How to Revocation/Suspension of License of Fund Managers In Uganda

Revocation/Suspension of License of Fund Managers In Uganda By Online

  1. The Authority finds, after the license is granted after the licence has been issued, that the manager of the fund has made a false claim regarding the application
  2. Every event that occurs makes the fund manager unfit to fulfill the duties of trustee;
  3. The manager of the fund declares himself bankrupt, insolvent or bankruptcy or is in a contract with creditors.
  4. The manager of the fund is in violation of a terms of their licence
  5. The manager of the fund is disqualified under section 57.
  6. The manager of the fund ceases to be a qualified and appropriate person, as defined in the Part II Schedule 3 or
  7. The manager of the fund does not adhere to any requirement of the Act or any regulations that are made pursuant to the Act.
  8. The Authority must provide the fund manager with at least 30 days’ notice in writing stating the reason for the intention to revoke the license.
  9. The Authority will, prior to revoking the license of the fund manager, look at any written representations made by the manager who opposes the decision to revoke.
  • within 30 days from the date of issuing an email, the manager of the fund has not argued against the revocation
  • The Authority is not satisfied with the assertion made by the manager of the fund under section (3).

Required Documents For Revocation/Suspension of License of Fund Managers

  1. Application form
  2. Memorandum , articles and bylaws
  3. Certificate of incorporation
  4. An audited statement of the un-audited accounts for the the accounting year which ended not later by six months from the time of the application, and auditor-audited annual statements for the prior 2 years (in the event of renewal of license) and management accounts until the 30th November , and annual audited accounts for the previous year (in the event renewing license)
  5. A statement from directors on whether they are against the decision to revoke.
  6. A declaration signed by the person who is who are authorized to sign it, and which is required to be included on the form for application to revoke.

Office Locations and Contacts

Capital Markets Authority8th Floor, Jubilee Insurance Centre
14. Parliament Avenue
P. O. Box 24565, Kampala, Uganda
Tel: +256 – 414 – 342788/91
Tel: +256 – 312 – 264950/1
Fax: +256 – 414 – 342803
Email: info@cmauganda.co.ug
Website:Uganda Capital Markets

  • Scroll to at the end of page. Contact details are readily available.

Uganda registration bureau Authority
4th-6th Floor
Lot 1 Clement Hill Road.
P.O.Box 7561 Kampala
Tel:+256 417 304 500
Tel:+256 312 324 500
Tel:+256 200 513 500
Email: urbra@urbra.go.ug
Website:Uganda registration bureau Authority

  • Scroll to towards the very bottom of page. Contact details are readily available.

Eligibility

  • If the fund manager has violated the rules and regulations of the Authority or when the fund manager was found guilty of an offense pursuant to the Capital market Act.

Fees

  • Free no cost

Validity

  • Valid until the issue is solved.

Processing Time

  • Maximum Processing Time: 1 day.

Instructions

  • When the Manager License of the Fund Manager License is revoked, the licensee is given sufficient time to contest the cancellation.
  • In revoking a license for an investment manager, the Licensing Authority must examine any statements written from the manager.
  • Revocation notices has to be submitted by Authority in the period of 30 days of the Authority providing notice of the license.

The Information You Need

  1. Name of the company
  2. Registered office
  3. Date of incorporation
  4. Address
  5. Email
  6. Address, location, and phone number of the principal office
  7. Location, address , and telephone number for branch offices
  8. Information about the capital structure
  9. Directors
  10. Details of the any other directorship(s) of director and the secretary.
  11. Information on shares held by directors or the secretary in other companies.
  12. References to business
  13. Profil of chief executive as well as other key employees within the company
  14. The office facilities of the candidate
  15. Indicate the precise nature of the work to be conducted, that requires the applicant to submit a request for a licence to Capital Markets Authority. Capital Markets Authority

Information that can be useful

The Authority may deny an applicant a license when it is satisfied that the Authority is satisfied

  1. The information provided on the form is not true in any way;
  2. The applicant is not an authorized and qualified person in accordance with the requirements of Section II, Schedule 3;
  3. The applicant has never been a fund administrator of an retirement benefits scheme which was sanctioned by the Authority because of any fault either in whole or in part of the applicant.
  4. The applicant doesn’t satisfy the criteria specified under Section 55 (1).
  5. When the Authority decides not to grant an applicant a license the Authority must inform the applicant of the reason for its refusal and state the reason for the decision in written form.

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