Contents
2024 Highlights .....................................................................................................................................................2
Values ....................................................................................................................................................................3
Chairperson’s Review...........................................................................................................................................7
Chief Executive’s Statement..............................................................................................................................10
Financial Performance of the Commission ............................................................................................... 12
Corporate Governance....................................................................................................................................... 17
Board Composition ....................................................................................................................................18
Board Meetings ..........................................................................................................................................19
Committees and Committee Membership ...............................................................................................20
Audit Function............................................................................................................................................22
Commission Secretary ...............................................................................................................................23
Board Performance Self-Evaluation..........................................................................................................23
Report on regulatory and operational efficiency.............................................................................................. 31
(Pursuant to section 11(3) of the First Schedule to the Securities Act, No. 41 of 2016)..................................... 31
Operational Activities .........................................................................................................................................35
MARKET SUPERVISION..................................................................................................................................35
Universe of Capital Markets Operators ....................................................................................................35
SEC core supervisory process & supervisory Tools ..................................................................................36
Issuers of Registered Securities ................................................................................................................38
Collective Investment Schemes ................................................................................................................39
Licencing.................................................................................................................................................... 40
Surveillance and complaints handling....................................................................................................... 41
Risk-Based Supervision ..............................................................................................................................42
MARKET DEVELOPMENT ...............................................................................................................................45
(i) Capital Markets Master Plan ........................................................................................................... 46
(ii) National Financial Inclusion Strategy (“NFIS”)...............................................................................47
(iii) National Strategy for Financial Education for Zambia (“NFSE”).............................................. 48
(iv) Developing Zambia’s Subnational Revenue Bonds Project...................................................... 49
(v) Regulatory Sandboxes .....................................................................................................................50
(i) 2024 Financial Literacy Week ........................................................................................................... 51
(ii) Commemoration of World Investor Week 2024............................................................................. 51
(iii) Chartered Institute of Securities and Investments (“CISI”) Partnership Milestones...............54
(iv) Capital Markets Ambassador Programme ..................................................................................55
(v) Monthly Townhall Meetings ........................................................................................................... 56
(vi) 96th Agricultural and Commercial Show ....................................................................................58
(vii) Zambia International Trade Fair (ZITF)........................................................................................59

ENFORCEMENT AND LEGAL SERVICES.........................................................................................................59
Enforcement.............................................................................................................................................. 60
The Commission and Anti-Money Laundering..........................................................................................61
Co-operation, Coordination and the Exchange of Information...............................................................62
Law Review................................................................................................................................................ 64
Capacity Building and Stakeholder Engagement .................................................................................... 65
MARKET TRANSACTIONS ............................................................................................................................. 68
2024 Financial Statements.................................................................................................................................70
APPENDICES ....................................................................................................................................................... 71
Appendix I................................................................................................................................................... 71
Corporate Address and Contact Details .................................................................................................... 71
Appendix II..................................................................................................................................................72
Governance Structure ................................................................................................................................72
SEC Commissioners in 2024................................................................................................................................72
SEC Management in 2024...................................................................................................................................75
Appendix III.................................................................................................................................................79
List of Authorised Capital Market Players as at 31st December 2024........................................................79
Appendix IV................................................................................................................................................ 88
Contact Details of Capital Market Operators ........................................................................................... 88

2
2024 Highlights
790,807
Investors in the
Capital Markets
(2023 475,000+)
K224.4 billion total savings
(2023: K92 bn)
40.3 %
Savings to GDP ratio
(2023:18%)
K69.7 million operating surplus (2023:
89+ million)
260
No. of
Licensees
(2023: 233)
1,866% above target￾expense cover ratio
(2023:1700%)
US$120 million
Debut REIT
Listed on LuSE
(CMMP Target: $20m)
93% income internally generated
K323.4 million in reserves (2023:
253 million)
50% staff costs (2023: 58%)
RBS projectin effect

35 staff complement
(2023:34)

3
About SEC
Vision
A dynamic regulator of a capital market that is the preferred destination for investments Mission To safeguard interests of investors and promote the growth of capital markets forindividual and national prosperity Values The Commission depends on the following core values in the performance of its staff by which their conduct and behaviour is anchored:

4
Sustainability
The Securities and Exchange Commission has over the past few years made commendable strides in its sustainability agenda. The Capital Markets Master Plan (CMMP) has identified, as a key growth area, the development of regulatory frameworks for new products as well as capacity building across all levels in the market. Thus, the development of a regulatory framework for green financing through the publication, in the Government Gazette, of the Securities (Green Bonds) Guidelines as far back as December 2019 ushered in a new dispensation for the support of sustainable or climate financing. In addition, the Commission, together with the Bank of Zambia, the Pensions and Insurance Authority as well as other cooperating partners such as the Ministry of Green Economy and Environment, the Zambia Institute of Chartered Accountants (ZICA) and the United Nations Biodiversity Finance (Biofin) has set up a Green Finance Mainstreaming Working Group that is engaged in a number of projects that will improve not only reporting and disclosures but will also facilitate improved decision-making by investors interested in supporting the fight against climate change. This indicates the Commission’s support for the new dawn administration’s green growth strategy through the Commission’s focus on green financing. Mandate The Securities and Exchange Commission (SEC) was established pursuant to section 3 of the repealed Securities Act, Cap 354 of the Laws of Zambia and its existence has been continued under the new Securities Act, No. 41 of 2016 (the Act”). The Commission’s mandate is to ensure that investors in the Zambian capital markets, both local and foreign, are protected. It is also the mandate of the Commission to develop the capital markets. The Commission has to ensure there is a right balance between investor protection and Capital Market Development. The principal function of the SEC is to regulate the capital markets so as to foster fair and efficient trading.
Section 8 of the Act entrusts the implementation of the Act to the Commission Board which
has been mandated to exercise the functions of the Commission as provided in the Act and oversee the administrative affairs of the Commission by putting in place effective, efficient and transparent systems of corporate governance. This is critical as all decisions relating to the regulation of the securities market are made at Board level. The specific functions of the Commission as provided under section 9 of the Act are as follows:
a) ensure compliance with the Act and regulations or rules made in accordance with the Act; b) license securities exchanges, regulate the activities of securities exchanges and the settlement of securities transactions; c) license and regulate capital markets operators;

5 d) license and regulate clearing and settlement agencies and other participants in the capital markets; e) license and regulate credit rating agencies and provide conditions for the issuing of credit ratings; f) approve the constitutions, charters, articles, by-laws and rules governing and pertaining to securities exchanges, clearing and settlement agencies and other participants in the capital markets; g) promote and encourage high standards of investor protection and integrity among members of securities exchanges, capital markets operators, clearing and settlement agencies, self-regulatory organisations and other participants in the capital markets; h) support the operation of a free, orderly, fair, secure and properly informed capital markets; i) regulate the manner and scope of securities transactions; j) regulate margin requirements, capital adequacy requirements, disclosure and reporting requirements and clearing and settlement requirements, as may be prescribed; k) take all reasonable steps to safeguard the interest of persons who invest in securities and guard against illegal and improper practices as provided in the Act; l) authorise the establishment of collective investment schemes and other schemes; m) regulate the activities of managers, trustees and custodians; n) authorise and regulate the establishment of private funds; o) consider and suggest proposals for the reform of the Act and rules and regulations made in accordance with the Act; p) promote and develop a system of self-regulation by securities exchanges, clearing and settlement agencies, self-regulatory organisations, other participants in the capital markets and capital markets operators, as maybe prescribed; q) encourage the development of securities and securities exchanges and the increased use of such exchanges; r) provide, promote or otherwise support financial education, awareness and confidence with regard to financial products, institutions and services; s) prescribe certification standards and accreditation for licensees; t) co-operate with, provide assistance to, receive assistance from, and exchange information with other regulatory bodies and trade organisations in Zambia and elsewhere; u) exercise and perform such other functions as may be conferred or imposed upon it by or in accordance with the Act or any other written law; and v) vet a substantial shareholder in accordance with the vetting criteria contained in guidelines issued by the Commission, including the substantial shareholder’s source of funds, and the beneficial owner of a company whose securities are registered, or which is authorised or licensed under this Act.

