Uganda Capital Markets Authority specifies documentation and annual reporting for fit and proper assessments of directors and target employees

The Uganda Capital Markets Authority issued guidance setting the information and documentation that CMA licensed and approved persons must provide when seeking a no objection for the appointment of prospective directors and prospective employees, and when supporting ongoing fit and proper assessments under Schedule 3 of the Capital Markets Authority Act (Cap 64). The notice also introduces an annual submission requirement for each approved person’s board and executive management staff to allow the Authority to update their fit and proper status. For new appointments, required submissions include an application letter, passport photos, an updated signed CV, a tax compliance certificate from the individual’s home jurisdiction, a witnessed fit and proper form, criminal conduct documentation including an Interpol or similar certificate for foreign directors and key personnel, credit reference bureau reports, certified academic and professional qualifications, identification documents, individual banker credit references for the last five years, two character references, written confirmation of politically exposed person status, proof of screening against sanctions lists, the proposed job description for employees, and evidence of compliance with Regulatory Notice No. 3 of 2018 where applicable. Annual fit and proper updates must include a signed fit and proper form, updated CV, certificate of good conduct, credit reference bureau report, board evaluation and board training reports, and any other documents the Authority may require. Compliance applies with immediate effect, and the Authority reserves the right to request additional information.