Regulatory Alerts2025-05-19
Added · Updated
Capital Markets Tribunal – Ruling – SEC Vs Zambia Breweries and National Breweries
The Capital Markets Tribunal dismissed an appeal by Zambia Breweries PLC, Anheuser-Busch PLC, and National Breweries PLC against the Securities and Exchange Commission's decision to charge authorization fees for a takeover transaction. The Tribunal determined that the Commission had lawful authority to levy these fees under the Securities (Licensing, Fees and Levies) (Amendment) Rules, Statutory Instrument No. 82 of 2013, rejecting arguments that the fees were ultra vires or applied retrospectively. Consequently, the Tribunal upheld the Commission's demand for payment of the authorization fees, which had previously been subject to a 60% waiver.
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