6
IOSCO Core Objectives
In exercising its statutory mandate, the Securities and Exchange Commission is guided by the following three core objectives of securities regulation set by the International Organisation of Securities Commissions (IOSCO):

• investor protection;
• ensuring markets are fair, efficient and transparent; and
• reduction of systemic risk.
  As a member of IOSCO and a signatory to the IOSCO MMoU on Cooperation and Exchange of Information, the Commission has instilled these core objectives not only in the legal and regulatory framework but also applies them in the day to day regulation of the Zambian securities markets.

7
Chairperson’s Review
I am proud to present the Commission’s 2024
Annual Report that indicates the strongest financial position ever achieved by the Commission with reserves of over K323 million and an expenses cover ratio of 56 months. With reducing operating costs and increased allocation of resources to the Commission’s core mandate, the Commission is poised to enhance its investor protection and market development role. In 2024, the Commission continued implementing risk based supervision to supervise the market whose participants (investor base) have increased to 790,000+ reflecting the Commission’s strong performance and strategic activities including education and awareness campaigns implemented during the year. This Report also highlights the milestones so far reached in implementing the Capital Markets Master Plan with the $200 million registered debut green bond having raised $150 million by the end of the year in two tranches whose proceeds were used in the development of a 200 MegaWatts solar plant. Further, the year saw the listing of the first ever Real Estate Investment Trust on the Lusaka Securities Exchange Plc (LuSE) with a value of $120 million by far surpassing

8 the CMMP target of $20 million by end of 2024. All these strides highlight the Commission’s role in facilitating capital formation and capital raising by entities that need to deploy funding to the productive sectors of the economy. In line with our governing Act, the Securities Act No. 41 of 2016, the Commission is required to report on specific areas as listed below:
a) The extent of the implementation of the Commission’s oversight functions and their effectiveness; b) Cost savings resulting from the Commission’s operations; c) The cost to the nation for not having the Commission; d) The nature of the working relationship with capital market operators; e) The actual and projected efficiencies the Commission has achieved as a result of the continuing regulatory activities; and f) The immediate and projected capabilities of the Commission. The Commissions primary oversight function revolves around protecting investors in the capital market. With an increase investor base, the Commission continuously undertakes activities aimed at protecting these investors and others that are constantly joining on a daily basis. To this end, the Commission continued to hold the monthly townhall meetings in which a number of topics centering around knowledge and skills building among investments and risks were covered. This is line with the need to have investors make informed investment choices which is key in the investor protection objectives. In order to effectively protect investors and develop the market as highlighted above, the Commission requires adequate financial resources. As earlier highlighted the Commission recorded yet another surplus in 2024 as a result of the prudent management of public resources by ensuring only approved activities were undertaken and thatthese were within approved budgets. To achieve all the above, the Commission’s staff have done extraordinary work in the prudent management of resources including embarking on the implementation of the risk-based supervision regulatory framework. These are initiatives that do not only apply resources in the most efficient way but also address the significant risks that could affect the achievement of the investor protection mandate. The Commission’s relocation to bigger and more spacious modern premises and the approval of the new organizational structure has only boosted the Commission’s ability to deliver on its regulatory mandate. It further highlights the Commission’s resolve to enhance employee health and well-being. Notwithstanding these achievements, the market continued to face regulatory challenges especially coming from the rapidly evolving financial landscape. This required the Commission to balance the need to develop the market and assess and accept the risks associated with innovation such as peer-to-peer products. However, the Commission continued to address these through collaborative efforts with other regulators, stakeholders, law enforcement agencies including enhanced investor education activities and financial literacy programmes. With the foregoing, the Commission’s prospects for the future look bright with the support of a robust strategic plan that is embedded on regulatory excellence, market development excellence, and operational efficiency. The CMMP also outlines a clear vision forthe future of Zambia’s capital market and the
Commission will continue to work closely with the Ministry of Finance and National

9
Planning in the continued implementation of this plan.
On behalf of the Commission, I extend my deepest gratitude to the Ministry of Finance and National Planning, all capital market operators, and our supporting partners for their continued trust and support in the work that we do. I also thank our employees for their dedication and hard work. I thank you. Ruth Simwanza Mugala (Mrs.) BOARD CHAIRPERSON

10
Chief Executive’s Statement
The year 2024 has been marked by significant growth and continued dedication to the Commissions core mandate of fostering investor protection and development of Zambia's capital markets. The Board￾approved 2022-2026 strategic plan and the 10-year Capital Markets Master Plan (CMMP) have guided our efforts. We continued to execute this mandate with a commitment to operational efficiency and regulatory excellence, while remaining mindful of resource limitations. This statement will focus on the Commission’s operational performance for the year ended 31st December 2024, highlighting our progress in implementing the 2022-2026 strategic plan and the CMMP, which serve as our roadmap for the coming years. A cornerstone of our operational effectiveness and regulatory excellence is robust systems, a skilled workforce, and a supportive regulatory framework. In 2024, the Commission maintained its prudent resource utilization while diligently pursuing our dual mandate. This commitment has resulted in a further strengthening of our financial position, with the expenses cover ratio reaching an encouraging 56 months as at 31st December 2024. Throughout the year, the expenses cover ratio was consistently maintained above 50 months, underscoring our capacity for sustained operations and our responsibility to maximizing the impact of every resource entrusted to us. This financial strength, including a cash position of K284.7milllion at the end of 2024, has enabled tangible progress on key strategic objectives, including advancing plans for our permanent offices in Kabulonga, the ongoing operationalization of the proposed organization structure, and

11 strategic investments in crucial IT infrastructure such as SupTech. These remain pivotal for enhancing the Commission's effectiveness in achieving its mandates. Despite these advancements, we continued to face staffing challenges in 2024, as the effective implementation of our strategic plan necessitates an adequate human resource complement. While the implementation of the new organizational structure experienced further delays due to necessary approval processes, our engagement with the Emoluments Commission to finalize the rationalization and harmonization exercise continued, with anticipated implementation in 2025. Addressing the need for increased human capital remains critical to alleviate pressure on our dedicated existing staff and ensure the full execution of our strategic objectives. We remain resolute in our efforts to secure the necessary approvals in the coming financial year. Notwithstanding these resource constraints, 2024 witnessed significant milestones in the Commission’s delivery on key strategic initiatives aligned with our mandate. In investor protection, the successful ongoing implementation of the Client Service Charter reinforces our dedication to transparent service delivery and bolstering investor confidence. Furthermore, the in-house Complaints Management System (CMS) was adopted, promising enhanced efficiency in tracking and resolving investor complaints, a fundamental aspect of our investor protection mandate. In the area of market development, the Commission achieved noteworthy successes in 2024. Recognizing the importance of local expertise and capacity building, our partnership with the Chartered Institute of Securities and Investments (CISI) and ZCAS University continued to yield positive results, with 41 candidates successfully trained in December 2024 through the Capital Markets Ambassador Program. This initiative represents a significant step towards building widespread capacity within the Zambian capital markets. The ongoing implementation of the CMMP also yielded positive results, with notable successes in areas such as green bonds where $150 million green bond issuances surpassed the $100 million target, and Real Estate Investment Trusts (REITs) where a $120 million Real Estate Investment Trust (REIT) was listed on the Lusaka Securities Exchange, far exceeding the $20 million goal. The CMMP secretariat’s study visit to Indonesia further highlights our commitment to learning and adopting best practices in capital market development. Looking ahead to 2025, we will continue to build upon the momentum gained in 2024 with a continued efforts in the implementation of the CMMP. The administrative arrangements for its implementation are now in place, and we are actively engaging with stakeholders to ensure achievements of the plan’s objectives. Our commitment to risk-based supervision will remain paramount in 2025, enabling us to strategically allocate resources to areas of greatest potential market risk. The
procurement and implementation of SupTech solutions will continue to be a priority, recognizing the transformative potential of technology to enhance our supervisory effectiveness. Furthermore, investor education will remain a cornerstone of our efforts, empowering investors with the knowledge and skills necessary for confident participation in the market. Underpinning all our efforts is the Commission’s prudent management of its financial resources, which continued throughout the year ended 31st December 2024. This report, prepared in accordance with the Securities Act Number 41 of 2016 as amended, provides a comprehensive update on our performance. Our primary mandate to protect investors and develop the capital

