A number of licenses held by the various capital markets intermediaries in Uganda including stock brokers,dealers, investment advisers, fund managers, collective investment schemes and their managers, custodians and securities central depositories will be expiring during the last quarter of this financial year (April-June 2019/20). Consequently,we expect that the intermediary firms, many of whom hold more than one type of license, will be applying for license renewal. The Capital Markets Authority (CMA) is mandated to license (or approve) firms or individuals to deal in the business of securities.