Financial Services (Licensing and Operations of Transfer Secretaries) Directive 2024

“(2) In addition to the requirements prescribed under this Directive, a shareholder, including an ultimate beneficial owner, shall satisfy the fit and proper requirements prescribed in the Financial Services (Licensing of Banks) Directive.” Issued this 1st day of May, 2024. DR. W. T. BANDA (REF. NO. FIN/PFSPD/02/12) Registrar of Financial Institutions GOVERNMENT NOTICE NO. 33 FINANCIAL SERVICES ACT (CAP 44:05) FINANCIAL SERVICES (LICENCING AND OPERATIONS OF TRANSFER SECRETARIES) DIRECTIVE, 2024 IN EXERCISE of the powers conferred by section 21(5) of the Financial Services Act, I WILSON TONINGA BANDA, Registrar of Financial Institutions, issue the following Directive—

1. This Directive may be cited as the Financial Services (Licencing and
   Operations of Transfer Secretaries) Directive, 2024.
2. In this Directive, unless the context otherwise requires—
   “issuer” has the meaning assigned thereto under the Securities Act; “securities representative” has the meaning assigned thereto under the Securities Act; and “transfer secretary” means a company which registers the transfer of ownership of securities and carries out corporate actions on behalf of an issuer.
3. The objectives of this Directive are to prescribe—
   (a) licencing requirements for transfer secretaries; and (b) operational standards and professional conduct of transfer secretaries. 4.—(1) A person shall not operate as a transfer secretary unless the person is licensed as a transfer secretary under this Directive. (2) A person shall not be licensed to operate as a transfer secretary unless the person— (a) is a company incorporated under the Companies Act; (b) has a corporate governance structure comprising— (i) a board of directors consisting of at least seven members; and (ii) senior management consisting of at least a principal officer and an operations officer; 134 24th May, 2024 GN. 22/2018 Citation Interpretation Cap. 46:06 Cap. 46:06 Objectives of the Directive Requirements for licence and licensing criteria for transfer secretaries

(c) has a robust electronic information management system capable of, among other things— (i) maintaining issuer information including securities and their holders; (ii) tracking changes in holdings following trade executions; (iii) processing client financial data; (iv) being interoperable with other internal systems and third￾party systems in real-time; (v) managing the issuance and cancellation of documents of title; (vi) performing risk management functions; (vii) possessing information security features; (viii) providing an audit trail; (ix) displaying a client’s information on a client portal; (x) generating appropriate reports for the Registrar, clients and other relevant institutions; and (xi) managing corporate actions; (d) has in his employment, at least two securities representatives; and (e) has suitable business premises. (3) A person shall not qualify for appointment as a principal officer, operations officer or securities representative unless the person possesses a minimum education qualification of a bachelor's degree in business administration, finance, accounting or economics, obtained from an education institution accredited or recognized under the National Council for Higher Education Act. 5.—(1) An application for a transfer secretary licence shall be— (a) in Form TS 1 set out in the First Schedule; and (b) accompanied by a non-refundable application fee prescribed in the Second Schedule. (2) An applicant who wishes to amend his application or any document submitted in support of the application, shall obtain prior written approval of the Registrar, before amending the application or document, as the case may be. (3) The Registrar shall, within sixty days of receipt of a complete application, communicate the outcome of the application to the applicant. (4) The Registrar may, upon review of the application— (a) approve the application and issue to the applicant a licence in Form TS 2, set out in the First Schedule; or (b) reject the application and give reasons for the rejection. (5) A transfer secretary licence issued under sub-paragraph (5)(a) shall— (a) be valid for three years from the date of issuance; and 24th May, 2024 135 Cap. 30:12 Application for a licence

(b) automatically expire if the transfer secretary fails to commence business within a period of twelve months from the date of issuance of the licence. (6) Where the Registrar rejects an application in accordance with sub￾paragraph (5)(b), the applicant may, at any time, re-apply for a licence upon addressing the shortfalls contained in the communication from the Registrar. 6.—(1) A holder of a transfer secretary licence may, upon expiry of the licence, apply to the registrar for renewal of the licence. (2) An application for renewal of a transfer secretary licence shall be— (a) in Form TS 3, set out in the First Schedule; (b) made at least two months before the expiry of the licence; and (c) accompanied by a non-refundable renewal fee prescribed in the Second Schedule. (3) The Registrar shall, in determining an application for renewal of a transfer secretary’s licence, take into account the compliance record of the applicant with the Act and the Securities Act during the validity period of the licence. (4) Where, during the validity period of the licence, the transfer secretary contravened the Act or the Securities Act, the Registrar may— (a) reject the application for renewal of the licence; or (b) renew the licence subject to such conditions as the Registrar may determine appropriate.
7. The Registrar may suspend or revoke a transfer secretary licence if
the Registrar determines that—
(a) a director or officer of the transfer secretary has become subject to a statutory disqualification or restriction; (b) the transfer secretary does not have a minimum of two full-time employees; (c) the transfer secretary ceases to comply with the requirements under paragraph 4(2)(c); (d) the transfer secretary or any of his officers has contravened the Act or the Securities Act; or (e) the transfer secretary is unable to carry out his functions effectively. 8.—(1) A transfer secretary shall— (a) establish and maintain a business continuity and disaster recovery plan; (b) keep share registers up to date; (c) keep contact details for each shareholder and at least two next of kin of the shareholder; (d) pay all monies received in respect of dividends for shareholders of a particular company, into a bank account opened solely for the payment of the particular dividend; 136 24th May, 2024 Renewal of transfer secretary licence Cap. 46:06 Suspension or revocation of a transfer secretary licence Cap. 46:06 Obligations of a transfer secretary

(e) not deposit funds meant for different dividends or clients in the same bank account; (f) perform reconciliation of each bank account balance regularly; (g) offset bank charges in the dividend bank account by the interest accruing to the account and ensure that any shortfall is met by the issuer; (h) remit dividends to a shareholder not later than two days after funds are credited into the dividend account of the transfer secretary; (i) treat all unclaimed dividends in accordance with the Public Finance Management Act, 2022; (j) implement adequate internal control measures to prevent manipulation of records; and (k) maintain appropriate security measures to protect documents from theft and other hazards. 9.—(1) A transfer secretary shall maintain and keep, for a minimum period of seven years— (a) records of issuers and shareholders; (b) records of securities transactions; (c) financial records of all transfer secretarial transactions; and (d) any other records and documents that the Registrar may determine from time to time. (2) A transfer secretary shall, on demand, submit to the Registrar in legible form, the records and documents referred to in sub-paragraph (1). 10.—(1) A transfer secretary shall submit the following information to the Registrar— (a) within thirty calendar days of the end of each quarter, a summary of the composition, structure and percentage of shareholding of each listed company, in the format prescribed in the Third Schedule; (b) by 31st March of each year, an activity report of the transfer secretary during the preceding calendar year, including any changes in the membership of its board of directors or management or business; (c) by the 5th day of each month, the number of new investors in respect of each company for the preceding month, divided into retail investors and institutional investors; and (d) any other information the Registrar may request. (2) A transfer secretary shall, within forty-eight hours, report to the Registrar, any— (a) violation of the Act, Securities Act, or this Directive committed by his employee, customer or agent; (b) fraud or malpractice under investigation or reported against his employee, customer or agent; and 24th May, 2024 137 No. 4 of 2022 Record keeping Reporting requirements Cap. 46:06

