Regulatory Alerts2020-12-09
Added · Updated
Guideline No. 3 of 2020 Regulatory Sandbox Framework for Capital Markets
The Securities and Exchange Commission of Zambia establishes a regulatory sandbox framework allowing licensed capital market operators, unregulated firms, and foreign operators to test innovative financial products and services in a live environment under specific conditions and limitations. Eligible applicants must meet criteria including consumer protection measures, risk management plans, and an exit strategy, and are required to pay a non-refundable application fee. The framework outlines a five-stage process involving application, preparation, live testing for up to twelve months, exit, and commercial deployment, during which the Commission may waive or relax certain regulatory requirements. Participants must submit periodic reports, obtain client consent acknowledging the test trial status, and adhere to agreed parameters, with the Commission retaining the right to revoke participation and issue enforcement actions for deviations.
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