Uganda Capital Markets Authority sets immediate approval documentation and ongoing fit and proper reporting for CIS firms changing CEOs or controllers

The Uganda Capital Markets Authority issued guidance setting out the documents required when a collective investment schemes (CIS) licensed person seeks the Authority’s prior “no objection” for the appointment or change of a Chief Executive Officer and/or a change of controller, and the information that must be provided annually to support ongoing fit and proper assessments. For CEO appointments, required submissions include an application letter, identification and photos, a signed CV, tax compliance evidence, a witnessed fit and proper form, good conduct certification (including from Interpol or a similar authority for foreign directors and key personnel), a credit reference bureau report, certified academic and professional qualifications, bank credit references for the last five years, character references, confirmation of whether the nominee is a politically exposed person, evidence of sanctions screening against relevant lists, and the proposed job description where the nominee is an employee. For controller changes, submissions include a witnessed information sheet covering the new controller and its substantial direct and indirect shareholders, subsidiaries or affiliates, tax returns for substantial shareholders, audited financial statements for the prior three years (including for relevant related entities), a shareholder resolution to acquire the Ugandan licensed institution, constitutional documents, bank relationship letters covering the last five years, and a breakdown of ultimate beneficial ownership. Licensed persons must also submit, at least annually, a signed fit and proper form, updated CV, certificate of good conduct and a credit reference bureau report for the CEO. The requirements apply with immediate effect, and the Authority reserves the right to request additional information.