By: Kebba AF Touray
The Gambia Parliament on Thursday 18 November, 2021 has passed the Gambia Market and Securities Bill 2021 with amendments, tabled before the legislative house during the second extraordinary session in the 2021 legislative year.
Minister of Finance and Economic Affairs, Mambury Njie while tabling the bill for scrutiny, consideration and adoption, told the parliament that the bill when passed by the National Assembly will be the regulating document for Capital and Securities Market that is dynamic, fair, transparent and efficient, and well placed to contribute to the Nation’s economic development.
The Gambia Capital Market and Securities Bill 2020 if passed by the National Assembly will be the regulating document for The Gambia Capital and Securities Market. Specifically, this Bill provides rules and regulations for;
the operation and regulation of the market;
registration and regulation of securities exchanges and other self-regulatory organizations
registration and regulation of the issuance of securities
intervene in the management and control of failing capital market operators; and
in appropriate circumstances, impose penalties and levies on default in capital market operators.
He also said that the Tribunal on the other hand is established under the Bill to adjudicate on any question of law or dispute involving;
decision or determination of the Capital Market and Securities Authority in the operation and application of the Capital Market and Securities Bill, particularly relating to any dispute between;
Capital market operators;
Capital market operators and their clients;
An investor and a securities exchange or capital trade point or clearing and settlement agency; or
Capital market operators and self-regulatory organizations;
The Authority and a self-regulatory organization;
Capital market operator and the Authority;
an investor and the Authority;
an issuer of securities and the authority and;
disputes arising from the administration, management and operation of collective investment schemes.
“The financial implication from approving this bill will emanate from establishing the Capital Market and Securities Commission and the Capital Market Tribunal,” Njie explained. “The overriding consideration in the establishment of the above is to create a balance between the needs for regulation of the market on one hand, and their accountability and grievance redress mechanism on the other.”
Reporting on what transpired during the third reading of the bill, which came shortly after a thorough and marathon consideration and scrutiny stage of the bill, Minister Njie explained that the bill has gone through the consideration stage at the committee of the whole assembly stage.
The capital market and securities bill he said, has been considered with amendment and moved for the bill to be read for a third time and passed. The move for the third reading of the bill was seconded by the Member for Busumbala, Hon. Saikouba Jarjue.