Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697753999523.pdf (Gambia)
FIFTH ASSEMBLY OF THE SECOND REPUBLIC 2021 LEGISLATIVE YEAR SECOND EXTRAORDINARY SESSION VOTES AND PROCEEDINGS THURSDAY 18th NOVEMBER 2021 The Assembly convened eleven minutes after eleven o’clock in the morning.

Prayers were read, and the Hon.

Speaker, Mariam Jack Denton took the Chair.

ORDER PAPER 1.

PRAYERS 2.

Communication from the Chair 3.

Correction and Approval of Record of Votes, and Proceedings of the National Assembly Sitting of Tuesday 09th November 2021.

4.
4.

MOTION WITH NOTICE Withdrawal of “The Capital Markets and Securities Bill, 2021” (By Hon.

Minister for Finance and Economic Affairs) 5.

BILL The Capital Markets and Securities Bill, 2021 (By Hon.

Minister for Finance and Economic Affairs) The following Honourable Members were present: 1.

Hon.

Mariam Jack Denton 2.

Hon.

Momodou LK Sanneh 3.

Hon.

Kebba K. Barrow 4.

Hon.

Sunkary Badjie 5.

Hon.

Alhagie S. Darbo 6.

Hon.

Kaddy Camara 7.

Hon.

Muhammed Mahanera 8.

Hon.


Saikou Marong - - - - - - - - 1 | P a g e Speaker Deputy Speaker Majority Leader/Kombo South Foni Berefet Brikama North Foni Bondali Sandu Latrikunda Sabiji FIFTH ASSEMBLY OF THE SECOND REPUBLIC 2021 LEGISLATIVE YEAR SECOND EXTRAORDINARY SESSION VOTES AND PROCEEDINGS THURSDAY 18th NOVEMBER 2021 - - - - - - - - - - - - - - - - - - - - - - 9.

Hon.

Alfusainey Ceesay 10.

Hon.

Sainey Jawara 11.

Hon.

Sainey Touray 12.

Hon.

Saikouba Jarju 13.

Hon.


Alhagie Drammeh 14.

Hon.

Bakary Camara 15.

Hon.

Alhagi S.B Sillah 16.

Hon.

Alhagie H. Sowe 17.

Hon.

Momodou S. Ceesay 18.

Hon.

Muhammed Ndow 19.

Hon.

Omar Ceesay 20.

Hon.

Baba Galleh Jallow 21.

Hon.

Ndey Yassin Secka 22.

Hon.

Momodou Camara 23.

Hon.

Assan Touray 24.

Hon.

Alhagie Mbow 25.

Hon.

Kajali Fofana 26.

Hon.

Salifu Jawo 27.

Hon.

Fatou K. Jawara 28.

Hon.

Mahtarr M. Jeng 29.

Hon.

Bakary Njie 30.

Hon.

Birom JS Sowe 31.


Hon.

Alhaji Sankung Jammeh - 32.

Hon.

Lamin F.M Conta 33.

Hon.

Kebba Jallow 34.

Hon.

Yaya Gassama 35.

Hon.

Sulayman Saho 36.

Hon.

Ousman Touray 37.

Hon.

Alhagie Darboe 38.

Hon.

Madi MK Ceesay 39.

Hon.
Amadou Camara - - - - - - - - 2 | P a g e Sami Lower Saloum Jarra East Busumbala Jeshwang Kiang Central Niani Jimara Janjanbureh Banjul Central Niamina East Sanimentereng Nominated Member Foni Bintang Karanai Bakau Upper Saloum Jarra West Jokadu Tallinding Kunjang Lower Niumi Bundunka Kunda Niamina West Foni Jarrol Kombo East Jarra Central Kiang East Central Baddibu Sabach Sanjal Lower Fulladu West Serrekunda West Nianija FIFTH ASSEMBLY OF THE SECOND REPUBLIC 2021 LEGISLATIVE YEAR SECOND EXTRAORDINARY SESSION VOTES AND PROCEEDINGS THURSDAY 18th NOVEMBER 2021 40.
Hon.

Dembo KM Camara 41.

Hon.

Omar Darboe 42.

Hon.

Ya Kumba Jaiteh 43.

Hon.

Abdoulie Ceesay 44.

Hon.

Lamin J. Sanneh 45.

Hon.

Alagie Jawara - - - - - - Illiassa Upper Niumi Nominated Member Old Yundum Brikama South Lower Baddibu The following Honorable Members were absent with permission: 1.

Hon.

Samba Jallow 2.

