Combatting Insider Trading in Tanzania: The Adequacy of the Capital Markets and Securities Act of 1994 and the Companies Act of 2002

Hanifa T. Massawe; Mwajuma Kadilu

doi:10.5771/2363-6270_2014_1_52

Contents
- Chapter Expand | CollapseAuthorsPage
- 1–2 Titelei/Inhaltsverzeichnis 1–2
- 3–5 Vorwort 3–5
- 6–86 Abhandlungen • Articles • Articles 6–86
  - 6–27 L’Etat de droit et la démocratie en Afrique – Le « jurisfascismepositiviste » en question Adalbert Sango Mukalay Adalbert Sango Mukalay 6–27
  - 28–51 The ‘Thing’ Called ‘Mineral Right’ Re-examining the nature, content and scope of a rather confounding concept in South African law Hanri Mostert Hanri Mostert 28–51
  - 52–63 Combatting Insider Trading in Tanzania: The Adequacy of the Capital Markets and Securities Act of 1994 and the Companies Act of 2002 Hanifa T. Massawe, Mwajuma Kadilu Hanifa T. Massawe, Mwajuma Kadilu 52–63
  - 64–86 Les évolutions récentes du droit public économique sénégalais Ibrahima Diallo Ibrahima Diallo 64–86
- 87–116 Berichte • Reports • Rapports 87–116
  - 87–97 “They do something!” Verfassungsgerichtsbarkeit und Demokratisierung im frankophonen Westafrika Lisa Heemann, Chadidscha Schoepffer, Anne Winter Lisa Heemann, Chadidscha Schoepffer, Anne Winter 87–97
  - 98–109 Das Tansanisch-deutsche Fachzentrum für Rechtswissenschaft (TGCL): Ausbildung künftiger Führungseliten für das östliche Afrika Johannes Döveling Johannes Döveling 98–109
  - 110–112 Neues Fundament für die Partnerschaft zwischen Baden-Württemberg und Burundi – juristische Fragen Sebastian Ambros Sebastian Ambros 110–112
  - 113–116 Förderung der Justiz in Afrika: Austauschprogramm zwischen Baden-Württemberg und zentralafrikanischen Staaten Harald Sippel Harald Sippel 113–116
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RiA Recht in Afrika | Law in Africa | Droit en Afrique , page 52 - 63

Combatting Insider Trading in Tanzania: The Adequacy of the Capital Markets and Securities Act of 1994 and the Companies Act of 2002

Autoren

Hanifa T. Massawe Mwajuma Kadilu

DOI
- doi.org/10.5771/2363-6270_2014_1_52
- ISSN: 1435-0963
- ISSN online: 2363-6270
Zusammenfassung

Sub-Saharan African countries have been continually searching for opportunities to transform their economic fortune. Among the central components for the envisioned transformation is the development of viable securities markets. These countries envision that the increasing demand for domestic and foreign capital can be satisfied by robust securities markets in terms of operation and control of insider trading practices. However, this objective may not be attained where the securities business is fouled with insider trading practices without adequate legal regime to counter such practices. In this era where the Tanzanian capital market is exposed to international investment and the need to boost its economy, regulation of such market in terms of insider trading practices is of utmost importance. This article is aimed at analysing the adequacy of the Capital Markets and Securities Act of 1994 and its regulations in combating insider trading practices for companies listed in the Dar es Salaam Stock Exchange. From the discussion in this article, it is clear that the legal framework on insider trading in Tanzania is characterized by gaps, duplications, and ambiguities. At the end of the article it is concluded that, such legal regime is not adequate in combating insider trading practices in the stock market in Tanzania, thus amendment of the law is considered necessary. This work intends to shed light on insider trading and the importance of regulation for such offence.

Abstract

Sub-Saharan African countries have been continually searching for opportunities to transform their economic fortune. Among the central components for the envisioned transformation is the development of viable securities markets. These countries envision that the increasing demand for domestic and foreign capital can be satisfied by robust securities markets in terms of operation and control of insider trading practices. However, this objective may not be attained where the securities business is fouled with insider trading practices without adequate legal regime to counter such practices. In this era where the Tanzanian capital market is exposed to international investment and the need to boost its economy, regulation of such market in terms of insider trading practices is of utmost importance. This article is aimed at analysing the adequacy of the Capital Markets and Securities Act of 1994 and its regulations in combating insider trading practices for companies listed in the Dar es Salaam Stock Exchange. From the discussion in this article, it is clear that the legal framework on insider trading in Tanzania is characterized by gaps, duplications, and ambiguities. At the end of the article it is concluded that, such legal regime is not adequate in combating insider trading practices in the stock market in Tanzania, thus amendment of the law is considered necessary. This work intends to shed light on insider trading and the importance of regulation for such offence.
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