Regulatory Alerts2016-09-30
Circular on Non-Authorization of Invest Trace to Access Share Registers
The Zambian Securities Commission has denied Invest Trace authorization to access issuers' databases for identifying missing and deceased shareholders. This decision stems from Section 42 of the Electronic Communications and Transaction Act, which mandates express data subject approval, and the Securities Act, which lacks provisions for third-party database access. Consequently, issuers, brokers, transfer secretaries, and central securities depositories must continue operating without granting the London-based asset reunification firm direct access to their share registers.
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