12 markets is intrinsically linked to the efficient and effective utilization of our limited resources. To this end, we present the financial statements for the year ended 31st December 2024, aligning with the Public Finance Management Act, the Securities Act, and principles of good corporate governance. The significant growth in savings managed within the capital markets, now representing 40.3% of GDP, an increase from 18.7% at the end of 2024, underscores the Commission’s crucial role in investor protection and market development. This growth, driven by positive performance across various asset classes including the LuSE, corporate bonds, and Collective Investment Schemes, reflects increasing investor confidence and participation. The total number of investors also saw a significant increase, reaching 790,807 by the end of 2024, up from 4.85% in the previous year. While encouraged by this progress in increasing investor numbers, we recognize the need for continued vigilance and strengthened oversight to safeguard these growing investments. In conclusion, 2024 was a year of significant progress in advancing our strategic objectives and fulfilling our dual mandate. Our commitment to efficiency and excellence has enabled us to achieve notable milestones milestones in both investor protection and capital market development, even amidst ongoing resource considerations. We look forward to building on this momentum in 2025 and continuing to contribute to the growth and stability of Zambia’s financial sector. Financial Performance of the Commission To safeguard savings made through the capital markets, government continued to support the Commission in meeting operational costs. The Commission also continued to support government efforts by generating revenues that support the Commission’s budget implementation. However, as the Commission’s mandate is largely investor protection, financial performance indicators are mainly on account of the Commission needing to prudently apply the limited resources in meeting its mandated objectives. We report in other sections on some of the non-financial activities that the SEC is required to do as part of its mandate. In the period ending 31st December 2024, the Commission recorded an operating surplus of K69,712,987 (2023 – K89,837,465) from a combined income of K146,464,467 (2023- K144,885,279) against total operating costs of K76,751,479 (2023 K55,047,814). The Commission during the year met all its obligations on time by utilizing the available cashflows. The surplus in the year is mainly attributed to the bond trade commissions and the GRZ Grants, which were fully funded. Reserves The Commission’s accumulated fund (reserves) position at 31st December 2024 stood at K323,443,120 compared to K253,730,133 recorded at 31st December 2023. This increase, as explained above, was due to the trade commission received from both the sell and buy side of the trade from the market the diagram below shows that since 2017, the
Commission had been managing to contain costs and thus improve on its reserve position but due to subdued market activities from 2019, the Commission’s reserve position declined as depicted below. However, the position has since changed post 2021 were there has been an upward trend.

13
Income Earned
During the year ended 31st December 2024, the Commission internally generated 93% of its income while GRZ grant support accounted for 7%. This is on the backdrop of subdued market activities as explained above and due to the Covid 19 pandemic. Commission Expenses The Commission being in the services sector, human capital is its main asset. Therefore, the Commission’s major expense continues to be employee costs, a significant and key component of our regulatory activities and therefore the key cost driver. On a comparative basis, for the period to 31st December 2024, the Commission’s total staff costs were 50% (2023 – 58%) of its total expenditure. Being a service-oriented organization that also champions investor awareness and investor protection, labor, awareness, and governance costs continues to be the Commission’s major cost elements. The Commission also strives to uphold good corporate governance by ensuring that the SEC had a well-functioning Board supported by effective Board committees. In order to assist the Board, make informed licensing, authorization, and registration decisions among others, the Board, as provided for in the Securities Act, has constituted a number of committees of the Board, which have a good representation of various required professions. Capital Expenditure The Commission’s capital expenditure was as follows during the period under review:
Type 2024 (k) 2023(K)
Computer hardware 924,946 311,747
Office equipment 3,367,357 30,585
Office furniture 990,317 120,797
Motor vehicles - 6,076,973
Land and Buildings 23,501,739 -
Total 28,784,359 6,540,102
Staff Complement and staff matters
During the reporting period, the Commission’s approved staff establishment comprised forty-four (44) positions. As of 2024, thirty-seven (37) of these positions were filled. In February 2024, one employee separated from the Commission through resignation. Subsequently, another resignation occurred in December 2024. As a result, the Commission concluded the year with a total headcount of thirty-five (35) employees, leaving nine (9) positions vacant. In line with the 2022 -2026 Strategic Plan, the Board approved a new structure which, once approved by the Emoluments Commission,will increase staff approved positions to 84 from the 44 in the existing structure. The increased staff compliment will assist the Commission to effectively meet its mandate of protecting investors in the capital markets as well as to deliver on the Capital Markets Master Plan objectives. During the period under review the Commission conducted a staff satisfaction survey which showed a general staff satisfaction of about 70%. To improve on this, the Commission held

14 employee engagement activities including quarterly staff meetings that are used as part of the staff feedback channels. As part of the Employee Wellness activities, the Commission held aerobics every Friday afternoon with the assistance of instructors from Sweat Health and Fitness. The approved structure is highlighted below:

Board Committees

• Compensation Fund
  Committee
• Licensing Committee
• Market Transactions
  Committee
• Staff & Remuneration
  Committee
• Risk &Audit Committee
  SEC ORGANIZATIONAL STRUCTURE
  Chief Executive
  Officer
  Risk &Audit Committee SEC
  GRADE
  S1
  Director-Enforcement &
  Legal Services /
  Commission Secretary
  Director￾Mkt Supervision & Devpt
  Director￾Finance & Administration S2
  Manager￾Law Reform
  & Enfor
  Manager￾Investigations
  &
  Enforcement
  Manager￾Mkt
  Supervision
  (CISs)
  Mkt
  Supervision
  (Markets)
  Manager￾Market
  Devpt
  Manager￾Financial
  Inclusion
  Manager￾Finance
  Manager￾Mtk
  Transactions
  Manager￾Admin
  Internal
  Auditor S3
  Legal
  Officers
  (*2)
  Secretary
  Investigation
  Officers
  (*2)
  Licensing
  Officers
  (*2)
  Surveillance
  Officer
  Secretary
  Mkt Research
  & Product
  Devpt. Officer
  Investor
  Educ.
  Officer
  Exec.
  Assistant
  Personal
  Assistant
  Financial
  Analyst
  Accounts
  Officers (*2)
  Econ.
  Research
  Officer
  Record Mgt
  Officer
  Secretary
  IT
  Officer
  HR
  Officer S4
  S4
  S5
  S6
  S7
  Drivers (3) S8
  S9
  Resource Centre
  Officer
  Office Assistant 17
  Inspe
  ( ctor

