The Ethiopian Capital Markets Authority (ECMA) has the authority to inspect market participants to ensure compliance with the proclamation, rules, and directives of the Authority. Inspections include off-site supervision, routine, and special on-site examinations, with unbound access to all necessary books and records. In conducting these inspections, ECMA may also collaborate with other government bodies and task forces, and utilize its staff, law enforcement officers, and auditors when necessary.
Licensed Capital Market Service Providers and their personnel are required to fully cooperate with ECMA’s inspections and investigations, providing prompt responses and access to requested information. ECMA reserves the right to request any information necessary for inspections and investigations to maintain a fair, transparent, and efficient capital market environment.
Capital markets development is a key component of the Government of Ethiopia’s
(GoE) Home-Grown Economic Reform Program and the 10-Year Development Plan
(2021- 2031). In line with this commitment, the Capital Markets Proclamation (No.
1248/2021) was adopted by the House of Peoples’ Representatives in June 2021, which
included the establishment of the Ethiopian Capital Market Authority (ECMA).
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