Hon.

Halifa Sallah 3.

Hon.

Dawda Kawsu Jawara 4.

Hon.

Billay G. Tunkara 5.

Hon.

Fatoumatta Njai 6.

Hon.

Muhamed Magassy 7.

Hon.

Suwaibou Touray 8.

Hon.

Musa Amul Nyassi 9.


Hon.

Sidia S. Jatta 10.

Hon.

Foday N.M Drammeh 11.

Hon.

Ousman Sillah 12.

Hon.

Majanko Samusa Vacancy: 1.

Kiang West [ Deceased] - - - - - - - - - - - - Minority Leader/Niamina Dankunku Serrekunda Upper Fulladu West Kantora Banjul South Basse Wuli East Foni Kansala Wuli West Tumana Banjul North Nominated Member 1.

Correction and Approval of Record of Votes, and Proceedings of the National Assembly Sitting of Tuesday 9th November 2021.

The Hon.
The Hon.

Member for Kombo East moved the motion for the Assembly to consider and approve the Record of Votes and Proceedings of the National Assembly sitting of Tuesday 09th November 2021.

3 | P a g e FIFTH ASSEMBLY OF THE SECOND REPUBLIC 2021 LEGISLATIVE YEAR SECOND EXTRAORDINARY SESSION VOTES AND PROCEEDINGS The Hon.

Member for Jarra Central seconded the Motion.


THURSDAY 18th NOVEMBER 2021 The Record of Votes and Proceedings of Tuesday 9th November 2021, as corrected, was approved as the true record of proceedings.

6.

MOTIONS WITH NOTICE Withdrawal of “The Capital Markets and Securities Bill, 2021” (By the Hon.

Minister for Finance and Economic Affairs) At the invitation of the Hon.

Speaker, the Hon.
Speaker, the Hon.

Minister for Finance and Economic Affairs moved a motion to withdraw “The Capital Markets and Securities Bill, 2021”.

The Hon.

Member for Lower Saloum seconded the Motion.

Question put and accordingly agreed to.

Question put, that the Bill be withdrawn.

The Assembly was NOT divided.

The Bill was withdrawn.

7.

BILL The Capital Markets and Securities Bill, 2021 (By the Hon.
Minister for Finance and Economic Affairs) Question put, and accordingly agreed to Question put, that this Assembly do proceed to consider “The Capital Markets and Securities Bill, 2021” under Certificate of Urgency.

The Assembly was NOT divided.

The Assembly accepted to proceed with the Bill under Certificate of Urgency.

4 | P a g e FIFTH ASSEMBLY OF THE SECOND REPUBLIC 2021 LEGISLATIVE YEAR SECOND EXTRAORDINARY SESSION VOTES AND PROCEEDINGS THURSDAY 18th NOVEMBER 2021 i.
First Reading of the Bill (ORDER 65) At the invitation of the Hon.

Speaker, the Hon.

Minister for Finance and Economic Affairs handed a copy of The Capital Markets and Securities Bill, 2021 to the Clerk.

The Clerk read aloud the short title of the Bill.

ii.

Motion: Second Reading of the Bill (ORDER 67 & 77) At the invitation of the Hon.

Speaker, the Hon.

Minister for Finance and Economic Affairs moved the motion for the second reading of the Capital Markets and Securities Bill, 2021.

The Hon.
The Hon.

Member for Jarra East seconded and spoke on the Motion.

MOTION WITHOUT NOTICE: (53(K) The Hon.

Member for Foni Bintang moved a motion for the Assembly to proceed to the consideration stage of The Capital Markets and Securities Bill, 2021 without debate.

The Hon.

Member for Busumbala seconded the Motion.

Question put and accordingly agreed to.

Question put, that the Assembly agrees to the Motion.

The Assembly was NOT divided.

The Assembly agreed to consider the Bill without debate.
5 | P a g e FIFTH ASSEMBLY OF THE SECOND REPUBLIC 2021 LEGISLATIVE YEAR SECOND EXTRAORDINARY SESSION VOTES AND PROCEEDINGS THURSDAY 18th NOVEMBER 2021 COMMITTEE OF THE WHOLE ASSEMBLY At thirty-six minutes after eleven o’clock in the morning, the Hon.

Speaker resolved the Assembly into Committee of the Whole Assembly.

Consideration Stage at Committee of the Whole Assembly 1.

Question put, that PART I stands part of the Bill with an amendment.

i.
i.

The duplication of the word “Holds”, under section 2, the definition of "Auditor" is neutralised.

ii.

