Regulatory Alerts2026-01-01
Financial Services (Licensing and Operating Requirements for Stock Exchanges) Directive 2026
Issued by the Registrar of Financial Institutions under Malawi’s Financial Services Act, this Directive establishes comprehensive licensing and operational standards for entities seeking to operate a stock exchange. Applicants must demonstrate corporate eligibility, secure fit-and-proper senior leadership with advanced qualifications, and deploy an automated trading system integrated with clearing and depository functions. The Registrar conducts due diligence within a sixty-day window, grants five-year licenses subject to strict reporting and compliance obligations, and enforces contraventions through substantial administrative penalties and a dedicated appeals process.
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