4. s
   SEC Board

16
Training and Workshops
The Commission continues to prioritise staff training and capacity building as a deliberate policy to ensure staff are kept aware of the emerging trends in the capital markets environment. The following
table indicates the physical and virtual trainings staff attended which were deemed critical to the
Commission’s operations during the period under review.
Phillip K. Chitalu
CHIEF EXECUTIVE OFFICER
Course & Location Dates
Anti-money laundering training-Tanzania 24 - 28 June 2024 IFC-Milken Institute Capital Markets Program-USA 2 September 2024 -6 May 2025 ESG capital Markets & bonds loans training-South Africa 4 - 7 March 2024 Annual Capacity building for Board members CISNA-Mauritius 31st August - 5th September 2024 Risk Management capacity building training-Lusaka 14th - 18th October 2024 CISSP TRAINING -South Africa 27th October -02 November 2024 Certified Experts in sustainable Finance Training Online Balanced scorecard -Lusaka September Peer to peer learning on greening of MSMES -Egypt 18th October - 23rd October 2024 IOSCO ISDA Training on derivatives-Livingstone 1st -5th October 2024 International institute for Securities Market growth development training-USA 8th - 19th June 2024 Mergers and acquisition training-Livingstone 1st -3rd September 2024 Acceptance to Toronto Centres regional Crime supervision Training -Canada 9th - 17th November 2024 Managing Financial Investigations programs-Italy 09th 25th March 2024 Risk based supervision training-Lusaka 15th -19th April 2024 Minutes taking For board meetings Online International Arbitration-online 21 November 2024 Cyber security in financial sector 26th -30th August2024

17
Corporate Governance
Governance in General
The importance of governanceinthe twenty-first century cannot be overemphasised. With entities requiring to be accountable to their appointing authorities, it is critical that it has an independent board to make decisions and ensure that the entity is properly managed and controlled. The Commission and Corporate Governance The Commission has entrenched governance in all its processes with the support of an enabling legal and regulatory framework. Thus, corporate governance is a key tool that ensures that the Commission is properly managed and controlled. To start with, the Board comprises independent persons nominated by respective institutions and appointed by the Minister. The Board is therefore not under the direction and control ofthe Minister. In addition, section 8 of the Securities Act highlights the distinct roles of each governance structure so that the management function and Board oversight are not confused. The Act thus highlights the roles and functions of the Board as well as the power to delegate its functions to the Chief Executive Officer or a Committee of the Board. The exercise of these functions not only ensures the attainment of the three key objectives of securities regulation being investor protection, ensuring markets are fair, efficient and transparent as well as the reduction of system risk but they also ensure that the governance principles of transparency, responsibility, accountability and fairness are complied with. The role of IOSCO in Governance The Commission is a member of the International Organisation for Securities Commissions (IOSCO), a standard setting body for securities regulators worldwide. IOSCO has prescribed objectives and standards, as international best practice, that also include governance considerations in securities regulation, which the Commission has adopted.

18
In addition, the Commission has a Board Charter that prescribes the conduct and operations of the Board and its Members, individually and severally. The Charter guides Members on declarations of interest, gift acceptance restrictions as well as the prohibition of trading on non- public, price-sensitive information. The Commission also enforces a Code of Conduct to the Commission staff which prescribes the conduct and behaviour of staff on governance issues, especially regarding conflict of interest. The Code of Conduct requires staff to declare interest in matters in which staff could have personal interest. It is also a requirement that staff declare gifts received from any person or entity, whether regulated by the Commission or not, among other things. In order to ensure that the Commission is kept abreast with international corporate governance trends, the Commission requires all senior management staff to be members of the Institute of Directors of Zambia. Board Composition Appointment
Section 8(2) and (3) of the Securities Act prescribes the Commission Board’s composition to be eight
(08) Members. The Act requires the Commission’s Chief Executive Officer to be an ex- officio Member of the Board and also empowers the Minister responsible for finance to appoint the other seven Members as non-executive Board Members from a nomination made by each of the following institutions:
a) Bank of Zambia; b) Law Association of Zambia; c) Zambia Institute of Chartered Accountants; d) Zambia Chamber of Commerce and Industry; e) Ministry responsible for finance; f) Ministry responsible for justice; g) Pensions and Insurance Authority; and The Act also designated the Commission’s Chief Executive Officer as an ex-officio Member of the Board. Gender mainstreaming within the Board
Section 8(5) of the Act requires the Minister to ensure that at least fifty percent of each gender is
nominated and appointed to the Commission Board, unless it is not practicable to do so. The Minister does not appoint any of the Members to be the Board Chairperson or Board Vice- Chairperson. Instead, the Act empowers the Members to elect, from amongst their number, a Chairperson and Vice￾Chairperson of the Board. The Board has, since March 2022 had Mrs. Ruth S. Mugala as the first ever elected female Board Chairperson. The Board was also comprised of a majority of female representation with four of the seven nominated Members being female. Changes to Board Composition There were no changes to the Board’s composition in 2024 except for the end of tenure of office for the Board Chairperson on 16 th December 2024. However, in line with section 2(2) of the First Schedule to the Securities Act which enables a Board member to continue in office for another three months after the end of the tenure of office, the Chairperson was, pending the appointment of her successor, able to continue in office post the reporting period for the duration of the three months as allowed by

19 law.
2024 Board Composition
During the period under review, the Commission Board consisted of the following Members:
Name of Board Member Institution Represented Position Appointment/ Re-appointment date Tenure of office Mrs. Ruth S. Mugala Zambia Institute of Chartered Accountants Chairperson 16.12.2021 2 nd Mr. Paul Nkhoma Zambia Chamber of Commerce and Industry Vice￾Chairperson
12.08.2024 2
nd
Mr. Mulele M. Mulele Ministry responsible for
Finance
Member 29.05.2023 2 nd
Mrs. Sibajene Zulu Pensions and Insurance
Authority
Member 21.09.2023 1 st
Ms. Diana M.
Shamabobo
Ministry responsible for justice Member 02.02.2023 1 st Dr. Leonard N. Kalinde Law Association of Zambia Member 09.02.2022 1 st Ms. Brenda Mwanza Bank of Zambia Member 03.01.2022 1 st Phillip K. Chitalu SEC Chief Executive Officer ex-officio Member

• -
  Board Meetings
  The Board held four scheduled meetings in March, June, September and December 2024. In addition, the Board held three Special Meetings in February, April and June, respectively, in order to deal with urgent regulatory matters. The following table highlights the Board attendance at the scheduled and special meetings:
  NAME DESIGNATION 08.02.24
  (1 st Special
  Meeting)
  14.03.24
  (116th
  Scheduled
  Meeting)
  09.04.24
  (2 nd Special
  Meeting)
  05.06.24
  (3 rd Special
  Meeting)
  13.06.24
  (117th
  Scheduled
  Meeting)
  12.09.24
  (118th
  Scheduled
  Meeting)
  11.12.24
  (119th
  Scheduled
  Meeting)
  Mrs. Ruth S. Mugala Chairperson ✓ ✓ ✓ ✓ ✓ ✓ ✓
  Mr. Paul Nkhoma Vice￾Chairperson
  ✓ ✓ ✓ ✓ ✓ ✓ ✓
  Dr. Leonard N. Kalinde Member ✓ ✓ ✓ ✓  ✓ ✓
  Mr. Mulele M. Mulele Member ✓ ✓ ✓ ✓ ✓ ✓ ✓
  Mrs. Diana
  Shamabobo
  Member ✓ ✓ ✓ ✓ ✓  ✓
  Ms. Brenda Mwanza Member ✓ ✓ ✓ ✓ ✓ ✓ ✓
  Mrs. Sibajene Zulu Member ✓ ✓ ✓ ✓ ✓ ✓ ✓
  Mr. Phillip K. Chitalu Ex-officio
  Member
   ✓ ✓ ✓ ✓ ✓ 
  Ms. Diana S. Sichone
  (Acting CEO)
  Ex-officio
  Member
  ✓ N/A ✓
  KEY:
  ✓ Meeting attended
   Meeting not attended and apology given
  N/A Only able to attend in an acting capacity when CEO is not available

