Regulatory Alerts2023-12-27
The Securities Act, No. 41 of 2016 (Amended by Act No. 21 of 2022)
Enacted by the Parliament of Zambia and administered by the Securities and Exchange Commission, this legislation establishes a comprehensive regulatory framework for the capital market. It mandates licensing and oversight for securities exchanges, clearing agencies, capital market operators, and credit rating agencies while standardizing the registration, trading, and dematerialization of securities. The Act introduces strict insider trading prohibitions, corporate governance and auditing obligations for listed companies, a dedicated Compensation Fund, and a Capital Markets Tribunal to adjudicate disputes and enforce compliance.
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