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Uganda - Apply for Investment Advisors License

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Procedure[edit]

Apply In-person

  1. To apply for an investment advisor’s License, the applicant should visit the capital market head office with an application form in a prescribed manner specified by the Authority. Find their website on the following link Uganda Capital Markets
    • The Capital Markets Authority Act, 1996, Cap. 84, states that no person shall act as an investment adviser or hold himself or herself out to be an investment adviser unless he or she is the holder of an investment adviser’s license issued under Part IV of the Act.
  2. Applicants are required to collect and complete the prescribed application form, obtainable from the Capital Market Authority head office.
  3. Submit the completed form in all respect and all the relevant documents to the Capital market Authority. Any omission of the supporting documents will render the application process incomplete.
    • The law States that An application for a license or for the renewal of a license shall be made to the authority in the prescribed form and manner and shall be accompanied by the prescribed fee, to be paid in the manner specified by the authority and, in the case of an application for renewal of a license, shall be made not later than thirty days before the expiration of the license.
  4. Upon receipt of the application file, the capital Market receiving officer will verify if all the information and documentation are in order, before registering the application to be forwarded for assessment, processing, and consideration by the Capital Market Authority Licensing Board.
  5. The capital Market licensing board shall, within 45 days of receipt of an application, investigate and prepare a detailed report in respect of the application.
  6. Pay a non- refundable License application fee of five hundred thousand(500,000) shillings to the Capital Markets (Licensing) Board. In case of a broker’s license or a dealer’s license or an investment adviser’s license, and an annual licensing fee of one million five hundred thousand (1,500,000) shillings should be paid for a broker or a dealer or an investment adviser.
  7. If, after receipt of the application and payment is made, the Capital Market Authority is of the opinion that it requires further information to assess the application, it may, within 7 days from the date of receipt of the application and by written notice, request for further information from the applicant , as may be identified by the Capital Market Authority, and the notice shall:
    • Specify the information required from the applicant.
    • Specify the time within which the information or comments shall be submitted to the Capital market Authority.
    • Specify the date by which the Capital Market Authority intends to make a final decision on the application.
  8. The Authority shall consider an application and inform the applicant of its decision within 45 days after the application has been lodged, and where further information has been required, the 45 days shall start to run form the time of submission of the additional information. Under Sub regulation (2) if no decision has been made by the Authority within this period, the Authority shall immediately inform the Minister and the applicant of the reasons for the delay.
  9. The Authority shall notify the applicant, in writing, of its decision Within forty five days after the afore-mentioned period, the Capital Market Authority shall grant or refuse to grant the application, it shall state the reasons in such notice.
  10. The license shall be subjected to terms and conditions as the Capital Market Authority deem fit. The licensee shall also be subjected to supervision and monitoring by the Capital Market Authority.
  11. A license shall expire at the end of one year from the date of issue. A license renewed in accordance with Part IV of the Act shall continue in force for one year from the date of the renewal.
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Required Documents[edit]

  • Completed form 1 signed by the applicant should be attached on the application form.
  • Certified copy of Articles and Memorandum of Association should be attached on the application form
  • Certified copy of Certificate of Incorporation should be attached on the application form
  • Organizational structure should drawn and attached on the application form
  • Complete CVs of Board of Directors should be attached on the application form
  • Copies of the passport for the directors should be attached on the application.
  • Coloured passport photos for the directors should be attached on the application form
  • Complete CVs of Senior management staff should attached on the application.
  • Coloured passport photos for all the staff is required for processing this license.
  • Copies of identification cards for the staff Should be attached on the application.
  • Capital requirement: Paid up capital and reserves of not less than Ugx.150 million for a fund manager license; For broker dealer, a net capital of Ugx.15,000,000.
  • A full set of latest audited financial statements showing the position of the company
  • A comprehensive business plan should be included on application form.
  • Internal controls ( risk management, operational controls, procedures manuals).
  • Contact details of three independent referees supporting the application.
  • Evidence of payment of fees should be attached on the application form
  • Evidence of a Taxpayer Identification Number (TIN).
  • Copy of the current bank statement should be attached on the application form.
  • Certificate of good conduct from the police, for the Directors of the company.
  • Details of the custodian bank(s) in Uganda.

Office Locations & Contacts[edit]

Capital Markets Authority. - Head Office,
Uganda Business Facilitation Center,
8th Floor 1 Baskerville Avenue ,Kololo,
Uganda
Postal Address: P. O. Box 24565
Kampala, Uganda.
Fax +256 414 342 803
Phone: +256-414-342788/91
Tel: +256 - 312 - 264950/1
Email: [email protected]
Website:Link

Eligibility[edit]

  • No person is allowed to carry on any business as investment advisor or hold himself or herself out to be an investment adviser unless he or she is the holder of an investment adviser’s license issued and approved as such by the Capital Markets Authority.

Fees[edit]

  • The Application fee required to process investment advisors license is USh.500,000
  • The License fee required to process investment advisors license is USh.1,500,000

Validity[edit]

  • The Validity period to process Investment advisors License is usually one Year.

Documents to Use[edit]

Please attach documents that can be used by people. e.g. links

Sample Documents[edit]

Please attach sample completed documents that would help other people.

Processing Time[edit]

  • The Maximum processing time to process investment advisors license is 45 days.

Related Videos[edit]

Videos explaining the procedure or to fill the applications. 
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites. 	
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver, 
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions[edit]

  • An application for a license or for the renewal of a license should be made to the Authority in the prescribed form and should be accompanied by the prescribed fee and in the case of an application for the renewal of a license, may be made within three months but not later than one month prior to the expiry of the license.
  • The Authority may require an applicant to supply such further information as it considers necessary in relation to the application.
  • A license is only be granted if the applicant meets and continues to meet such minimum financial and other requirements as may be prescribed by the Authority.
  • The Authority may grant a license to such conditions or restrictions as it thinks fit and the Authority may, at any time by written notice to a license holder, vary any condition or restriction or impose further conditions or restrictions.
  • The Authority will not refuse to grant a license without first giving the applicant or holder of a license an opportunity of being heard.

Required Information[edit]

  • Name of company
  • Registered office.
  • Date of incorporation
  • Address
  • Email
  • Location, address and telephone number of principal office
  • Location, address and telephone number of branch offices
  • Details of capital structure
  • Shareholders
  • Directors
  • Particulars of other directorship(s) of the directors and secretary
  • Particulars of shares held by directors or secretary in other companies
  • Business references
  • Profile of the chief executive and key employees in the applicant company
  • List the office facilities of the applicant
  • State the exact nature of the activity to be carried on which obliges the applicant to apply for a license from the Capital Markets Authority


Need for the Document[edit]

  • The purpose of this document is to regulate Investment Advisers in Uganda.
  • An investment advisor is a person authorized to deal in securities and operate in a specified market segment as may be prescribed by the Capital Markets Authority


Information which might help[edit]

  • The checklists contained in this website reflect a summary of application requirements for various categories of applications that can be made with the Authority for approval to operate as a market intermediary, approved institution or issuer of securities within the Ugandan capital market.
  • It is important to note that:
    • The checklists are derived from the statutory requirements as set out in the relevant Regulations issued under the Capital Markets Act and are intended only as a simplified guide. Applicants are advised to read and understand the statutory requirements detailed in the relevant Regulations. The Regulations are the only conclusive statement on application requirements and can be accessed in the Regulations section of this Capital Markets Authority's website.
    • The Authority reserves the right to request for any additional information that may be deemed necessary during the course of review of an application.


Other uses of the Document/Certificate[edit]

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links[edit]

Others[edit]

More information which might help people.