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Committees and Committee Membership
The Commission Board has established Committees to assist the Board in performing some of the statutory functions conferred on the Board. The Commission has one ad hoc and five standing Board Committees namely – a) the Compensation Fund Committee; b) the Licensing Committee; c) the Market Transactions Committee; d) the Risk and Audit Committee; e) the Staff and Remuneration Committee; and f) the Property Acquisition and Development Committee (ad hoc). Compensation Fund Committee The Compensation Fund Committee is a Board Committee established pursuant to section 176 of the Securities Act. The Committee is responsible for overseeing matters relating to the Compensation Fund and reporting to the Board. In particular, the Committee administers the Fund and make determinations for the settlement of claims against the Fund as provided for under the Securities (Compensation Fund) Regulations. Licensing Committee The Licensing Committee is a Board Committee established pursuant to section 13 of the Securities Act and is responsible for licensing market players and overseeing and reporting on the existing and new policies as stipulated in the Act and the Rules made pursuant to the Act as well as enforcement matters. Market Transactions Committee The Market Transactions Committee is a Board Committee established pursuant to section 13 of the Securities Act and is responsible for overseeing and reporting to the Board on approval of applications for registration of securities required to be registered under Part VIII of the Act as well as the quanta and efficacy of capital formation. Risk and Audit Committee The Risk and Audit Committee is a Board Committee of the Board constituted under section 13 of the Securities Act. In addition, it is a statutory requirement under the Public Finance Management Act, No. 1 of 2018, for this Committee to be established. The Committee is responsible for overseeing financial management, reviewing internal controls, checks and balances and risk management. Staff and Remuneration Committee The Staff and Remuneration Committee is a Board Committee established pursuant to section 13 of the Securities Act and is responsible for overseeing, and reporting to the Board on recruitment, skills training, capacity building and retention of staff. Property Acquisition and Development Committee The Property Acquisition and Development Committee has been established as an ad hoc Committee to guide Management in the Commission’s property acquisition and development process. This Committee did not hold any meetings in the period under review.

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Decision-making timeframes
In order to enhance efficient decision-making, the Securities Act of 2016 has introduced timeframes within which particular decisions, such as the grant of a license, should be made. The Board has therefore pursuant to section 14 of the Act delegated final decision-making powers with respect to time-sensitive matters such as those relating to the grant of different categories of licences to the Licensing Committee and final decisions on market transactions including registration of securities for capital raising and other authorisations to the Market Transaction Committee. The delegated function ensures that decisions are expeditiously made without having to wait for the Board to approve the decisions at its next scheduled quarterly Board meeting. Other Statutory Committees Although the Procurement Committee is not a Board Committee as per the Public Procurement Act, No.12 of 2008whichplaces theprocurementfunction on aprocurement unitthatis headed by the Chief Executive of an institution, this Committee is important to highlight as it is procedurally operated in compliance with the governance principles of transparency, responsibility, accountability and fairness. The Committee composition in 2024 was as follows:
COMMITTEE MEMBERSHIP REPRESENTATION MEMBER
LICENSING
COMMITTEE
Board Memberrepresenting BOZ and
Committee Chairperson
Ms. Brenda Mwanza
LAZ Representative Dr. Loenard Kalinde
BoZ Representative Ms. Chanda Punabantu
ERB Representative Mr. Alfred Mwila
PIA Representative Mr. Chishiba Kabungo
Ex-officio Board Member Mr. Phillip K. Chitalu MARKET TRANSACTIONS COMMITTEE Board Memberrepresenting ZACCIand Committee Chairperson Mr. Paul Nkhoma Board Member representing MoF Mr. Mulele M. Mulele Board Member representing MoJ Ms. Diana M. Shamabobo CCPC Representative Mr. Brian Lingela PACRA Representative Mr. Benson Mpalo ZDA Representative Mr. Albert Halwampa Ex-officio Board Member Mr. Phillip K. Chitalu STAFF AND REMUNERATION COMMITTEE Board Memberrepresenting LAZ and Committee Chairperson Dr. Leonard Kalinde Board Member representing ZACCI Mr. Pual Nkhoma Representative of Labour Commissioner Mr. Givens Muntengwa LAZ Representative Mr. Arnold Kaluba ZIHRM Representative Ms. Adrine Muchimba RISK AND AUDIT COMMITTEE Board Member representing MoF and Committee Chairperson Mr. Mulele M. Mulele Board Member representing PIA Mrs. Sibajene Zulu

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ZICA Risk Expert Mr. Kapembwa Sindano
MoF Representative Mrs. Sandra Nakula Kawana
LAZ Representative Ms. Matilda C. Kaoma and Mr.
Anthony Bwembya
COMPENSATION
FUNDCOMMITTEE
Board Member representing PIA and
Committee Chairperson
Ms. Sibajene Zulu
BAZ Representative and Committee Vice￾Chairperson Mr. Fanwell Phiri and Mr. Ignatius Kashoka CMAZ Representative Mr. Nicholas Kabaso and Ms. Tamara Bhuku ZACCI Representative Mr. Phil Daka LAZ Representative Ms. Abigail Chimukaand Mr. Yosa G. Yosa MoF Representative Ms. Mercy Munoni PROCUREMENT COMMITTEE SEC CEO and Committee Chairperson Mr. Phillip Chitalu Procurement specialist Mrs. Mary Banda Procurement specialist Mr. Christopher S. Mwandu SEC Member Mrs. Diana Sichone SEC Member Mr. Nonde Sichilima SEC Member Mr. Mateyo Lungu PROPERTY ACQUISITION AND DEVELOPMENT COMMITTEE Board Member representing MoJ and Committee Chairperson Ms. Diana M. Shamabobo Board Member representing BOZ Ms. Brenda Mwanza LAZ Representative Mr. Kevin Mweemba Ministry of Works and Supply Representative Mr. Robin K. Musumba Zambia Institute of Architects representative Mr. Griven Sikalumbi Show Society of Zambia Representative Mr. Mukamba Mwiya Audit Function Audit and corporate governance The audit function plays an integral role in the Commission’s corporate governance environment. Audit is therefore one of the controls that the Commission Board uses to ensure that the Commission is transparent, responsible, accountable and fair in all its dealings with all types of stakeholders. The Board has delegated, to the Risk and Audit Committee, its role of ensuring that the Commission has put in place sound financial management structures and processes, including financial, risk management and internal audit controls. The Commission, therefore, uses audit as one of the most important oversight tools of its corporate governance. Internal Audit function The Commission has both an internal and external audit function. Due to the size of the Commission, the internal audit function is not performed by a member of staff engaged as an internal auditor but has been outsourced to an audit firm. The Commission’s Risk and Audit Committee has oversight on the internal audit function to enhance the Commission’s adherence to internal controls, procedures and processes.

