The past years have seen the enactment of new laws and regulations dealing with a number of Uganda’s key sectors. The new laws have introduced important reforms including reforms relating to:
- the Companies Act,
- the Mortgage Act,
- the Retirement Benefits Regulatory Authority Act and other retirement benefits sector legislation.
The Companies Act, 2012 was enacted to amend, replace and reform the law relating to the incorporation, regulation and administration of companies. For instance, it introduces a one shareholder company. It also added a new Table, F to the First Schedule that provides for the code of Corporate Governance.
The Mortgage Act 2009 repealed the Mortgage Act to provide restrictions on the mortgaging of matrimonial homes; to make mortgages take effect only as security; to provide for priority, tacking, consolidation and variation of mortgages among others.
The Uganda Retirement Benefits Regulatory Authority Act, 2011 establishes a Retirement Benefits Regulatory Authority to regulate the establishment, management and operation of retirement benefits schemes in Uganda in both the private and public sectors. It is landmark legislation as it liberalizes the management of retirement benefit schemes which has been a monopoly of the state National Social Security Fund (NSSF). NSSF will now have to operate and compete alongside newly licensed benefit schemes expected to be set up by banks, insurance companies, institutions and individuals. Contact one of our professional staff if you want advice and information about the above and other recent laws.