← Erudite Africa Center of ExcellenceCapital MarketSchool of Capital Markets and InvestmentFoundational to Advanced
Ethiopian Capital Markets Law and Regulation
ECMA, licensing, public offers, market conduct and enforcement, from first principles to a listing roadmap
Learn the rules that govern Ethiopia's capital market, then apply them to a bank with 15,000 shareholders that sets up an investment bank and lists on the Ethiopian Securities Exchange.
Start the course
0 of 5 modules completed
What you will be able to do
- Describe ECMA's mandate, powers and structure and the scope of Capital Market Proclamation No. 1248/2021
- Name the license categories and the core obligations of licensed persons
- Explain the rules on public offers, disclosure and prohibited market conduct
- Build and run a compliance program for a licensed capital market firm
- Advise issuers on offer, listing and continuing obligations, including existing unlisted share companies
- Analyze enforcement cases and the interplay of ECMA, NBE and Commercial Code rules
- For
- Compliance, legal and operations staff of capital market service providers, issuers and banks (foundational modules); compliance officers, legal counsel, senior managers and board members of licensed firms (advanced modules). Learners should first complete Introduction to Capital Markets, Level 1, or have equivalent knowledge.
- Study time
- About 5 hours online, in 5 modules (40 hours in the classroom version)
- Each module
- Short lessons, animated visuals, Ethiopian examples, decisions to make, the laws and directives that apply and worked calculations, then a quiz
- Assessment
- A 20-question final exam; pass mark 70%
- Certificate
- Erudite Africa Center of Excellence certificate of completion
- Access
- Module 1 free for registered users; the full course, exam and certificate for subscribers
The 5 modules
- Module 01Free previewThe legal framework and ECMASee how the Capital Market Proclamation, ECMA directives and the ESX Rulebook fit together, what counts as a security, and how ECMA licenses, supervises and sanctions.6 lessons · 55 min · quiz
- Module 02Licensing capital market service providersLearn the license categories and minimum capital under Directive No. 980/2024, the people a licensed firm must have, how licensing and renewal work, and the duties that come with a license.6 lessons · 60 min · quiz
- Module 03Public offers, market conduct and AML/CFTKnow when an offer needs ECMA registration and a prospectus, recognize insider dealing, manipulation and conflicts, apply AML/CFT due diligence, and classify activities as permitted, licensable or prohibited.6 lessons · 65 min · quiz
- Module 04Compliance programs and issuer obligationsBuild and run a compliance program for a licensed firm, meet ECMA's reporting calendar, and advise issuers, including widely held unlisted share companies, on disclosure, governance and listing.7 lessons · 70 min · quiz
- Module 05Market abuse enforcement, funds and the listing roadmapGo deeper into surveillance, insider lists, Chinese walls and enforcement across ECMA and the NBE, learn how collective investment schemes are structured and valued, then build Bank A's full regulatory roadmap.7 lessons · 70 min · quiz
- Officer simulationA month as compliance officer at Bank A CapitalWork as compliance officer: 11 real-life items, decisions with consequences and a hand-over note. Pass with 70% to qualify for the certificate.
- Final examFinal exam and certificate20 applied questions across all 5 modules. Pass with 70% to download your certificate.
Built on
- Erudite Africa training module: Ethiopian Context, topic 2.b Ethiopian Capital Markets Law and Regulation, Levels 1 and 2 (October 2026)
- Capital Market Proclamation No. 1248/2021; ECMA Directives No. 980/2024 (licensing and supervision) and No. 996/2024 (fees)
- ESX Rulebook (December 2024), Main Board and Growth Board listing rules
- NBE directives as listed in the lessons: SBB/89/2024, SBB/91/2024, SBB/92/2024
- ECMA directives reported in the programme register, texts to confirm: No. 1009/2024 (exchanges and OTC), No. 1030/2024 (public offers), collective investment scheme directives
- Investment Proclamation No. 1180/2020 and Banking Business Proclamation No. 1360/2025
Examples and companies are fictional. Bank practices are shown as typical Ethiopian practice, not as any one bank's policy. Always apply your own institution's approved policy and the current NBE directives.