← Ethiopian Capital Markets Law and Regulation

The legal framework and ECMA

Module 01 / 5 · 55 min · Free preview

See 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.

In this module you will learn to

Describe the objectives and scope of Capital Market Proclamation No. 1248/2021
Place proclamations, directives and exchange rules in the Ethiopian legal hierarchy
Recognize a security and a capital market activity in everyday situations
Explain ECMA's powers and the route from an ECMA decision to the Capital Market Tribunal
Identify where company, banking, AML and investment law meet capital market law

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.