Kampala, 14 April 2023
Clarified Regulation Adopted: The Financial Institutions (Preference and Appraised Book Value) Regulations
The Bank of Uganda has adopted Regulation that strengthens investor protection for interbank transactions under GMRA, ISDA, and GMSLA documentation. A major step for SSA markets that builds on 3 years of collaboration between the BOU, Frontclear, and ENSafrica. This achievement is the final activity under the Memorandum of Understanding between the BOU and Frontclear signed May 2019. While the Regulation provides for FI confidence when transacting interbank, the Bank of Uganda is seeking to extend this to all eligible Ugandan counterparties through netting regulation in the foreseeable future