The Capital Markets Regulatory Authority prohibits the use of the word stock exchange for institutions, bodies and companies without prior authorization

4 Sept 2023 (SUNA) The Capital Markets Regulatory Authority (CMRA) has banned the use of the word stock exchange for institutions, bodies and companies without obtaining a prior license from the authority, according to a circular obtained by SUNA, and the circular was issued by the General Counsel / Dr. Abdel Halim Amin Mohamed Ahmed, the legal advisor to the Capital Markets Regulatory Authority.

According to the provisions of Articles (5) and (6) of the Capital Markets Regulatory Authority Law of 2016, the Authority is exclusively competent to license, supervise and control the capital markets (stock exchanges) in the State, protect their dealers from fraud and deception, and encourage investments in them in accordance with the development plans and general policies of the State.

Capital markets (stock exchanges) shall be established in accordance with the provisions of Article (16) of the Law by virtue of establishment orders issued by the Council of Ministers upon the recommendation of the Minister of Finance and Economic Planning and Chairman of the Board of Directors of the Capital Markets Regulatory Authority.

Based on the provisions of Article (3) of the Regulation on Licensing and Supervision of Capital Markets (Stock Exchanges) regarding the establishment of capital markets, no person, whether personally or by proxy, may establish, operate or assist in the establishment or operation of a stock market (stock exchange), or engage in any of the financial markets business in Sudan without obtaining a valid license from the Authority.

The same article also stipulates that no person may, without the written consent of the Authority, use the word "financial market" or "stock exchange" or any other word or meaning that symbolizes the conduct of financial markets (stock exchanges), and it is prohibited to use it in communications, notifications, advertisements or by any other means. Anyone who violates the above-mentioned above-mentioned above exposes himself to legal accountability.