It is important that investors and market intermediaries know the procedure to follow while trying to resolve a dispute or complaints that may arise between investors and market intermediaries or between market intermediaries themselves that they want the Authority to resolve.
When an investor is aggrieved by the actions of an intermediary, the initial step should be to try to amicably resolve the complaint with the intermediary. However, in the event that an amicable solution is not achieved, then the complaints especially those related to the secondary market should be forwarded to the Rwanda Stock Exchange. Depending on the nature of the complaint, the Rwanda Stock Exchange will either deal with the complaint or refer it for the necessary regulatory intervention by the Capital Markets Authority. If one party is not satisfied with the decision of Rwanda Stock Exchange, he or she will direct the complaint to the Authority.
In all other cases that may not relate to the secondary market transactions, the Authority is compelled to intervene directly. In this case even where complaints are filed with the Rwanda Stock Exchange, they will immediately be reported to the Authority.
The Authority will in first instance deal with the complaint and give its decision in 30 days. However, if the one of the parties to the dispute is not satisfied with the decision of the Authority, he shall appeal within 30 days (after notification of the decision) to the Capital Market Independent Review Panel. When party is not satisfied with the decision of the Panel, he or she will lodge the case to the competent court.