← Ethiopian Capital Markets Law and Regulation

Licensing capital market service providers

Module 02 / 5 · 60 min

Learn 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.

In this module you will learn to

Name the main license categories under Directive No. 980/2024 and their minimum capital
Explain the cash capital, liquid asset and representative requirements
Describe the application, licensing and annual renewal steps and fees
List the core obligations of a licensed person
Apply NBE investment rules to a bank that owns a capital market firm

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.