CMA, ODPP PARTNER TO ENHANCE PROSECUTION OF CAPITAL MARKETS RELATED OFFENCES
By Joel Mugabi
The Capital Markets Authority (CMA) and the Office of the Director of Public Prosecutions (ODPP) have signed a Memorandum of Understanding (MoU) to carry out joint prosecutions against capital markets offenders.
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The partnership, which was sealed on Tuesday, will set the stage for collaboration between CMA, whose roles include approval of prospectuses or offer documents and development of the capital markets, and the ODPP, which is responsible for directing police to investigate and for instituting criminal proceedings against any person or authority in any court with competent jurisdiction other than a court martial. The cooperation will extend to the exchanging of information aimed at promoting the quality of prosecutions relating to capital markets offenders in Uganda. The two institutions will also conduct joint trainings of staff on enforcement of the capital markets legal framework with the aim of building capacity.
Keith Kalyegira, the CEO of the CMA, said the MoU “solidifies our expectations of the ODPP and their expectations of us” and that the Capital Markets Authority looks forward to efficient prosecution of unlicensed players in the capital markets space in providing a secure environment for investors in the capital markets industry.
On her part, the Director of Public Prosecutions Jane Frances Abodo, said: “We are grateful for the cementing of our collaboration with CMA. The ODPP Prosecutors will benefit a lot from the specialized training that will be conducted by CMA and vice versa resulting in strengthened prosecution of capital markets related offences. We look forward to a future with high expectations of expanded opportunities from the MoU.”
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According to the most recent Annual Crime Report 2021, Economic Crimes, some of which are capital markets related, increased by nine per cent, moving from 10,057 cases in the year 2020 to 10,966 cases in 2021.
“This is a clear indication of two things. Firstly, that Ugandans have a legitimate eagerness to grow their savings. Secondly, there is an increasing number of unscrupulous individuals that are taking advantage of this eagerness to prosper. This is one of the reasons why this Memorandum of Understanding (MOU) between the Capital Markets Authority and Office of Director of Public Prosecutions (ODPP) is timely and historic,” noted Kalyegira. “With this MOU, the efficiency of prosecution of capital markets related offences, mostly by unlicensed individuals and firms, is set to rise, to ensure swifter justice to all Ugandans.”
Currently, the CMA is handling eight cases which are at various stages of prosecution. Both Abodo and Kalyegira were optimistic that the MoU will result in strengthened prosecution of criminal matters related to capital markets, and lead to enhanced protection of the integrity of capital markets and restore investor confidence in Uganda. (For comments on this story, get back to us on 0705579994 [whatsapp line], 0779411734 & 0200900416 or email us at email@example.com).