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In essence, the internal audit function is meant to ensure that internal controls are effectively functioning in managing risk in the Commission. The Commission’s Audit Committee achieves this by reviewing the control systems for the Commission and providing an independent assurance of risk management of the Commission to the Board. External Audit function
Section 10 of the First Schedule to the Securities Act requires the Commission’s external auditors to be
appointed by the Commission subject to approval by the Minister responsible for finance. The Commission appointed Mark Daniels Chartered Accountants as the new external auditors to audit the 2024 to 2026 financial years. The audited financial statements will be presented to the Minister of Finance as part of the Commission’s Annual Report. Commission Secretary Appointment of Commission Secretary The Commission’s Board Secretary is appointed pursuant to Section 17 of the Securities Act and is in charge of the corporate secretarial affairs of the Commission, under the general supervision of the Chief Executive Officer. The law further allows the Secretary to perform other functions directed by the Board under the general supervision of the Chief Executive Officer. The Director – Enforcement and Legal Services is the Board-appointed Secretary to the Commission Board and performs the secretarial functions as required under section 17 of the Securities Act. The Commission Secretary and Corporate Governance The Commission Secretary, among other roles, is responsible for advising the Commission Board on good corporate governance practices as well as the Commission’s compliance with rules and regulations that affect it. Additionally, the Commission Secretary assists the Board and its Committees to function effectively in line with the Securities Act and the Board Charter that outlines Terms of Reference for the Board and each Committee. The Commission Secretary is therefore an important link between the oversight functionality of the Board of Directors and the operational aspects of the Commission through the Management and staff. Board Performance Self-Evaluation Mandate for performance self-evaluation
Section 11 of the Commission’s Board Charter mandates the Board and its Committees to undertake a
performance self-evaluation in order to assess the effectiveness of the Board, its Committees, and its individual Board Members. The Board has over the last six years been undertaking an annual performance self-evaluation, in the last quarter of the financial cycle, as a corporate governance performance monitoring tool. The performance self-evaluation is a collective, introspective, and comprehensive reflection by the Board to assess how theBoard can be made more effective. The evaluation process is meant to identify strengths and weaknesses, to flag areas for improvement, and to plan for further action as appropriate. For the process to be effective, Board members are required to be open and submit

24 positive ideas and opinions. The Board has developed an appropriate methodology to conduct the Performance Evaluations through a questionnaire that has been developed and which is required to be filled in by each Board Member. The responses are then collated and the results of the evaluation presented to the Board for further consideration. During the period under review, the self-evaluation exercise was based on the submissions and views of seven out of eight respondents because one Board Member was no longer on the Board as they no longerrepresented the relevant nominating institution at the time of the assessment. The Board performance self-evaluation was done for the following eight major areas: Board Activity; Mission and Purpose; Governance/Partnership Alignment; Board Organisation; Administration and Staff Support; Time andLocation ofMeetings;Recording/Minute Taking; and Membership. The analysis of each of these areas was done and the results for each area assessed. Results of the self-evaluation The self-evaluation of the Board’s performance during the period under review revealed an overall Board’s performance for 2024 of was 93.59% which was a marginal increase to the 2023 assessment rate of 93.22%. Comparatively, the assessment rates for 2022 to 2016 were 91.12%, 88.21%, 87.34%, 88.55%, 86.12%, 86.32% and 82.75% respectively. Governance/Partnership Alignment was the lowest rated area at 87% whilst the highest rated area was the assessment of Recording/Minute Taking at 98%. A comparative analysis of the Board’s performance over the last nine years for which the Board Performance Self-Evaluation has been conducted indicates the following results:
92.53
92
87
96
97
91
98
95.2
93.59
70 75 80 85 90 95 100
Board Activity - 92.53%
Mission and Purpose - 92%
Governance/Partnership Alignment -
87%
Board Organisation - 96%
Administration and Staff Support -
97%
Time and Location of Meetings - 91%
Recording/Minute Taking - 98%
Board Membership - 95.2%
Overall Board Performance for 2024 -
93.59%
2024 Overall Board Performance

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Five of the eight areas assessed indicated a reduction in performance in performance rates on a comparative basis with the assessment done for 2023 with the overall Board performance recording a marginal increase in performance of 0.37% from 93.22% in 2023 to 93.59% in 2024.
40.00 50.00 60.00 70.00 80.00 90.00 100.00
Overall Board Performance
Board Membership
Recording/Minute Taking
Time and Location of Meetings
Administration and Staff Support
Board Organisation
Governmance/Partnership Alignment
Mission and Purpose
Board Activity
Comparative of Board Overall Performance for 2016 to 2024 2016 2017 2018 2019 2020 2021 2022 2023 2024

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The overall performance of the Board has indicated an upward trajectory from 2020 to date as indicated in the following table:
INDIVIDUAL BOARD COMMITTEE PERFORMANCE FOR 2017 TO 2024 PERIOD The Commission Board has five standing and one ad hoc Committee. The five standing Committees’ performance was assessed using the same methodology adopted for the Board and which was aimed at identifying strengths and weaknesses, flagging areas for improvement and planning for further action as appropriate. 40.00 50.00 60.00 70.00 80.00 90.00 100.00 Overall Board Performance Board Membership Recording/Minute Taking Time and Location of Meetings Administration and Staff Support Board Organisation Governmance/Partnership Alignment Mission and Purpose Board Activity Comparative of Board Overall Performance for 2016 to 2024 2023 2022 2021 2020 2019 2018 2017 2016 80 85 90 95 100 2016 2017 2018 2019 2020 2021 2022 2023 Comparative of Board Overall Performance for 2016 to 2024 Rate

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The self-evaluation was conducted for the following seven major areas: Purpose of the Committee; Support for the Committee; Administration and Staff Support; Time and Location of Meetings; Attendance; Recording/Minute Taking; and Membership. Compensation Fund Committee Self-assessment The assessment of the Compensation Fund Committee’s overall performance for 2024 was found to be at 95.67%, which was an increase from the 2023 assessment rate of 92.56%. Comparatively, the assessment rates for the Committee’s overall performance for 2022 to 2017 were 90.71%, 88.87%, 87.67%, 84.18%, 77.44% and 85.36%, respectively. In this assessment, the highest rated area is Recording/Minute Taking at 100% while the lowest rated area is Purpose of Committee at 92.73%. The following table highlights the Committee’s overall performance over the last eight years:
Licensing Committee Self-assessment
The self-assessment of the Licensing Committee revealed that the Licensing Committee’s overall performance for 2024 was assessed to be 89.55% which has marginally reduced from the assessment rate for 2022 which was 89.59%. Comparatively, the overall Committee performance as assessed in 2021, 2020, 2019, 2018 and 2017 was 86.28%, 81.92%, 87.71%, 86.16% and 82.38%, respectively. The area that was rated the highest was Committee Membership at 95% whilst the area with the lowest rating was Attendance at 82%. Market Transactions Committee Self-assessment The self-assessment of the Market Transactions Committee revealed that the Market Transactions Committee’s overall performance for 2024 was found to be at 92.24% which represented a very marginal improvement from the 91% recorded during the 2023 assessment. Comparatively, the Committee’s overall performance for 2022, 2021, 2020, 2019, 2018 and 2017 were 87.44%, 82.96%, 91.63%, 90.46% and 85.36%, respectively. 75 80 85 90 95 100 2017 2018 2019 2020 2021 2022 2023 2024 Rate Rate 2017 2018 2019 2020 2021 2022 2023 2024 Rate 82.38 86.16 87.71 81.92 86.28 89.59 89.55 93.92 75 80 85 90 95 100 Overall Licensing Committee Performance Self-Evaluation for 2017 to 2024 Rate

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The area with the highest rating was for Time and Location of meetings which was rated at 98.58% while the lowest rated area was Committee Member Attendance which was rated at 78.33%. Risk and Audit Committee Self-assessment The self-assessment of the Risk and Audit Committee revealed that the Risk and Audit Committee’s overall performance for 2024 was found to be at 95.43%, an increase from the 2023 assessment rate of 91.79%. The highest ratings were made for Recording/Minute Taking, Committee Membership and Support for the Committee at 100%, respectively, while the lowest rating was for Purpose of Committee at 82.33%. The Table also indicates the comparative performance rates for the 2022, 2021, 2020, 2019, 2018 and 2017 periods at 83.86%, 91.29%, 78.90%, 84.58%, 87.65% and 87.88%, respectively. The next table highlights the Committee’s overall performance for the 2017 to 2024 review periods:
Staff and Remuneration Committee Self-assessment The self-assessment of the Staff and Remuneration Committee revealed that the Staff and Remuneration Committee’s overall performance for 2024 was 90.92% which was a reduction from the 95.80% overall performance recorded in 2023. Comparatively, the Committee’s overall performance for 2022, 2021, 2020, 2019, 2018 and 2017 were 90.46%, 96.22%, 94.36%. 94.68%, 89.64% and 90.65%, respectively. The highest rated category 2017 2018 2019 2020 2021 2022 2023 2024 Rate 85.36 90.46 91.63 82.96 87.44 86.67 91 92.24 80 85 90 95 100 Market Transactions Committee Self-Assessment for 2017 to 2024 Rate 2017 2018 2019 2020 2021 2022 2023 2024 Rate 87.88 87.65 84.59 78.9 91.29 83.86 91.79 95.43 75 80 85 90 95 100 Risk and Audit Committee Self-Assessment for 2017 to 2024 Rate

