Regulatory Alerts2015-01-01
Financial Services (Licensing Requirements for a Stock Exchange) Directive 2015
Issued by the Registrar of Financial Institutions in Malawi, this Directive establishes comprehensive licensing and operational requirements for stock exchanges under the Financial Services Act of 2010. It mandates that eligible applicants, including domestic companies and foreign investors, submit detailed applications with a K500,000 fee, undergo due diligence assessments, and secure Registrar approval for premises, trading systems, and self-regulation frameworks before commencing business. Licensed exchanges must subsequently fulfill rigorous reporting, audit, and disclosure obligations while remaining subject to monetary penalties of up to K10 million for non-compliance.
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