(c) disruption in the services offered by the transfer secretary, specifying the measures taken to mitigate the impact of the disruption and the duration needed to remedy the disruption. 11.—(1) A transfer secretary who fails to comply with any requirement under this Directive shall be liable to an administrative penalty of K30,000,000. (2) A transfer secretary ordered by the Registrar to pay an administrative penalty shall pay the penalty, through an electronic bank transfer to the Reserve Bank of Malawi, within five working days of receiving the order. (3) In addition to the monetary penalty, the Registrar may impose directions and other administrative penalties as provided under the Act.
12. A person aggrieved by a decision of the Registrar under this
Directive, may appeal to the Financial Services Appeals Committee, within twenty-one days of being notified of the Registrar’s decision.
13. The Financial Services (Establishment and Operations of Transfer
Secretaries) Directive, 2015 is hereby revoked.
FIRST SCHEDULE (paras. 5(1)(a);
5(5)(a); (6(2)(a))
FINANCIAL SERVICES ACT
(CAP 44:05)
FORMS
FORM TS 1 (para. 5(1)(a))
APPLICATION FOR A TRANSFER SECRETARY LICENCE
INSTRUCTIONS__
(a) This Application Form has twenty-five Parts and three Appendices. All written communication should be made on a coloured letterhead, with current and valid contact details, including but not limited to telephone numbers; mobile phone numbers; fax numbers; email addresses; and postal and physical addresses. (b) Please ensure that you have responded to all parts and the Appendices. (c) Where space provided is not enough, provide the extra information on additional sheets. (d) The requirements stipulated under this Directive, the Securities Act (Cap. 46:06) and the Financial Services Act (Cap. 44:05) must be observed when filling this application form. (e) Any false and misleading information or omission of material fact will constitute grounds for rejection of the application or imposition of administrative penalties as stipulated under the Financial Services Act (Cap. 44:05). 138 24th May, 2024 Administrati￾ve penalty Appeals Revocation G.N. 28/2015

(f) Inquiries concerning the preparation, filing and status of this application should be made to the: Director, Financial Sector Regulation Department, Reserve Bank of Malawi, 10 Hannover Avenue, PO Box 565, Blantyre. Telephone: 01 820 444/299. Email: fsr@rbm.mw (g) The completed application form and all supporting documentation must be submitted to: The Registrar of Financial Institutions, Reserve Bank of Malawi, Convention Drive, P.O. Box 30063, Lilongwe 3, Malawi. (h) Remember to enclose the Supporting Documentation Checklist duly signed. (i) Incomplete applications will be automatically rejected.

1. Name of applicant:............................................................................................................

2. Physical address of head office:........................................................................................

3. Contact details__
   Postal address....................................................................................................................
   Telephone number.............................................................................................................
   Mobile number..................................................................................................................
   Email address....................................................................................................................
   Website details…...............................................................................................................

4. Legal structure:..................................................................................................................
   4.1 Date of registration or incorporation:..........................................................................
   4.2 Certificate of incorporation number:...........................................................................
   4.3 Taxpayer Identification Number:.................................................................................

5. Particulars of shareholding:
   Percentage of share Source
   Name Nationality Address ownership of funds
   5.1 For shareholders that are corporates, provide the details in the table below:
   Certificate Name of of incorpo- owners and
   Name of Date and place ration percentage Name of Nature of corporate body of incorporation number of ownership directors business NOTE: In addition, submit the Fit and Proper Questionnaire in Appendix 1 for each of the shareholders. 24th May, 2024 139

6. Places of business of shareholder (where applicable):
   Name of business place Start date Years in operation

7. Indicate the former name(s) by which the applicant has been known:
   :..........................................................................................................................................

8. List countries where the applicant operates, if applicable.
   :..........................................................................................................................................

9. Details of share capital:
   Issued capital....................................................................................................................
   Paid up capital..................................................................................................................
   Shareholders funds............................................................................................................

10. Provide evidence of capital:
    NOTE: Evidence of capital should either be:
    (a) In the form of certified bank statements and a confirmation letter from an external auditor; or (b) Certified audited accounts for the past three (3) years of the holding company for the subsidiary applicant.

11. Describe the proposed information management system and confirm its ability to
    perform functions stipulated under paragraph 4(2)(c)of the directive.

12. Provide the details below for each of the directors:
    Date of Other Date
    Name Nationality appointment Address Directorshipof birth Gender In addition, submit the following for each of the directors:
    (a) Curriculum Vitae; and
    (b) Fit and Proper Questionnaire in Appendix 2.

13. Provide the details below for each of the senior management officials:
    Principal officer Operations officer
    Full name
    Nationality and national identity number
    Date of birth
    Qualifications and dates obtained
    Date of appointment
    Details of previous employment
    140 24th May, 2024

In addition, please submit the following for each of the senior management officials:
(a) Curriculum Vitae; and
(b) Fit and Proper Questionnaire in Appendix 3.
14. Provide the details below for each of the securities representatives:
Previous employment
(positions,
Address & Qualifications and employer and
Name contact details dates obtained number of years)
15. Borrowings:.......................................................................................................................
If yes, provide the following details for each of the loan facility:
Name of lending institution:..............................................................................................
Type of facility:.................................................................................................................
Date of offer:.....................................................................................................................
Terms of offer:...................................................................................................................
Security offered:................................,,,,,,,,,,,,,,,,,,..............................................................
Value of security:...............................................................................................................
Current outstanding balance:.............................................................................................
16. Provide details of banker (s):
Name of banker Branch and address Details of bank account
17. Provide details of the proposed external auditor:..............................................................
Name of external auditor:..................................................................................................
Physical and postal address:..............................................................................................
:..........................................................................................................................................
Telephone and email address:............................................................................................
18. Does the Applicant hold, or has it ever held any authority from a supervisory body to
carry out any business activity in Malawi or elsewhere?..................................................
If yes, give particulars (country, supervisory body, nature of business and years of operation):
:..........................................................................................................................................
24th May, 2024 141

