← Ethiopian Capital Markets Law and Regulation

Compliance programs and issuer obligations

Module 04 / 5 · 70 min

Build 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.

In this module you will learn to

Design a compliance manual, monitoring plan and whistleblowing channel
Meet the reporting deadlines and record-keeping rules of Directive No. 980/2024
Advise an issuer on prospectus liability and continuous disclosure
Apply NBE governance and shareholder approval rules to a bank preparing to list
Test an issuer against the ESX Main Board listing criteria

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.