Regulatory Alerts2023-07-21
Licensing of Share Transfer Agents – Directive No. 1 of 2023
The Securities and Exchange Commission mandates all listed companies, their departments or divisions, and representatives acting as share transfer agents to obtain a formal license. Applications must comply with Section 34 of the Securities Act and be submitted by December 31, 2023. The Commission reserves the right to enforce regulatory action against non-compliant entities after the deadline.
1 THE SECURITIES ACT, 2016 (Act No.41 of 2016 as Amended by the Securities (Amendment) Act No.21 of 2022)
LICENSING OF SHARE TRANSFER AGENTS Directive No: 1 OF 2023
IN EXERCISE of the Powers contained in Section 212 as read together with Section 9 of the Securities Act No. 41 of 2016 (the “Securities Act”), the Securities and Exchange Commission (the “Commission”) hereby DIRECTS all persons engaged in business as share transfer agents, departments or divisions, by whatever name called, of a listed company together with the representatives performing the activities of a share transfer agent to APPLY to the Commission for a Share Transfer Agent License. An application for a Share Transfer Agent’s License shall be made in accordance with section 34 of the Securities Act. All concerned persons, departments or divisions of listed companies together with representatives are required to comply with this Directive on or before the 31st day of December 2023 after which the Commission reserves the right to take regulatory action as may, by law, be permissible. For further guidance regarding the application process or for any other clarification, please do not hesitate to contact the Commission on: Telephone: +260 211 227 012/ 222 368/ 222 369 Email: info@seczambia.org.zm
Dated the 21st day of July 2023
Phillip K. Chitalu CHIEF EXECUTIVE OFFICER