If any such authority has been revoked, give particulars:
:..........................................................................................................................................
19. Has the applicant been convicted of any offence, or are there any proceedings now
pending may lead to a conviction for any offence involving, fraud, dishonesty, financial crime, market abuse, insider trading, corruption, money laundering or terrorist financing?
:..........................................................................................................................................
20. Has the Applicant ever been put under receivership in the past made any compromise
or arrangement with its creditors in the past or otherwise failed to satisfy creditors in
full?:..................................................................................................................................
If yes, give particulars:
:..........................................................................................................................................
21. Is an inspector or other authorized officer of any government ministry, department or
agency, professional association or other regulatory body investigating or has such an
investigation ever previously taken place into the affairs of the Applicant?....................
If yes, give particulars:
:..........................................................................................................................................
22. Is the Applicant currently engaged or does it expect to be involved in any litigation
which may have a material effect on the resources of the institution?.............................
If yes, provide particulars:
:..........................................................................................................................................
23. Is the Applicant engaged or does it expect to be engaged in any business relationship
with any of its related parties?..........................................................................................
If yes, please provide details:
:..........................................................................................................................................
24. List and briefly describe proposed financial services and products:................................
Financial product/service:.................................................................................................
Description:.......................................................................................................................
Describe the methodologies of delivering products and services:....................................
:..........................................................................................................................................
25. Submit the following supporting documentation together with the application form:
(a) evidence of payment of the application fee of K300,000.00 by way of electronic bank transfer to the following account: Account Name: Licensing- Transfer Secretaries Number: 341108; (b) Curriculum Vitae and certified copies of certificates of each director; (c) Curriculum Vitae and certified copies of certificates of each senior management official; 142 24th May, 2024

(d) Curriculum Vitae and certified copies of certificates of each securities representative; (e) certified copy of Certificate of Incorporation; (f) certified copy of Memorandum and Articles of Association; (g) letter of recommendation by a stock exchange licensed under the Financial Services Act (Cap. 44:05); (h) organisation chart showing names, designation and reporting lines; (i) fit and Proper Questionnaire for shareholders, directors, senior management, officials and securities representatives, in Appendices 1 to 4; (j) Three-year business plan of the applicant including vision, mission statement, scope and nature of business operations, financial projections as well as assumptions on which the projected financial statements have been prepared; (k) audited financial statements of the promoter or principal shareholders for the past three years; (l) where applicable, a certified copy of the board resolution of the parent company approving the establishment and functioning of the subsidiary in Malawi; (m) written documentation of the applicant’s risk management systems, and the applicant’s ability to identify, measure, monitor and control the level and types of risks assumed; (n) certified copy of the resolution of the applicant’s board of directors authorizing this application; (o) a letter from the home country supervisory authority, in case of a parent company of the applicant that is already licensed in another country; and (p) certified copy of TPIN.
26. Declaration:
We, the undersigned, being Directors of the Applicant, declare that to the best of our knowledge and belief, the information given in this form and the supporting documentation submitted together with this form are true, correct complete and made in good faith with the purpose and intent that affairs of the applicant will at all times be honestly conducted in full compliance with all applicable financial services laws:
Name:............................................................... Designation........................................
Signature.......................................................... Date....................................................
APPENDIX 1:
FIT AND PROPER QUESTIONNAIRE FOR SHAREHOLDER
(Where space provided is not enough, please provide the extra information on additional sheets)
(a) Full name:...................................................................................................................
(b) In the case of a body corporate, date of incorporation and registration number:
:...................................................................................................................................
24th May, 2024 143

NOTE: Attach a certified copy of the certificate of incorporation and memorandum and articles of association
(c) Postal address:............................................................................................................
(d) Contact number:.........................................................................................................
(e) Physical address:........................................................................................................
(f) Qualifications in case of an individual shareholder:
(i) Minimum academic qualification (include the date obtained and institution)
:............................................................................................................................
(ii) Highest academic qualification (include the date obtained and institution)
:.............................................................................................................................
(iii)Other qualifications (include the date obtained and the institution)
:.............................................................................................................................
(g) Amount, type and percentage of shareholding, if any, in any financial institution:
Amount of Percentage of
Name of company Type of shareholding
(h) Describe your source of income and attach the latest audited financial statements for a body corporate or the latest certified bank statements for an individual shareholder.
:...................................................................................................................................
(i) Describe how you will be able to provide ongoing capital support to the applicant once licensed.
:...................................................................................................................................
(j) Shareholding in other companies:
Percenta￾Company’s Date of Amount of ge of Past name incorporation shareholding Remarks AB A. Refers to date of closure or surrender of shares B. Refers to reasons for closure or surrender 144 24th May, 2024

(k) Employment/Business record (Please include positions you are holding, or may have held as a shareholder at any financial institution anywhere in the world) Responsibilities Name of Name of Positions held (where Reasons shareholder employer and dates applicable) for leaving (l) Provide a name (or names) of your banker and bank account details for the last five (5) years. Period Banker Bank account details (m) Borrowings:
Do you have current loan facility?:.............................................................................
If yes, provide the following details for each loan facility:
Loan Facility
(i) Name of lending institution:...............................................................................
(ii) Type of facility:..................................................................................................
(iii) Date of offer:......................................................................................................
(iv) Terms of offer:....................................................................................................
(v) Security offered:.................................................................................................
(vi) Value of security:................................................................................................
(vii) Current outstanding balance:..............................................................................
(n) Have you ever defaulted on a loan facility? Please provide your latest credit reference report from a licensed credit reference bureau. (o) Have you or any entity with which you are associated as Director, Shareholder or Manager ever held or applied for a licence or equivalent authorisation to carry on any business activity in any country?
If yes, provide details::................................................................................................
If any such application was rejected or withdrawn after it had been issued, or any authorisation revoked, give particulars:
:...................................................................................................................................
(p) Has judgment involving a finding of fraud, dishonesty, violence, misrepresentation breach of contract, breach of fiduciary duty or professional negligence given against you or are there any proceedings now pending that may lead to such a judgment or finding?
If yes, provide details::................................................................................................
24th May, 2024 145

(q) Has any body corporate, partnership, or unincorporated institution with which you were associated as a controlling party shareholder, director, or senior management official, in Malawi or elsewhere, been wound up, made subject to an administration order, otherwise made any compromise or arrangement with its creditors, or ceased trading either while you were associated with it or within one year after you ceased to be associated with it or has anything analogous to any of these events occurred under the laws of any other jurisdiction? If yes, please provide details:
:...................................................................................................................................
(r) Have you contravened any written law designed for protecting members of the public against financial loss due to dishonesty, incompetence or malpractice by persons concerned in the provision of financial services or the management of companies or against financial loss due to the conduct of discharged or undischarged bankrupts? If yes, provide details:
:...................................................................................................................................
(s) Have you ever failed to satisfy within one year a judgment of debt under a court order in Malawi or elsewhere? If yes, provide details:
:...................................................................................................................................
(t) Have you ever been adjudged bankrupt by a court in Malawi or elsewhere? Has a bankruptcy petition ever been served on you? Have you made any compromise arrangement or otherwise failed to satisfy creditors in full? If yes, provide details:
:...................................................................................................................................
(u) Have you ever been censured, prosecuted, warned as to conduct, disciplined, disqualified or suspended from practising a profession, removed from office, publicly criticized, or made subject to a court order at the instigation of any governmental body appointed under any enactment, by a professional organization, or the substantial equivalent thereof in Malawi or elsewhere? If yes, provide details:
:...................................................................................................................................
(v) Indicate three (3) individuals of good standing who would be able to provide a reference on your personal integrity. The referees must not be related to you and must have known you for at least three (3) years. Referee 1 Referee 2 Referee 3 Name Address Occupation 146 24th May, 2024