29 was Recording/Minuting which scored 98% while the lowest rated category was Attendance which was rated at 84%. Property Acquisition and Development Committee Self-assessment The self-assessment of the Property Acquisition and Development Committee revealed that the Committee’s overall performance for 2024 was found to be at 94.28%, a marginal increase from the 90.57%, that was assessed in 2023. Comparatively, the overall assessments for the 2022, 2018 and 2018 periods was 90.57%, 67.31% and 85.36%, respectively. The highest rating was for Administration and Staff Support at 97.33% while the lowest rating was for Attendance which was rated at 83.33%. The next table highlights the Committee’s overall performance for the 2017 to 2024 review periods:
OVERALL BOARD COMMITTEE PERFORMANCE FOR 2017 TO 2024 PERIOD The following table shows the overall performance of each of the Committees in one table:
2017 2018 2019 2020 2021 2022 2023 2024
Rate 90.65 89.64 84.68 94.36 96.22 90.46 95.8 90.92 80 85 90 95 100 Overall Staff and Remuneration Committee Performance Self￾Assessment from 2017 to 2024 Rate 2017 2018 2019 2020 2021 2022 2023 2024 Rate 85.36 67.31 0 90.57 90.75 94.28 0 20 40 60 80 100 Property Acquisition and Development Committee Self￾Assessment for 2017 to 2024 Rate

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NB: The Property Acquisition and Development Committee is an ad hoc Committee of the Board. It did not hold any meetings between 2019 and 2021 due to financial constraints. However, the Committee met more frequently in 2022 and has assessed its own performance in 2022 forthe first time in three years. Conclusion The performance self-evaluation exercise has proved to be a beneficial one as Members are able to make recommendations for improved performance, which recommendations are followed through in subsequent Meetings of the Board. This creates accountability and enables continuous improvement in the operations of the Commission. Diana S. Sichone (Mrs.) COMMISSIONSECRETARY 75 80 85 90 95 100 Staff and Remuneration Committee - 90.92% Risk and Audit Committee - 95.43% Property Acquisition and Development Committee - 94.28% Market Transactions Committee - 92.24% Licensing Committee - 93.92% Compensation Fund Committee - 95.67% Board Committee Performance for 2017 to 2024 2017 2018 2019 2020 2021 2022 2023 2024

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Report on regulatory and operational efficiency (Pursuant to section 11(3) of the First Schedule to the Securities Act, No. 41 of 2016) The Securities Act requires the Commission to report on its regulatory and operational efficiency as
part of the reporting requirements under the Annual Report. This mandatory requirement introduced
by section 11(3) of the First Schedule to the Securities Act, No. 41 of 2016 highlights how the Commission is accountable as a public institution vested with the regulatory powers to protect investors in the capital markets. Specifically, the law requires the Commission to reports on each of the following:
a) the extent to which the Commission has fully implemented its regulatory oversight functions as provided under the Securities Act and in its rules and the effectiveness of the operation of such regulatory oversight function; b) the actual and projected cost savings to the Government, if any, resulting from the operations of the Commission; c) the actual and projected costs which the Commission and the public would have incurred if the Commission had not undertaken regulatory responsibility for certain areas under the Commission’s jurisdiction; d) the nature of the working relationship between the securities exchanges, clearing and settlement facilities and the Commission; e) an assessment of the actual and projected efficiencies the Commission has achieved or expects to be achieved as a result of the continuing regulatory activities of the Commission; and f) the immediate and projected capabilities of the Commission. Extent of implementation of the Commission’s oversight function and their effectiveness The Commission’s overall objective is to implementthe dual mandate ofinvestor protection and capital markets development. Section 8 of the Securities Act, in particular, highlights that the Board role is to oversee the administrative affairs of the Commission by putting in place effective, efficient and transparent systems of corporate governance and generally providing strategic direction to the Commission, among other responsibilities. This provision entails that the Commission’s decision￾making function is vested in the Board, which is comprised of Members nominated from different nominating institutions. Fundamentally, the Board is statutorily mandated to implement the provisions of the Act while the Commission’s Management is there to implement the Board’s decisions.
Section 13 also enables the constitution of Board Committees to which the Board delegates some of
its decision-making functions and thus assist the Board in exercising its statutory functions. In addition, the Commission has been able to implement its oversight functions by undertaking regulatory actions in response to infringements, by capital market operators, of the legal and regulatory framework. Some of these regulatory actions include the taking of supervisory possessions and the imposition of administrative sanctions including fines, censures and recompense directives, among others.

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Cost Savings resulting from the Commission’s Operations The Commission prudently manages its resources to achieve its strategic objectives and therefore does not spend outside the approved budgets including in the review period. This has been done pursuant to one of the Commission’s functions highlighted under section 8(b) of the Securities Act which requires the Board to approve the Commission’s budget estimates to ensure sound financial management structures and processes, including financial, risk management and internal audit controls. Cost to the Nation for not having the Commission In pursuance of its investor protection mandate, the Commission was protecting over ZMW224.3 billion worth of investments as at 31st December 2024 increasing by 143% from the last review period at the end of 2023. The investments were in products ranging from shares or stocks, corporate bonds as well as assets under management in collective investment schemes. These investments are made directly by not less than 790,000 investors representing 7.25% of the Zambian adult population participating in the capital markets. However, through investments made by pension schemes and other institutional investors, a lot more investors have been able to indirectly invest in the capital markets. It is the Commission’s statutory mandate to protect the 790,000+ investors from having their savings or investments lost through fraudulent and other illegal activities. This is effected by the Commission ensuring that issuers make prompt and full disclosure of non-public price-sensitive information by a company’s directors to the general public which disclosures enable investors and the general public to make informed investment decisions. With the large pool of savings subject to which the Commission exercises its regulatory investor protection mandate, the Commission’s importance or relevance cannot be overemphasised as the savings could be lost, eroded or misapplied without the Commission’s oversight function. This would have an adverse impact on financial market confidence as well as the capacity of the capital markets to play the important function of savings mobilization. Actual and Projected efficiencies the Commission has achieved as a result of the continuing regulatory activities With the implementation of risk-based supervision (RBS), the Commission has changed its focus area from compliance to risk. Thus, by focusing on the areas or entities with the highestrisk,the Commission is able to efficiently utilise its scarce resources to where they are needed most. As the process of RBS is forward looking, it ensures that risks are managed or mitigated before they crystallise. This has had the effect of increasing compliance by capital market operators which has a corresponding increase in market confidence thus translating into increased capital mobilisation especially in Collective Investment Schemes (CISs) and Corporate Bonds. For the 2024 period, the Commission Board
approved the following Key Performance Indicators (KPIs) to enable the Commission achieve its strategic objectives in an efficient and effective manner:

