The Capital Markets Authority (CMA) and the Office of the Director of Public Prosecutions (ODPP) have today signed a Memorandum of Understanding (MOU) to carry out joint prosecutions against capital markets offenders.
The establishment of mutual cooperation and collaboration between these two institutions will extend to exchanging of information aimed at promoting the quality of prosecutions relating to capital markets offenders in Uganda.
The CMA and ODPP will conduct joint trainings of staff on enforcement of the capital markets legal framework with an aim of building capacity.
In his remarks about the signing of the MOU, Keith Kalyegira, CEO of the CMA said: “This MOU solidifies our expectations of the ODPP and their expectations of us. We look forward to efficient prosecution of unlicensed players in the capital markets space in providing a secure environment for investors in the capital markets industry.”
“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. I wish to thank Justice Jane Frances Abodo and her staff for agreeing to this MOU which is essential to the economic growth of Uganda. Enforcement of capital markets related laws will improve access to long term, affordable financing and sources of relatively low risk avenues to grow passive investments.”
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.”
It is envisaged that the MOU will result in strengthened prosecution of criminal matters relating to capital markets leading to enhanced protection of the integrity of Capital Markets in Uganda and restored investor confidence.
According to the most recent Annual Crime Report 2021, Economic Crimes, some of which are capital markets related, increased by 9%, moving from 10,057 cases in the year 2020 to 10,966 cases in 2021.
Currently, the CMA is handling 8 cases which are at various stages of prosecution. This MOU will go a long way is quickening access to justice for the victims.