Referee 1 Referee 2 Referee 3
Contact details: phone numbers and email address State for how long has each referee known you Declaration:
I, the undersigned, being a shareholder of the Applicant, declare that to the best of my knowledge and belief, the information given in this form and the supporting documentation submitted together with this form are true, correct, complete and made in good faith:
Full names:........................................................................................................................
Signature:........................................................... Date:...................................................
APPENDIX 2:
FIT AND PROPER QUESTIONNAIRE FOR A DIRECTOR
No QUESTION RESPONSE
(a) Full name of nominee
(b) Postal address
(c) Telephone number
(d) Email address
(e) Physical address
(f) Date of appointment
(g) Minimum academic qualification (include date obtained and institution) (h) Highest academic/professional qualification (include date obtained and institution) (i) Other qualifications (include date obtained and institution) (j) Work experiences:
(where applicable include full details of employer, positions held and years of service) (k) Information on other directorships (l) Information on business interests (m) Experience in the capital markets (n) Has the nominee 24th May, 2024 147

No QUESTION RESPONSE
(i) been subject to a direction, administrative penalty or any enforcement action by the Registrar of Financial Institutions or any regulatory body? (If yes, please provide details) (ii) been convicted of any offence, or are there any proceedings now pending which may lead to a conviction for any offence involving fraud or dishonesty? (If so, please provide details) (iii) been adjudged by a court of law to have committed fraud or any act of dishonesty, violence, misinterpretation, breach of contract, bankruptcy, breach of fiduciary duty or professional negligence given against it, in any civil proceedings, or are there any proceedings now pending that may lead to such a judgement or finding? (If so, please provide details) (iv) contravened any written law designed for protecting members of the public against financial loss due to dishonesty, incompetence or malpractice by persons concerned in the provision of financial services or the management of companies or against financial loss due to the conduct of discharged or undischarged bankrupts? (if so, please provide details) (v) ever been or is now subject to an investigation in Malawi or elsewhere, by or at the instigation of any governmental department or agency, professional association, or other regulatory body? (If so, provide details) (vi) any details that Nominee is of the view that the Registrar of Financial Institutions should know (o) Borrowings:
Does the applicant have current loan facility?..................................................................
If yes, provide the following details for each of the credit facilities:...............................
Name of lending institution:..............................................................................................
148 24th May, 2024

Type of facility :......................................................................................................
Date of offer :......................................................................................................
Terms of offer:...................................................................................................................
Security offered:................................................................................................................
Value of security:...............................................................................................................
Current outstanding balance:.............................................................................................
Name:................................................................................................................................
Signature:....................................................................... Date:....................................
APPENDIX 3
FIT AND PROPER QUESTIONNAIRE FOR SENIOR MANAGEMENT (Where space provided is not enough, please provide the extra information on additional sheets)
(a) Full name of nominee:.......................................................................................................
(b) Proposed position:.............................................................................................................
(c) Postal address:..................................................................................................................
(d) Contact numbers:..............................................................................................................
(e) Physical address:..............................................................................................................
(f) Qualifications__
(i) Minimum academic qualification (include date obtained and institution).................
....................................................................................................................................
(ii) Highest academic qualification (include date obtained and institution)....................
:...................................................................................................................................
(iii) Other qualifications (include date obtained and institution)......................................
:...................................................................................................................................
(g) Amount, type and percentage of shareholding, if any, in any company:
Amount of Percentage of
Name Type of shareholding
(h) Do you hold any directorship in any company? If yes, please provide details.
:..........................................................................................................................................
24th May, 2024 149

(i) Employment record (Please include positions you are holding, or may have held with any employer anywhere in the world) Positions held and Responsibilities Name of Employer dates (where applicable) Reasons for leaving (j) Provide a name (or names) of your banker and your bank account details for the last five (5) years. Year Banker Bank account details (k) Are you an accredited member of any professional body in Malawi such as the Institute of Chartered Accountants in Malawi (ICAM), Institute of Internal Auditors (IIA),
Economics Association of Malawi (ECAMA) or Malawi Law Society (MLS)?.............
If yes, provide details:
:..........................................................................................................................................
(l) Have you or any entity with which you are associated as Director, Shareholder or senior management official ever held or applied for a licence or equivalent authorisation to
carry on any business activity in any country?.................................................................
If yes, provide details:.......................................................................................................
:..........................................................................................................................................
(m) If any such application was rejected or withdrawn after it had been issued, or any
authorisation revoked, give particulars:............................................................................
:..........................................................................................................................................
(n) Has judgment involving a finding of fraud, dishonesty, violence, misrepresentation breach of contract, breach of fiduciary duty or professional negligence given against you or are there any proceedings now pending that may lead to such a judgment or
finding?.............................................................................................................................
If yes, provide details:
:..........................................................................................................................................
(o) Has any body corporate, partnership, or unincorporated institution with which you were associated as a controlling party shareholder, director, or senior management official, in Malawi or elsewhere, been wound up, made subject to an administration order, otherwise made any compromise or arrangement with its creditors, or ceased trading either while you were associated with it or within one (1) year after you ceased to be associated with it or has anything analogous to any of these events occurred under the
laws of any other jurisdiction?.............................
If yes, please provide details:
:..........................................................................................................................................
150 24th May, 2024

(p) Have you contravened any written law designed for protecting members of the public against financial loss due to dishonesty, incompetence or malpractice by persons concerned in the provision of financial services or the management of companies or
against financial loss due to the conduct of discharged or undischarged bankrupts?......
If yes, provide details:.......................................................................................................
:..........................................................................................................................................
(q) Have you ever failed to satisfy within one year a judgment of debt under a court order in Malawi or elsewhere?
If yes, provide det..............................................................................................................
:...................................................................................................................................
(r) Have you ever been adjudged bankrupt by a court in Malawi or elsewhere? Has a bankruptcy petition ever been served on you? Have you made any compromise
arrangement or otherwise failed to satisfy creditors in full?............................................
If yes, provide details:.......................................................................................................
:..........................................................................................................................................
(s) Have you been censured, prosecuted, warned as to conduct, disciplined, disqualified or suspended from practising a profession, removed from office, publicly criticized, or made subject to a court order at the instigation of any governmental body appointed under any enactment, by a professional organization, or the substantial equivalent thereof in Malawi or elsewhere?
If yes, provide details:.......................................................................................................
:..........................................................................................................................................
(t) Indicate three (3) individuals of good standing who would be able to provide a reference on your personal and professional integrity. The referees must not be related to you and must have known you for at least three years. Referee 1 Referee 2 Referee 3 Name Address Occupation Contact details: phone numbers and email address State for how long has each referee known you Please attach copies of employment contracts, where applicable.
:..........................................................................................................................................
(u) Did the Board approve your appointment? If yes, please attach a copy of the Board resolution approving your appointment.
...........................................................................................................................................
24th May, 2024 151

