Regulatory Alerts2020-01-16
Graduated Fines Framework
The Capital Markets Commission establishes a structured penalty schedule to enforce compliance with the Accounting and Financial Requirements Rules and CIS Rules. The framework imposes escalating fixed fines ranging from ZMW3,000 to ZMW150,000 based on whether the violator is a first, second, or perpetual offender, alongside daily additional charges for continuing contraventions. Perpetual offenders face a maximum fine of ZMW150,000 and may be subject to Market Misconduct Proceedings before the Capital Markets Tribunal if prior maximum fines have been applied.
Share