The definition of the term debentures as defined in the Companies Act 2013, was inserted under the interpretation clause.

2.

Question put, that PART II stands part of the Bill without amendment.

3.

Question put, that PART III stands part of the Bill without amendment.

4.

Question put, that PART IV stands part of the Bill with amendments.

i.
i.

Clause 25: The phrase “subject to the approval of the Minister” was inserted between the words “may” and “authorise”.

ii.

Clause 31(1): reference to “The Companies Act, 2013” was deleted, to read “Companies Act”.

5.

Question put, that PART VI stands part of the Bill without amendment.

6.

Question put, that PART VII stands part of the Bill without amendment.
6 | P a g e FIFTH ASSEMBLY OF THE SECOND REPUBLIC 2021 LEGISLATIVE YEAR SECOND EXTRAORDINARY SESSION VOTES AND PROCEEDINGS THURSDAY 18th NOVEMBER 2021 7.

Question put, that PART VIII stands part of the Bill with amendments.

i. ii.

Clause 55: “Company” was inserted in paragraph (2) immediately after the word “Public” Clause 59(1): The word “in” in the first line, between the words “it” and “its” was substituted for the word “on”.

8.

Question put, that PART IX stands part of the Bill with amendments.
i. ii.

Clause 68: paragraph (1) (a), cross-reference to sections “73 to 87”, was substituted for the sections 74 to 88.

Clause 72: paragraph (1), cross-reference to sections “76” and “79” were substituted for the sections “77” and “80” respectively.

RESOLUTION: The Assembly granted to the drafters the authority to correct the cross-referencing, renumbering of sections, and chapters in the Bill.

9.

Question put, that PART X stands part of the Bill without amendment.

10.
10.

Question put, that PART XI stands part of the Bill without amendment.

11.

Question put, that PART XII stands part of the Bill without amendment.

12.

Question put, that PART XIII stands part of the Bill without amendment.

13.

Question put, that PART XIV stands part of the Bill with an amendment.

i.

Clause 202: Reference to “Trustees Act”, under the introductory text was deleted and substituted for the words “any other Act”.
7 | P a g e FIFTH ASSEMBLY OF THE SECOND REPUBLIC 2021 LEGISLATIVE YEAR SECOND EXTRAORDINARY SESSION VOTES AND PROCEEDINGS THURSDAY 18th NOVEMBER 2021 14.

Question put, that PART XV stands part of the Bill with amendments.

i.
i.

Clause 223: paragraph (1) was deleted and substituted for the following: “(1) The Tribunal shall consist of five persons to be appointed by the Chief Justice as follows: (a) A Chairperson appointed by the Chief Justice; (b) Four other members appointed by the Chief Justice on the advise of the Minister” ii.

Clause 234: Reference to “subsection (3)” under Clause 223(2), replaced with “subsection (1)(b).” iii.

Clause 223(2): paragraph (2)(d) was deleted.

15.


Question put, that PART XV I stands part of the Bill with amendments.

i. ii.

Clause 246: The phrase “and it shall be the duty of the Authority to comply” were deleted.
Clause 260: was deleted and substituted for the following: a) b) c) d) e) f) g) The Companies Act The Insurance Act The Central Bank Act Banking Act The GIPAC Act Non-Financial Institutions Act The Securities Act, shall be read with such modification as to bring them into conformity with the provisions of this Act in relation to capital market matters” THE END 8 | P a g e FIFTH ASSEMBLY OF THE SECOND REPUBLIC 2021 LEGISLATIVE YEAR SECOND EXTRAORDINARY SESSION VOTES AND PROCEEDINGS THURSDAY 18th NOVEMBER 2021 RESUMPTION OF THE ASSEMBLY At thirteen minutes after three o’clock in the afternoon, the Assembly resumed.
At the invitation of the Hon.

Speaker, the Hon.

Minister for Finance reported on what transpired at the Committee of the Whole Assembly and moved the motion for the Third Reading of “The Capital Markets and Securities Bill, 2021” with amendments.

The Hon.

Member for Busumbala seconded the motion.

Question put and accordingly agreed to: Question put, that The Capital Markets and Securities Bill, 2021 having gone through the Committee of the Whole Assembly with amendments be read a Third Time and passed.
The Assembly was NOT divided.

The Clerk read aloud the short title of the Bill, signifying its passage.

ADJOURNMENT At twenty-four minutes after three o’clock in the afternoon, the Assembly was adjourned sine die.

9 | P a g e