SecZim amends rules

SecZim amends rules
Published: 17 May 2018
THE capital markets regulator, the Securities Exchange Commission of Zimbabwe (SECZ), is amending its regulations to enhance investor protection.

SECZ chief executive officer Tafadzwa Chinamo told The Financial Gazette that the regulatory framework was being revamped, but did not give much detail.

Well placed government sources said SECZ wanted to align its regulations with International Organisation of Securities Commissions (IOSCO) requirements.

They said SECZ has submitted draft amendments to IOSCO, an association of organisations that regulate the world's securities and futures markets. IOSCO members are typically primary securities regulators in a national jurisdiction.

"We are doing a complete overhaul of our securities regulation framework to align it with IOSCO requirements. We have since submitted our first draft to IOSCO for their consideration and we are waiting their response," a government source told The Financial Gazette on the sidelines of the ongoing regional workshop on legal and regulatory issues in domestic financial markets, organised by Macroeconomic and Financial Management Institute of Eastern and Southern Africa.

They said the proposed legal framework was designed to enhance the quality and transparency of investor relationships with investment advisers and brokers or dealers.

The new rules and interpretations would also enhance investor protection by applying consistent principles to investment advisers and broker-dealers, provide clear disclosures, exercise due care, and address conflicts of interest.
- fingaz
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