Regulatory Alerts2026-03-30
Securities (Substantial Shareholder Vetting) Guidelines, 2024
The Zambian Securities Commission has issued these guidelines to establish mandatory vetting criteria for substantial shareholders and beneficial owners holding at least fifteen percent of shares in capital market entities. Licensees, issuers, and authorized entities must submit comprehensive identification, residential, occupational, and source-of-funds data to enable the Commission’s background and security checks for fitness and probity. The Commission may conditionally approve applications, issue directives for the removal or divestment of unfit shareholders, and impose administrative penalties or license revocations for non-compliance with these reporting obligations.
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