(v) Please attach a copy of certified minutes of the board of directors demonstrating that they have thoroughly evaluated the proposed nominee according to the “Fit and Proper” requirements of the Registrar of Financial Institutions and deem the applicant to be “fit and proper”.
...........................................................................................................................................
Declaration:
I, the undersigned, being proposed as…………………………………………….., declare that to the best of my knowledge and belief, the information given in this form and the supporting documentation submitted together with this form are true, correct complete and made in good faith:
Full names: ..............................................................................................................................
Signature: ..............................................................................................................................
Date: ....................................................................................................................................
APPENDIX 4:
FIT AND PROPER QUESTIONNAIRE FOR SECURITIES REPRESENTATIVES (Where space provided is not enough, please provide the extra information on additional sheets)
(a) Full name of nominee.......................................................................................................
(b) Proposed position:.............................................................................................................
(c) Postal address:...................................................................................................................
(d) Contact numbers:...............................................................................................................
(e) Physical address:...............................................................................................................
(f) Qualifications:
(i) Minimum academic qualification (include the date obtained and institution)
:...................................................................................................................................
(ii) Highest academic qualification (include the date obtained and institution)
:...................................................................................................................................
(iii) Other qualifications (include the date obtained and the institution)
:...................................................................................................................................
(g) Amount, type and percentage of shareholding, if any, in any company:
Amount of Percentage of
Name Type of shareholding
152 24th May, 2024

(h) Do you hold any directorship in any company? If yes, please provide details.
...........................................................................................................................................
(i) Employment record (Please include positions you are holding, or may have held with any employer anywhere in the world) Positions Responsibilities Name of Employer held and dates (where applicable) Reasons for leaving (j) Provide the name (or names) of your banker and your bank account details for the last five (5) years. Year Banker Bank account details (k) Are you an accredited member of any professional body in Malawi such as the Institute of Chartered Accountants in Malawi (ICAM), Institute of Internal Auditors (IIA), Economics Association of Malawi (ECAMA) or Malawi Law Society (MLS)?
If yes, provide details:.......................................................................................................
:..........................................................................................................................................
(l) Have you or any entity with which you are associated as Director, Shareholder or senior management official ever held or applied for a licence or equivalent authorisation to carry on any business activity in any country?
If yes, provide details:.......................................................................................................
:..........................................................................................................................................
If any such application was rejected or withdrawn after it had been issued, or any authorisation revoked, give particulars:
...........................................................................................................................................
:..........................................................................................................................................
(m) Has judgment involving a finding of fraud, dishonesty, violence, misrepresentation breach of contract, breach of fiduciary duty or professional negligence given against you or are there any proceedings now pending that may lead to such a judgment or finding?
If yes, provide details:.......................................................................................................
:..........................................................................................................................................
(n) Has any body corporate, partnership, or unincorporated institution with which you were associated as a controlling party shareholder, director, executive officer or senior management official, in Malawi or elsewhere, been wound up, made subject to an administration order, otherwise made any compromise or arrangement with its 24th May, 2024 153

creditors, or ceased trading either while you were associated with it or within one year after you ceased to be associated with it or has anything analogous to any of these events occurred under the laws of any other jurisdiction?
If yes, provide details:.......................................................................................................
:..........................................................................................................................................
(o) Have you contravened any written law designed for protecting members of the public against financial loss due to dishonesty, incompetence or malpractice by persons concerned in the provision of financial services or the management of companies or against financial loss due to the conduct of discharged or undischarged bankrupts?
If yes, provide details:.......................................................................................................
:..........................................................................................................................................
(p) Have you ever failed to satisfy within one year a judgment of debt under a court order in Malawi or elsewhere?
If yes, provide details:.......................................................................................................
:..........................................................................................................................................
(q) Have you ever been adjudged bankrupt by a court in Malawi or elsewhere? Has a bankruptcy petition ever been served on you? Have you made any compromise arrangement or otherwise failed to satisfy creditors in full?
If yes, provide details:.......................................................................................................
:..........................................................................................................................................
(r) Have you been censured, prosecuted, warned as to conduct, disciplined, disqualified or suspended from practising a profession, removed from office, publicly criticized, or made subject to a court order at the instigation of any governmental body appointed under any enactment, by a professional organization, or the substantial equivalent thereof in Malawi or elsewhere?
If yes, provide details:.......................................................................................................
:..........................................................................................................................................
(s) Indicate three individuals of good standing who would be able to provide a reference on your personal and professional integrity. The referees must not be related to you and must have known you for at least three years. Referee 1 Referee 2 Referee 3 Name Address Occupation Contact details: phone numbers and email address State for how long has each referee known you 154 24th May, 2024

(t) Please attach copies of employment contracts, where applicable.
...........................................................................................................................................
(u) What is your position on the submitted structure of the applicant?
...........................................................................................................................................
Declaration:
I, the undersigned, being proposed as…………………………………………….., declare that to the best of my knowledge and belief, the information given in this form and the supporting documentation submitted together with this form are true, correct complete and made in good faith:
Full names ..............................................................................................................................
Signature ............................................................... Date....................................................
FORM TS 2 (para. 5(5)(a))
TRANSFER SECRETARY LICENCE
A LICENCE is hereby issued to...............................................of ........................................ to operate as transfer secretary. This licence is issued subject to the provisions of the Financial Services Act (Cap. 44:05). The licence shall be valid for a period of three (3) years. Issued this ...... day of .......................................... 20…….
................................................................................
REGISTRAR OF FINANCIAL INSTITUTIONS
FORM TS 3 (para. 6(2)(a))
APPLICATION FOR RENEWAL OF TRANSFER SECRETARY LICENCE INSTRUCTIONS:
(a) This Application Form has twenty-one Parts and four Appendices. All written communication should be made on a coloured letterhead, with current and valid contact details, including but not limited to telephone numbers; mobile phone numbers; fax numbers; email addresses; and postal and physical addresses. (b) Please ensure that you have responded to all parts and the Appendices. (c) Where space provided is not enough, provide the extra information on additional sheets. (d) The requirements stipulated under this Directive, in the Securities Act(Cap. 46:06) and the Financial Services Act (Cap. 44:05) must be observed when filling this application form. (e) Any false and misleading information or omission of material fact will constitute grounds for any of the following: rejection of application or imposition of administrative penalties as stipulated under the Financial Services Act (Cap. 44:05). 24th May, 2024 155

