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Erudite AfricaCenter of Excellence
← Ethiopian Capital Markets Law and Regulation

Market abuse enforcement, funds and the listing roadmap

Module 05 / 5 · 70 min

Go 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.

In this module you will learn to

  • Set up insider lists, closed periods and Chinese walls in a banking group
  • Analyze an enforcement case that involves ECMA, NBE and Commercial Code rules
  • Describe the structure, gatekeepers and disclosure of collective investment schemes
  • Compute and challenge a fund's net asset value
  • Map every regulatory step and approval for a bank listing and capital raise

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.