Regulatory Alerts2020-10-14
Added · Updated
Capital Adequacy Directive for Securities Market Intermediaries
The Securities and Exchange Commission of Zimbabwe withdraws previous capital adequacy directives and issues new requirements for Securities Market Intermediaries, including stockbroking firms, asset managers, custodians, and exchanges. The directive mandates specific capital thresholds, such as US$75,000 for stockbrokers and US$150,000 for investment advisory firms, alongside Adjusted Liquid Capital calculations and risk-based Tier 1, 2, and 3 capital structures. It also imposes minimum insurance coverage limits, such as US$300,000 for professional indemnity for trustees and custodians, and requires quarterly reporting of capital positions to the Commission.
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