(f) Inquiries concerning the preparation, filing and status of this application should be made to the: The Director, Financial Sector Regulation Department, Reserve Bank of Malawi, 10 Hannover Avenue, PO Box 565, Blantyre. Telephone: 01 820 444/299. Email: fsr@rbm.mw (g) Completed Application Form and all Supporting Documentation must be submitted to: The Registrar of Financial Institutions, Reserve Bank of Malawi, Convention Drive, PO Box 30063, Lilongwe 3, Malawi. (h) Remember to enclose the supporting documentation Checklist duly signed. (i) Incomplete applications will be automatically rejected.
1 Name of applicant:............................................................................................................
2. Physical address of head office:........................................................................................
3. Contact details:
Postal address....................................................................................................................
Telephone number.............................................................................................................
Mobile number..................................................................................................................
Email address....................................................................................................................
Website details…...............................................................................................................
4. Licence number for the previous year:..............................................................................
5. Update if there have been any changes to the particulars of shareholding since the last
application:
Percentage of share Source
Name Nationality Address ownership of funds
NOTE: In addition, submit the Fit and Proper Questionnaire in Appendix 1 for each of the new shareholders.
6. Places of business of shareholder (where applicable):
Name of business place Start date Years in operation
7. List branches where the Applicant is now operating (include the physical address and
contact details)
...........................................................................................................................................
8. Details of share capital:
Issued capital....................................................................................................................
156 24th May, 2024

Paid up capital..................................................................................................................
Shareholders funds............................................................................................................
9. Update any changes in the details below for each of the directors:
Date of Other
Name Nationality appointment Address directorship In addition, submit the following for each of the directors:
(a) Curriculum Vitae; and
(b) Fit and Proper Questionnaire in Appendix 2.
10. Update any changes in the details below for each of the senior management officials:
Chief Executive Chief Dealing Chief Financial
Officer
Full name
Nationality and national identity number
Date of birth
Qualifications and dates obtained
Date of appointment
Details of previous employment
In addition, please submit the following for each of the senior management officials:
(a) Curriculum Vitae; and
(b) Fit and Proper Questionnaire in Appendix 3.
11. Update any changes in the details below for each of the securities representatives:
Previous employment
(positions,
Address & Qualifications and employer and
Name contact details dates obtained number of years) 24th May, 2024 157

12. Borrowings:
    Does the Applicant have current loan facility?.................................................................
    If yes, provide the following details for each loan facility:
    Loan Facility
    (i) Name of lending institution:...............................................................................
    (ii) Type of facility:..................................................................................................
    (iii) Date of offer:......................................................................................................
    (iv) Terms of offer:....................................................................................................
    (v) Security offered:.................................................................................................
    (vi) Value of security:................................................................................................
    (vii) Current outstanding balance:..............................................................................

13. Update changes in the details of banker(s) and bank account details:
    Name of banker .......................................................................................................
    Branch and address.....................................................................................................
    Details of bank account .............................................................................................

14. Update changes in the details of the proposed external auditor:
    Name of external auditor Physical and Postal address Telephone and email address

15. Has the applicant been convicted of any offence, or are there any proceedings now
    pending which may lead to a conviction for any offence involving, fraud, dishonesty, financial crime, market abuse, insider trading, corruption, money laundering or terrorist financing?
    :..........................................................................................................................................

16. Has the Applicant made any compromise or arrangement with its creditors in the past
    or otherwise failed to satisfy creditors in full?..................................................................
    If yes, give particulars:......................................................................................................
    ...........................................................................................................................................

17. Is an inspector or other authorized officer of any government ministry, department or
    agency, professional association or other regulatory body investigating or has such an investigation ever previously taken place into the affairs of the
    Applicant?...........................
    If yes, give particulars:......................................................................................................
    ...........................................................................................................................................
    158 24th May, 2024

18. Is the Applicant currently engaged or does it expect to be involved in any litigation
    which may have a material effect on the resources of the institution?
    If yes, give particulars:......................................................................................................
    ...........................................................................................................................................

19. Is the Applicant engaged or does it expect to be engaged in any business relationship
    with any of its related parties?..................................
    If yes, give particulars:......................................................................................................
    ...........................................................................................................................................

20. Submit the following supporting documentation together with the application form:
    (a) evidence of payment of renewal application fee of MK150,000.00 by way of electronic bank transfer to the following account: Account Name: Licensing￾Transfer Secretaries Account Number: 341108 (b) curriculum Vitae and certified copies of certificates of each director where there have been changes; (c) curriculum Vitae and certified copies of certificates of each senior management official where there have been changes; (d) letter of recommendation to renew the licence by a licensed stock exchange where they are affiliated; and (e) fit and Proper Questionnaire for the chief executive officer, senior management, securities representatives, board of directors and shareholders reproduced in Appendices 1 to 4.

21. Declaration:
    We, the undersigned, being Directors of the Applicant, declare that to the best of our knowledge and belief, the information given in this form and the supporting documentation submitted together with this form are true, correct complete and made in good faith with the purpose and intent that affairs of the applicant will at all times be honestly conducted in full compliance with all applicable financial services laws:
    Name Designation Signature Date
    1.
    2.
    APPENDIX 1:
    FIT AND PROPER QUESTIONNAIRE FOR SHAREHOLDER
    (Where space provided is not enough, please provide the extra information on additional sheets)
    (a) Full name:..........................................................................................................................
    (b) In the case of a body corporate, date of incorporation and registration number:...............
    ...........................................................................................................................................
    24th May, 2024 159

(c) Postal address:...................................................................................................................
(d) Contact number:................................................................................................................
(e) Physical address:...............................................................................................................
(f) Qualifications (where applicable)__
(i) Minimum academic qualification (include the date obtained and institution)
:...................................................................................................................................
(ii) Highest academic qualification (include the date obtained and institution)
:...................................................................................................................................
(iii) Other qualifications (include the date obtained and the institution)
:...................................................................................................................................
(g) Update any changes in the amount, type and percentage of shareholding, if any, in any financial institution:
Amount of Percentage of
Name of company Type of shareholding
(h) Describe how you will be able to provide ongoing capital support to the licensee.
...........................................................................................................................................
(i) Update any changes in shareholding in other companies:
Percenta￾Company’s Date of Amount of ge of Past name incorporation shareholding Remarks A B
C. Refers to date of closure or surrender of shares
D. Refers to reasons for closure or surrender
(j) Update any changes in details of your bank and bank account details Period Bank Bank account details 160 24th May, 2024

