Uganda - Revocation/Suspension of License of Fund Managers

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Procedure

The Authority may suspend or revoke the license of a fund manager if;

1. The Authority discovers, after the licence has been issued, that the fund manager made a false statement in relation to the application;
2. Any event occurs which renders the fund manager ineligible to perform his or her functions as a trustee;
3. The fund manager is declared bankrupt or insolvent, or enters into an arrangement with his or her creditors;
4. The fund manager is in breach of any condition of the licence;
5. The fund manager is disqualified by virtue of section 57;
6. The fund manager ceases to be a fit and proper person as prescribed in Part II of Schedule 3; or
7. The fund manager does not comply with any provision of this Act, or any regulations made under the Act.
8. The Authority shall give the fund manager at least thirty days notice in writing specifying the reasons for the intended revocation of the license.
9. The Authority shall, before revoking a license of a fund manager, consider any representations made in writing by the fund manager opposing the revocation.

• within thirty days after issuing the notice, the fund manager has not opposed the revocation; or
• The Authority is not satisfied by the representation made by the fund manager under subsection (3).

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Required Documents

1. Application form
2. Memorandum and articles of association
3. Certificate of incorporation
4. A statement of the un-audited accounts for the period of accounting year ending not earlier than six months prior to the date of application and audited annual accounts for the preceding two years (in the case of application of license), management accounts up to the 30th November and audited annual accounts for the preceding year (in the case of renewal of license)
5. A declaration by the directors as to whether they oppose the revocation.
6. A declaration by persons authorized as prescribed to accompany the revocation application form.

Office Locations & Contacts

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: info@cmauganda.co.ug
Website:Link

Uganda Registration Services Bureau - Head Office,
Uganda Business Facilitation Centre
Plot 1 Baskerville Avenue,
Kololo,
Kampala
Toll Free: 0800 100 006
Call Center: +256 417 338 100
Phone: +256 414 233 219 / 0417338000
Fax: +256 414 250 712
Email: ursb@ursb.go.ug (General Correspondences)
Email: helpdesk@ursb.go.ug (For Enquiries)
Website:Link

Eligibility

• If the fund manager have breached the terms and conditions of the Authority Or if the fund manager has been convicted of an offence under the Capital market Act.

Fees

• Free of charge

Validity

• Valid until the matter is resolved.

Documents to Use

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

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• Maximum Processing Time: 1 day.

Related Videos

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

• Where the Fund Manager License is revoked, a licensee shall be given reasonable time to opposing the revocation.
• Before revoking a license of a fund manager, the Licensee shall consider any representations made in writing by the fund manager.
• The presentation of revocation must be received by the Authority within 30 days after the Authority giving notice of the license.

Required Information

1. Name of company
2. Registered office
3. Date of incorporation
4. Address
5. Email
6. Location, address and telephone number of principal office
7. Location, address and telephone number of branch offices
8. Details of capital structure
9. Directors
10. Particulars of other directorship(s) of the directors and secretary.
11. Particulars of shares held by directors or secretary in other companies
12. Business references
13. Profile of the chief executive and key employees in the applicant company
14. List the office facilities of the applicant
15. State the exact nature of the activity to be carried on which obliges the applicant to apply for a licence from the Capital Markets Authority

Need for the Document

Please provide the need for the procedure. e.g. Birth Certificate - why do we need to have a birth certificate? 
 

Information which might help

The Authority may refuse to grant a licence to an applicant if the Authority is satisfied that;

1. the information contained in the application is false in any material particular;
2. the applicant is not a fit and proper person as prescribed in Part II of Schedule 3;
3. the applicant has ever been a fund manager of a retirement benefits scheme whose licence was revoked by the Authority due to any fault either fully or partially of the applicant; or
4. the applicant does not meet the requirements specified in section 55 (1).
5. Where the Authority refuses to grant a licence to an applicant, the Authority shall notify the applicant of its decision and specify the reasons for the refusal in writing.

Other uses of the Document/Certificate

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

External Links

• External Link 1
• External Link 2
• External Link 3

Others

More information which might help people.