Whereas the Capital Market Proclamation No. 1248/2021 instructs the Ethiopian Capital Markets Authority to determine the requirements for public offering and trading of securities by a directive.

Whereas it is necessary to provide for a regulatory framework that allows for effective and efficient regulation of public offering and trading of securities and which protects investors’ interest; ensures the existence of an orderly, fair, efficient and transparent capital market; and promotes the development of capital market in Ethiopia.

Now, therefore, the Authority hereby issues this Directive on the Public Offering and Trading of Securities in accordance with Articles 75, 76, 77, and 108(2) of the Proclamation.