(k) Borrowings:
Do you have current loan facility?.....................................................................................
If yes, provide the following details for each loan facility:
Loan Facility
(i) Name of lending institution:...............................................................................
(ii) Type of facility:..................................................................................................
(iii) Date of offer:......................................................................................................
(iv) Terms of offer:....................................................................................................
(v) Security offered:.................................................................................................
(vi) Value of security:................................................................................................
(vii) Current outstanding balance:..............................................................................
(l) Have you ever defaulted on a loan facility? Please provide your latest credit reference report from a licensed credit reference bureau. (m) Have you or any entity with which you are associated as Director, Shareholder or Manager or ever held or applied for a licence or equivalent authorisation to carry on any
business activity in any country?..................................
If yes, provide details:.......................................................................................................
...........................................................................................................................................
If any such application was rejected or withdrawn after it had been issued, or any authorisation revoked, give particulars:
...........................................................................................................................................
(n) Has judgment involving a finding of fraud, dishonesty, violence, misrepresentation breach of contract, breach of fiduciary duty or professional negligence given against you or are there any proceedings now pending that may lead to such a judgment or finding?
If yes, provide details:.......................................................................................................
...........................................................................................................................................
(o) Has any body corporate, partnership, or unincorporated institution with which you were associated as a controlling party, shareholder, director, executive officer or senior management official, in Malawi or elsewhere, been wound-up, made subject to an administration order, otherwise made any compromise or arrangement with its creditors, or ceased trading either while you were associated with it or within one (1) year after you ceased to be associated with it or has anything analogous to any of these events occurred under the laws of any other jurisdiction?
If yes, provide details:.......................................................................................................
...........................................................................................................................................
(p) Have you contravened any written law designed for protecting members of the public 24th May, 2024 161

against financial loss due to dishonesty, incompetence or malpractice by persons concerned in the provision of financial services or the management of companies or against financial loss due to the conduct of discharged or undischarged bankrupts?
If yes, provide details:.......................................................................................................
...........................................................................................................................................
(r) Have you ever failed to satisfy within one year a judgment of debt under a court order in Malawi or elsewhere?
If yes, provide details:.......................................................................................................
...........................................................................................................................................
(s) Have you ever been adjudged bankrupt by a court in Malawi or elsewhere? Has a bankruptcy petition ever been served on you? Have you made any compromise arrangement or otherwise failed to satisfy creditors in full?
If yes, provide details:.......................................................................................................
...........................................................................................................................................
(t) Have you ever been censured, prosecuted, warned as to conduct, disciplined, disqualified or suspended from practising a profession, removed from office, publicly criticized, or made subject to a court order at the instigation of any governmental body appointed under any enactment, by a professional organization, or the substantial equivalent thereof in Malawi or elsewhere?
If yes, provide details:.......................................................................................................
...........................................................................................................................................
Declaration:
I, the undersigned, being a shareholder of the Applicant, declare that to the best of my knowledge and belief, the information given in this form and the supporting documentation submitted together with this form are true, correct, complete and made in good faith:
Full names: .......................................................................................................................
Signature:........................................................... Date:...................................................
APPENDIX 2:
FIT AND PROPER QUESTIONNAIRE FOR A DIRECTOR
No Question Response
(a) Full name of nominee
(b) Postal address
(c) Telephone number
(d) Email address
(e) Physical address
162 24th May, 2024

No Question Response
(f) Date of appointment
(g) Minimum academic qualification
(h) Highest academic/professional qualification (i) Other qualifications (j) Work experiences:
(include full details of employer, positions held and years of service) (k) Information on other directorships (l) Information on business interests (m) Has the nominee (i) been subject to a direction, administrative penalty or any enforcement action by the Registrar of Financial Institutions or any regulatory body? (If yes, please provide details) (ii) been convicted of any offence, or are there any proceedings now pending which may lead to a conviction for any offence involving fraud or dishonesty? (If so, please provide details) (iii) been adjudged by a court of law to have committed fraud or any act of dishonesty, violence, misinterpretation, breach of contract, bankruptcy, breach of fiduciary duty or professional negligence given against it, in any civil proceedings, or are there any proceedings now pending that may lead to such a judgement or finding? (If so, please provide details) (iv) contravened any written law designed for protecting members of the public against financial loss due to dishonesty, incompetence or malpractice by persons concerned in the provision of financial services or the management of companies or against financial loss due to the conduct of discharged or undischarged bankrupts? (if so, please provide details) 24th May, 2024 163

No Question Response
(v) ever been or is now subject to an investigation in Malawi or elsewhere, by or at the instigation of any governmental department or agency, professional association, or other regulatory body? (If so, provide details) (vi) any details that Nominee is of the view that the Registrar of Financial Institutions should know (n) Update changes in the details of banker(s) and bank account details:
Name of banker .......................................................................................................
Branch and address.....................................................................................................
Details of bank account .............................................................................................
(o) Borrowings:
Does the Applicant have current loan facility?..................................................................
If yes, provide the following details for each loan facility:
Loan Facility
(i) Name of lending institution:...............................................................................
(ii) Type of facility:..................................................................................................
(iii) Date of offer:......................................................................................................
(iv) Terms of offer:....................................................................................................
(v) Security offered:.................................................................................................
(vi) Value of security:................................................................................................
(vii) Current outstanding balance:..............................................................................
Name:................................................................................................................................
Signature:........................................................... Date:...................................................
APPENDIX 3:
FIT AND PROPER QUESTIONNAIRE FOR SENIOR MANAGEMENT OFFICIALS (Where space provided is not enough, please provide the extra information on additional sheets)
(a) Full name of nominee:.......................................................................................................
(b) Position:............................................................................................................................
164 24th May, 2024

(c) Postal address:...................................................................................................................
(d) Contact numbers:...............................................................................................................
(e) Physical address:...............................................................................................................
(f) Update any changes in the qualifications:.........................................................................
(i) Minimum academic qualification (include the date obtained and institution)
:...................................................................................................................................
(ii) Highest academic qualification (include the date obtained and institution)
:...................................................................................................................................
(iii) Other qualifications (include the date obtained and the institution)
:...................................................................................................................................
(g) Update any changes in the amount, type and percentage of shareholding, if any, in any company:
Amount of Percentage of
Name of company Type of shareholding
(h) Do you hold any directorship in any company? If yes, please provide details.
...........................................................................................................................................
(i) Update any changes in the details of your banker Period Banker Bank account details (j) Update membership to any professional body
...........................................................................................................................................
(k) Do you or any entity with which you are associated as Director, Shareholder or senior management official hold any licence or equivalent authorisation to carry on any
business activity in any country?......................................................................................
If yes, provide details.........................................................................................................
...........................................................................................................................................
(l) Has judgment involving a finding of fraud, dishonesty, violence, misrepresentation breach of contract, breach of fiduciary duty or professional negligence given against you or are there any proceedings now pending that may lead to such a judgment or finding?
If yes, provide details.........................................................................................................
...........................................................................................................................................
24th May, 2024 165

(m) Has any body corporate, partnership, or unincorporated institution with which you were associated as a controlling party shareholder, director, executive officer or senior management official, in Malawi or elsewhere, been wound up, made subject to an administration order, otherwise made any compromise or arrangement with its creditors, or ceased trading either while you were associated with it or within one (1) year after you ceased to be associated with it or has anything analogous to any of these events occurred under the laws of any other jurisdiction?
If yes, provide details.........................................................................................................
...........................................................................................................................................
(n) Have you contravened any written law designed for protecting members of the public against financial loss due to dishonesty, incompetence or malpractice by persons concerned in the provision of financial services or the management of companies or against financial loss due to the conduct of discharged or undischarged bankrupts?
If yes, provide details.........................................................................................................
...........................................................................................................................................
(o) Have you ever failed to satisfy within one (1) year a judgment of debt under a court
order in Malawi or elsewhere?...................................
If yes, provide details.........................................................................................................
...........................................................................................................................................
(q) Have you ever been adjudged bankrupt by a court in Malawi or elsewhere? Has a bankruptcy petition ever been served on you? Have you made any compromise arrangement or otherwise failed to satisfy creditors in full?
If yes, provide details.........................................................................................................
...........................................................................................................................................
(r) Have you been censured, prosecuted, warned as to conduct, disciplined, disqualified or suspended from practising a profession, removed from office, publicly criticized, or made subject to a court order at the instigation of any governmental body appointed under any enactment, by a professional organization, or the substantial equivalent thereof in Malawi or elsewhere?
If yes, provide details.........................................................................................................
...........................................................................................................................................
Declaration:
I, the undersigned, being a…………………………………………….., declare that to the best of my knowledge and belief, the information given in this form and the supporting documentation submitted together with this form are true, correct complete and made in good faith:
Full Names:.......................................................................................................................
Signature:.......................................................... Date:...................................................
166 24th May, 2024

