Regulatory Alerts2020-04-01
Circular No. 3 of 2020 – Guidance on Market Interventions to Mitigate the Spread of Covid-19
The Securities and Exchange Commission of Zambia issued this circular to mandate specific capital market business continuity measures amid the pandemic, requiring operators to utilize secure online portals, enforce social distancing for essential staff, and maintain robust electronic transaction controls. Companies must provide sufficient forward-looking disclosures regarding pandemic impacts under IFRS nine, submit going-concern stress tests by mid-April, and may request case-by-case extensions for audited annual report submissions. The directive further standardizes remote trading via virtual private networks, mandates online banking settlement, requires issuers to designate officers for continuous market disclosures, and upholds high professional ethics while ensuring uninterrupted market surveillance.