- The Rules apply, among others, to complaints involving a capital market authority, stock exchange, market intermediaries and clients, revocation and suspension of license and refusal to grant license.
- The Rules open up appeals of the decision of the Capital Market Authority to the Tribunal established under section 136A of the Capital Market and Securities Act, Cap. 79. However, a person intending to appeal is required to file a notice of intention to appeal within 7 days from the date of the decision.
- The Rules allow appeal to the Court of Appeal of Tanzania, and the timeline within which an aggrieved person can lodge an appeal is within 30 days from the date of the decision. The whole process of lodging appeal to the Court of Appeal of Tanzania must be governed by the provisions of the Court of Appeal Rules, 2009.
On 08th September 2023 the Capital Markets and Securities Authority issued the Capital Markets and Securities Tribunal Rules, Government Notice No. 649 of 2023. The Rules are made under section 136J of the Capital Markets and Securities Act (Cap. 79) were issued to provide for the procedural aspects of resolving disputes relating to capital market and securities in Mainland Tanzania.
The Rules operationalize the Capital Markets Tribunal by prescribing:
- Its composition and administrative structure
- Jurisdiction over capital markets disputes
- Procedures for instituting appeals
- Hearing and adjudication processes
- Mechanisms for review and further appeals
The Capital Markets Tribunal is a specialized Quasi-Judicial body established to provide expeditious and fair justice within the Financial Markets. Under section 139(2) of the Capital Market Act, the Tribunal hold a status equivalent to the High Court of Tanzania for civil matters arising from the capital, securities and commodity markets.
Governed by the Capital Markets Act (Cap. 79) and the Commodity Exchange Act (Cap. 445) the Capital Markets Tribunal is vested with both the Original and Appellate jurisdiction to resolve complex market disputes and hear appeals against regulatory decisions of the Capital market and Securities Authority (CMSA).
The Tribunal is chaired by a High Court Judge and supported by specialized experts. Essentially, the Tribunal utilizes efficient process to maintain market stability and investors’ confidence in the Capital, Market, Commodity Exchanges and Securities in Tanzania.
COMPOSITION OF THE CAPITAL MARKET TRIBUNAL
The Rules provides that the Capital Markets Tribunal established by section 136A of the Capital Market and Securities Act, Cap. 79 must be composed of Chairperson (a Judge of the High Court of Tanzania); and four members with knowledge and experience on the capital markets, one of whom must be a lawyer.
The member present at the sitting of the tribunal and thus interested in the matter before it, has to disclose his or her interest and the tribunal must act accordingly towards that disclosure of conflict of interest. Further the Tribunal shall have the registrar who shall perform all the administrative functions and duties.
Administrative functions are handled by a Registrar and Secretariat, ensuring procedural efficiency.
ESTABLISHMENT AND JURISDICTION OF THE TRIBUNAL
The Tribunal is established under the Act and operationalized through these Rules. Its jurisdiction extends to a broad range of capital markets disputes, including:
- Interpretation of capital markets laws and regulations
- Disputes involving CMSA, stock exchanges, and intermediaries
- Licensing decisions (grant, refusal, suspension, revocation)
- Listing and trading decisions (including suspension and delisting)
- Investor-related disputes and regulatory actions (Rule 7)
The Tribunal does not have criminal jurisdiction, limiting its role strictly to civil, regulatory, and administrative matters. (Rule 7(2))
FILLING AN APPEAL TO THE TRIBUNAL
- Notice of intention to appeal: within 7 days.
- Filing of appeal: within 30 days.
- Certified decision of CMSA
- Record of proceedings
- Statement of appeal
- Supporting documents (Rule 11)
- Reject non-compliant appeals
- Notify parties and manage filings (Rules 12–13)
- Upon a show of good cause Extend time for filing appeals
- Allow amendments to the documents
- Permit withdrawal and re-filing of the Appeal (Rules 14–18)
The Rules allows an appellant to withdraw an appeal by written notice to the Registrar not later than 3 days before commencement of hearing.
In every proceeding before the Tribunal the appellant may appear in person or be represented by a person registered as Market Intermediary, Tax Consultant, Accountant, Auditor or Advocate.
The Capital Market Authority may be represented by a person duly authorized in that behalf.
PROCEEDINGS OF THE TRIBUNAL
The Rules require the proceedings in the tribunal to be conducted with little formality and technicality as possible.
Therefore, the Tribunal shall not be bound by strict rules of evidence or court procedures.
The Quorum of the Tribunal is 3 members and its decisions is made by majority members
The Hearing and proceedings of the Tribunal are Public hearings (unless otherwise directed) (Rules 25–26)
Tribunal is required to deliver its decisions within 45 days from the hearing of the Appeal (Rule 32).
Powers of the Tribunal
In the course of the hearing of the Appeal the Tribunal may:
- Call witnesses and experts
- Consolidate appeals
- Dispose matters via written submissions (Rules 30–34)
The Rules open up room for any party aggrieved by the decision of the Tribunal to apply in writing to the Tribunal for a review of its decision.
However, a party intending to apply for a review shall issue a written notice to the Registrar, within 7 days upon delivery of the verdict, of his intention to seek redress by way of review before the Tribunal.
The application for review is required to be lodged within 10 days from the date of issuance of the Notice of intention to apply for review of the decision of the Tribunal.
The Party Seeking Review must demonstrate error in law or fact of the Tribunal (Rule 28)
ENFORCEMENT OF TRIBUNAL DECISIONS
The Rules provides that the tribunal decisions are enforceable as the Court decrees (Rule 37)
Generally, the execution follows procedures under the Civil Procedure Code, Cap. 33.
APPEALS TO THE COURT OF APPEAL
The Rules allow appeal to the Court of Appeal of Tanzania, and the timeline within which an aggrieved person can lodge an appeal is within 30 days from the date of the decision.
The whole process of lodging appeal to the Court of Appeal of Tanzania must be governed by the provisions of the Court of Appeal Rules, 2009.
CONCLUSION
The Capital Markets and Securities Tribunal Rules, 2023 mark a significant institutional advancement in Tanzania’s capital markets legal framework by:
- Establishing a specialized, efficient dispute resolution forum
- Enhancing accountability of regulatory authorities
- Providing clear appellate pathways for aggrieved parties
- Strict procedural requirements
- Short limitation periods
- Technical compliance obligations
FIN & LAW combines deep regulatory expertise with strong dispute resolution capability, positioning the firm as a trusted partner in:
- Navigating Tribunal proceedings
- Protecting client interests
- Ensuring compliance and strategic advantage within the evolving capital markets landscape