APPENDIX 4:
FIT AND PROPER QUESTIONNAIRE FOR SECURITIES REPRESENTATIVES (Where space provided is not enough, please provide the extra information on additional sheets)
(a) Full name of nominee:.......................................................................................................
(b) Position:............................................................................................................................
(c) Postal address:...................................................................................................................
(d) Contact numbers:...............................................................................................................
(e) Physical address:...............................................................................................................
(f) Update any changes in the qualifications:.........................................................................
(i) Minimum academic qualification (include the date obtained and institution)
:...................................................................................................................................
(ii) Highest academic qualification (include the date obtained and institution)
:...................................................................................................................................
(iii) Other qualifications (include the date obtained and the institution)
:...................................................................................................................................
(g) Update any changes in the amount, type and percentage of shareholding, if any, in any company:
Amount of Percentage of
Name of company Type of shareholding
(h) Do you hold any directorship in any company? If yes, please provide details.
...........................................................................................................................................
(i) Update any changes in the details of your banker Period Banker Bank account details (j) Update membership to any professional body
If yes, provide details:.......................................................................................................
...........................................................................................................................................
(k) Do you hold a licence or equivalent authorisation to carry on any business activity in any country
If yes, provide details:.......................................................................................................
24th May, 2024 167

...........................................................................................................................................
(l) Has judgment involving a finding of fraud, dishonesty, violence, misrepresentation breach of contract, breach of fiduciary duty or professional negligence given against you or are there any proceedings now pending that may lead to such a judgment or finding?
If yes, provide details:.......................................................................................................
...........................................................................................................................................
(m) Has any body corporate, partnership, or unincorporated institution with which you were associated as a controlling party shareholder, director, executive officer or senior management official, in Malawi or elsewhere, been wound up, made subject to an administration order, otherwise made any compromise or arrangement with its creditors, or ceased trading either while you were associated with it or within one (1) year after you ceased to be associated with it or has anything analogous to any of these events occurred under the laws of any other jurisdiction?
If yes, provide details:.......................................................................................................
...........................................................................................................................................
(n) Have you contravened any written law designed for protecting members of the public against financial loss due to dishonesty, incompetence or malpractice by persons concerned in the provision of financial services or the management of companies or against financial loss due to the conduct of discharged or undischarged bankrupts?
If yes, provide details:.......................................................................................................
...........................................................................................................................................
(o) Have you ever failed to satisfy within one (1) year a judgment of debt under a court order in Malawi or elsewhere?
If yes, provide details:.......................................................................................................
...........................................................................................................................................
(p) Have you ever been adjudged bankrupt by a court in Malawi or elsewhere? Has a bankruptcy petition ever been served on you? Have you made any compromise arrangement or otherwise failed to satisfy creditors in full?
If yes, provide details:.......................................................................................................
...........................................................................................................................................
(q) Have you been censured, prosecuted, warned as to conduct, disciplined, disqualified or suspended from practising a profession, removed from office, publicly criticized, or made subject to a court order at the instigation of any governmental body appointed under any enactment, by a professional organization, or the substantial equivalent thereof in Malawi or elsewhere?
If yes, provide details:.......................................................................................................
...........................................................................................................................................
168 24th May, 2024

Declaration:
I, the undersigned, being proposed as…………………………………………….., declare that to the best of my knowledge and belief, the information given in this form and the supporting documentation submitted together with this form are true, correct complete and made in good faith:
Full Names:.......................................................................................................................
Signature:....................................................... Date:...................................................
SECOND SCHEDULE (paras.5(1) (b), 6(2)(c))
FEES
(1) Application for transfer secretary licence . . . . K1000,000.00 (2) Application for renewal of transfer secretary licence . . K500,000.00 Note: the designated account to deposit all payments under this Directive is:
Bank Name: Reserve Bank of Malawi
Account Name: Licensing- Transfer Secretaries
Account Number: 341108
THIRD SCHEDULE (para. 10(1)(a))
FORMAT OF A SHARE REGISTER QUARTERLY CALL REPORT
Share Register :..................................................... Financial Year:...................................
Start Date: :..................................................... End Date:............................................
Register Summary
Total number of shareholders.........................................
Number of shares Value of shares
Shares in issue
Shares held by the public
Minority shareholding
Majority shareholding
Shareholding Distribution:.......................................................................................................
Institution:................................................................................................................................
24th May, 2024 169

List of Top Ten Institutional Shareholders
Name of institutional shareholder Number of shares Value of shares

Total
List of Top Ten Retail Shareholders
Name of retail shareholder Number of shares Value of shares

Total
170 24th May, 2024

Distribution by Number of Shares
Range Number of shares Value of shares Number of shareholders 1-5,000 shares 5,001-25,000 shares 25,001-50,000 shares 50,001-100,000 shares 100,001-200,000 shares 200,001-500,000 shares 500,001-1,000,000 shares Greater than 1,000,000 shares Total Distribution by Nationality of Investor Number of Number of Number of Category shares Shares % holders Holders % Foreign Institution Foreign Individual (resident) Foreign individual (non-resident) Local Institution Local individual (resident) Local Individual (non-resident) Total Distribution by Financial Corporations Number of Value of Number of Category shares shares shareholders Banks Development finance institutions Collective investment schemes Portfolio managers General Insurance companies Life Insurance companies Medical Insurance companies 24th May, 2024 171

Number of Value of Number of
Category shares shares shareholders
Stock brokers/dealers
Pension/Provident funds
Microfinance institutions
Financial cooperatives
Credit reference bureaux
Other financial institutions
TOTAL
Dividends, Coupons and other Payments
Payments
Type of payment Value
Cash dividend
Stock dividend
Coupon
Other
Unclaimed Dividends
Period range Number of shareholders Value of dividends Under 1 year Over 1 year but less than 2 years Over 2 years but less than 4 years Over 4 years but less than 6 years Over 6 years TOTAL Issuance of New Shares Number of Value of Number of Type of issue shares shares shareholders

Issued this 1st day of May, 2024.
DR. W. T. BANDA
(REF. NO. FIN/PFSPD/02/12) Registrar of Financial Institutions 172 24th May, 2024