Regulatory Alerts2025-05-19
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Capital Markets Tribunal – Ex-Tempore Order – Stanchart Zambia – Stanchart Nominees and SEC
The Capital Markets Tribunal rejected the Securities and Exchange Commission's oral application for a stay of proceedings, ruling it irregular under Section 184(2) of the Securities Act and Rule 24 of the Capital Markets Tribunal Rules. The Tribunal determined that interlocutory applications for a stay must be made formally via an Ex-Parte Summons accompanied by an Affidavit and Skeleton Arguments, rather than orally. Consequently, the Securities and Exchange Commission is required to file a formal application if it wishes to proceed with seeking a stay. Costs are reserved.
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