Regulatory Alerts2015-10-23
Added · Updated
Financial Services (Establishment and Operations of Portfolio Managers) Directive, 2015
The Registrar of Financial Institutions issues this Directive to regulate portfolio managers, requiring them to be companies incorporated under the Companies Act and to maintain a minimum start-up and net capital of fifty million Kwacha. Licensed entities must pay a K500,000 application fee and a K300,000 renewal fee, employ at least two securities representatives, and submit monthly call reports within ten days of month-end. The Directive establishes monetary penalties for non-compliance, including K20,000 for late reporting and up to K10 million for other violations, while revoking the Securities (Portfolio Manager) Directive, 2011.
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