovators to test financial technologies and capital-raising models in a controlled environment. The initiative is expected to spur creative financing solutions aligned with Uganda’s NDP IV and the Government’s Ten-Fold Program.
New CIS Regulations: The gazetting of the Collective Investment Scheme (Licensing) Regulations 2025 in May seeks to strengthen oversight of a sector that now boasts assets worth UGX 4.6 trillion. Draft rules for a CIS Compensation Fund have also been released for public input.
Dealer and Custodian Licensing: CMA granted dealer licenses to five commercial banks—DFCU, Housing Finance, Stanbic, ABSA, and Centenary Bank—joining Standard Chartered as licensed securities dealers. Centenary Bank was also licensed as a custodian.
First Credit Rating Agency Licensed: ICRA Credit Rating Agency becomes Uganda’s first to receive approval under CMA’s framework. The agency is expected to boost transparency and trust in corporate debt markets.
New Investment Products: SBG Securities Uganda was granted a Unit Trust Scheme License for its Fixed Income Dollar Fund, expanding the product mix available to investors.
Market Monitoring and Reassurance
CMA continues to monitor developments on the equities market, particularly in relation to MTN Uganda’s structural changes and the ongoing activity on the Umeme counter.
“We wish to assure the investing public that their investments in MTN remain safe,” said Ossiya, addressing investor concerns following MTN’s separation of its mobile money arm from the parent company.
A Vision for Inclusive Growth
Reaffirming the Authority’s mandate, Ossiya noted that CMA is focused on making capital markets work for all Ugandans.
“We are here to create opportunities—not just for seasoned investors, but for ordinary citizens, entrepreneurs, and business owners who need access to capital.”