Prepared by: Baraka Fryson Mwampashe
Date: 11th May 2026
PURPOSE
This briefing provides a high-level overview of the Capital Markets Tribunal (CMT), including its jurisdiction, appellate framework and growing relevance within Tanzania’s capital markets ecosystem. It is intended for issuers, investors, intermediaries, regulators and other market participants, and does not constitute legal advice or create a lawyer-client relationship.
ESTABLISHMENT OF THE CAPITAL MARKET TRIBUNAL
The Capital Markets Tribunal was established pursuant to amendments introduced under the Capital Markets and Securities (Amendment) Act, No. 10 of 2010. Under section 139(1) of the Capital Markets and Securities Act (CAP 79 R.E. 2023), the Tribunal operates as an independent specialist tribunal intended to facilitate the expeditious, fair and specialised resolution of disputes arising within Tanzania’s capital and commodity markets.
NOTE: The CMT is a specialist tribunal with status equivalent to the High Court in relation to civil matters arising from the capital and commodity markets.
- JURISDICTION OF CAPITAL MARKET TRIBUNAL
The Tribunal exercises both original and appellate jurisdiction under the Capital Markets and Securities Act.
The mandate under the mentioned sections empowers the Tribunal to hear and determine the following matters, whether brought up at first instance or as an appeal from a decision of the Capital Markets and Securities Authority;
- disputes involving the CMSA and market participants;
- disputes involving listed entities and securities exchanges;
- licensing, suspension and regulatory enforcement matters;
- admission, suspension or delisting of securities; and disputes involving intermediaries and investors.
NOTE; In exercising its power under section 145 of the CMS Act, the Tribunal has the power to regulate its own procedures. Moreover, under section 145 (3) of the CMS Act, the Tribunal has no criminal jurisdiction.
- APPEALS TO THE TRIBUNAL
- Appeals to Tribunal are governed by Capital Market Securities Tribunal Rules GN No. 649 of 2023, under Rule 9 of CMST Rules there is requirements to lodge Notice of Intention to appeal against the decision of the Capital Market and Securities Authority, time limit is within seven (7) days from the date of decision.
- Rule 11 provides for the Institution of Appeal, in which the appeal to the CMT is instituted formally by lodging a statement of appeal with the Registrar of the Tribunal within thirty (30) days from the date of the Authority’s decision.
- Under section 147 of the CMS Act, any person aggrieved by the decision of the Tribunal may appeal to the Court of Appeal of Tanzania within 30 days but on point of law only.
- REGIONAL CONTEXT
Specialist financial markets adjudication is a feature of increasingly sophisticated capital markets systems. Within the East African region, Kenya operates a dedicated Capital Markets Tribunal under the Kenyan Capital Markets Act, while South Africa’s financial regulatory framework provides for specialist financial sector adjudicative mechanisms through the Financial Services Tribunal.
Although Tanzania’s Capital Markets Tribunal was established under legislative amendments introduced in 2010, the increasing visibility of the Tribunal and the introduction of the Capital Market Securities Tribunal Rules, 2023 may reflect the continued institutional development and growing sophistication of Tanzania’s capital markets ecosystem.
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