← Ethiopian Capital Markets Law and Regulation

Public offers, market conduct and AML/CFT

Module 03 / 5 · 65 min

Know 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.

In this module you will learn to

Explain when an offer is public and what registration and a prospectus require
Distinguish a private placement from a public offer using the 100 investor ceiling
Recognize insider dealing, market manipulation and false statements
Apply client asset segregation and conflict rules
Carry out customer due diligence and beneficial ownership checks

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.