Ethiopian Capital Market Authority

WHAT WE DO

Ethiopian Capital Market Authority is established by Capital Market Proclamation No 1248/2021 as an autonomous Federal Regulatory Authority. One of the major objectives of ECMA is to ensure the existence of a capital market environment in which securities can be issued and traded in an orderly, fair, and efficient manner. ECMA, as a regulatory authority, grants licenses to any person to operate as a security exchange, derivative exchange, security depository and clearing company, capital market service provider, over-the-counter trading facility, or any other activity deemed by ECMA as a regulated activity under its jurisdiction. ECMA regulates and oversees trading in primary and secondary markets of securities, the use of electronic trading platforms that deal with securities and gives recognition and oversees the activities of self-regulatory organizations.

Job Summary 

The job holder plans and directs legal unit’s activities, providing essential legal counsel to the Board and senior management. Major responsibilities include actively engaging in the planning and drafting of Directives, identifying and mitigating legal risks, and advocating for ECMA in legal fora. The role also involves the meticulous drafting and review of legal documents, ensuring alignment with ECMA’s interests and compliance with statutory laws, thus contributing significantly to the Authority’s legal resilience and success.

Specific Duties and Responsibilities

• Leads the legal unit, sets the goals and objectives of the unit, and manage its performance. This includes planning, assisting in preparing department budgets, setting performance targets, supervising and reviewing staff performance and capacity development,
• Provide strategic legal counsel to the Authority’s Board and the Director General on relevant legal issues,
• Provide legal opinions and advice to the Senior Management Team and departments of the Authority on a wide range of issues, to ensure the Authority complies with all relevant statutory laws e.g., procurement laws, public finance laws, employment regulations etc.
• Drafts and participates in the drafting of Directives to be issued by the Authority and liaise relevant legislative institutions on issues that relate to the mandate of ECMA,
• Identify and mitigate legal risks that could impact the Authority’s operations or reputation,
• Represent ECMA in courts of law, the Capital Market Tribunal and other Administrative Tribunals,
• Draft and review legal document like contracts and MOUs, for legal implications and ensure they align with the Authority’s interests,
• Identify, research, and analyze legal issues and risks that affect the Authority and its activities,
• Manage the legal department, including court cases, and provide an efficient and cost-effective legal service in order to improve the success rate of legal cases.
• Draft and review contracts and standard forms.
• Review statement of claims/defense and other pleading including declarations, affidavit, memorandum of appeal etc prepared by attorney.
• Monitor changes in Ethiopian legislation and the broader international capital markets regulatory environment and take appropriate action.
• Represent the authority in all stages of legal proceedings, including pre-trial negotiations, hearings, and trials.
• Maintain a positive name in the legal community.
• Any other related duties that may be assigned from time to time.