1. One program/ project implemented in collaboration with stakeholders;
2. One new product introduced in 2024;

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3. 50 % of Capital Market Operators aware of regulatory framework supporting new products;
4. 40% of listed entities implementing ICOFR framework by 2024.
5. 100% enforcement for all identified unlicensed/ unauthorised players.
6. 100% of services provided in line with the standard in the service Charter annually
7. Enhance business processes and procedures by ensuring 60% of institutional targets achieved
by 31 December 2024
8. 75% staff satisfaction levels attained in 2024
9. 80% of staff scoring 3.5 or above in 2024
10. One (1) office purchased in 2024
11. 80% positive feedback on work environment annually
12. 100% of strategies fully funded annually.
13. 100% adherence to the budget annually
Of the thirteen KPIs, 35% were fully implemented, 40% were partially implemented and 25% were planned to be implemented in 2025 and 2026. It is expected that with the number of proposed staff in the 2025 budget, most the KPIs that are partially implemented and not implemented would be fully implemented by the end of the planning period in 2026. Overall, the Commission has demonstrated a strong commitment to its strategic objectives and made substantial progress in Q4 2024. The primary areas of achievement are especially under the objectives of funding model, enhanced investor protection, increasing stakeholder participation and enhancing business procedures. However, there are still opportunities for improvement, particularly in relation to ICOFR adoption and office infrastructure development. Nature of the working relations with Capital Market Operators The Commission has a very good working relationship with the capital market operators represented by the Capital Markets Association of Zambia (CMAZ) to which each capital market operator is, by law, required to be a member of. The Commission holds regular stakeholder meetings with the market as well as with the public atlarge through holding monthly townhall meetings at which topical issues affecting capital markets are presented and discussed. These meetings were highly interactive and facilitate the exchange of information from the Commission to the relevant stakeholders including the capital market operators. In addition, the Commission has leveraged on its relationships with several cooperating partners to obtain capacity building and other developmental support for several projects being undertaken including the implementation of risk-based supervision with the aid of the Toronto Centre. Immediate and Projected capabilities of the Commission Both the Capital Markets Master Plan (CMMP) and the Commission’s 2022-2026 Strategic Plan highlights the enhancement of regulatory capacity for the Commission as one of the Commission’s

34 objectives. The Commission is implementing a number of projects with cooperating partners such as Toronto Centre, FSDA, UNCDF and BIOFIN that range from capacity building in topical areas including risk-based supervision to the development of regulatory frameworks for new and existing capital markets products. Specifically, the Commission was able to undertake the following projects, which have continued into 2025:

1. Toronto Centre – Long term country engagement on Risk Based Supervision, Financial
   Inclusion and Sustainable Finance;
2. UNDP Biodiversity Finance Initiative (BIOFIN)
   a. Development of a Tagging and Reporting System for the Financial Sector (Mainstream, identify, classify, and mark biodiversity and climate relevant financial products and services in the financial sector, enabling the estimation, monitoring, and tracking of financial flows for green growth); b. Development of the Green Finance Strategy and Implementation Plan. (roadmap for the broader green finance mainstreaming agenda); and
   c. Green bond market development;
3. UNCDF – Revenue Bond Project aimed at piloting issuance of a green revenue bond by a local
   authority in Zambia; and
4. Financial Sector Deepening Africa - Development of Nature Regulatory Map for Nature related
   risks (FSDA, SEC and BoZ).
   The Commission also continued capacitating its staff in various critical training to enhance the Commission’s capacity in regulating the market. The training and capacity building that Commission staff underwent in 2024 have ensured that the Commission is always in tune with current developments in the capital markets space. Phillip K. Chitalu CHIEF EXECUTIVE OFFICER

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Operational Activities
The Commission’s dual mandate of investor protection and capital market development was implemented through the activities of the three Directorates in 2024. These activities were also aimed at ensuring that capital markets contributed to the economic development of the country through the capital market’s capital formation role. Thus, in undertaking its investor protection mandate, the Commission ensures that the markets are free, fair and transparent by requiring the registration of securities, the licensing and authorisation of capital market operators and the supervision of capital market operators to ensure that they are in compliance with the requirements of the law. The Commission’s operational activities are undertaken through its operational directorates namely:

• The Directorate of Market Supervision and Development (“DMSD”);
• The Directorate of Enforcement and Legal Services (“DELS”); and
• Directorate of Finance and Administration (“DFA”) through the Market Transactions Unit.
  MARKET SUPERVISION
  Universe of Capital Markets Operators
  The Commission is responsible for the supervision of the following categories of market players by virtue of them being licensed, authorised, recognised by or having their securities registered by the Commission.
  Figure 1: Capital Markets regulatory universe
  The above market players have continued to provide traditional products such as shares, bonds and collective investment schemes. In 2024, we saw the development of new product offerings such as

36 the Real Estate Investment Trusts (“REITs”) and Private Equity Funds, whilst there was an increase in the use of digital platforms by some players notably among collective investment scheme fund managers. The Commission continued with its drive to promote fintech innovations via the sandbox with new applications being considered. However, no new sandbox participants were admitted in 2024. SEC core supervisory process & supervisory Tools The Commission uses Risk-Based Supervision (“RBS”) to oversee the operations of the Zambian capital markets. This approach focuses on areas of risk identified at the level of a Capital Market Operator, sector or group of capital market operators and the capital markets as a whole. To this end the Commission undertakes judgement based risk assessments which based on informed judgement and designs supervisory responses to assessed risks. To address identified risks the Commission typically undertakes targeted supervisory engagements with high-risk clusters of CMOs, thematic inspections, and on-site reviews and inspections. To facilitate a culture of risk management in capital markets, the Commission’s RBS Communications and capacity building is aimed at providing technical assistance to CMOs through ongoing capacity￾building initiatives such as master classes, workshops, and stakeholder engagement sessions. Under RBS, the Commission has developed a dynamic, iterative and continuous supervisory process. This guides both industry-wide and firm specific supervisory work. This approach also ensures the Commission’s risk assessments are current and forward-looking, which is vital to its ongoing effectiveness. There are three broad steps:
A supervisory strategy for each CMO is prepared annually. The supervisory strategy identifies the supervisory work necessary to keep the CMO’s risk profile current. The intensity of supervisory work depends on the nature, size, complexity and risk profile of the CMO. The Commission’s planning also includes a process to compare the work effort across CMOs, e.g., thematic reviews. This is done to ensure that assessments of risk for individual CMOs are subject to a broader standard, and that supervisory resources are allocated effectively to higher-risk CMOs and significant activities. (2) Executing supervisory work and updating the risk profile There is a continuum of supervisory work that ranges from monitoring (CMO-specific and external) to off-site reviews, to on-site reviews, including testing or sampling where necessary. When there are changes in the risk assessment of the CMO, the Commission responds by adjusting work priorities set out in the supervisory strategy and annual plan, as necessary, to ensure that important matters emerging take precedence over items of lesser risk. Such flexibility is vital to the Commission’s ability to meet its mandate. (3) Reporting and intervention:
(1) Planning & Risk Profiling:
Planning & Risk
Profiling
Execution
Reporting &
Intervention
Commission's iterative supervisory process

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For each CMO, the Commission will designate a staff member as the relationship manager (RM). The RM will be responsible for the supervisory process in 4.2 and 4.3 for the CMOs under his or her responsibility. RM will be the main point of contact for the CMO with respect to all supervisory matters. Among other communications, the Commission communicates its supervisory assessment and supervisory concerns to CMOs through Supervisory letters. Supervisory Letters are addressed to the CMO’s Board of Directors with a copy to the Chief Executive Officer (CEO). The CMO is required to respond to the Commission and address all issues raised within the timelines set by the Commission. The Commission undertakes its supervisory functions using a number of supervisory tools as follows:
Figure 2: List of SEC supervisory tools
The supervisory mandate of the Commission is anchored upon four pillars as follows:
a) Any person dealing or advising on securities must be licensed by the Commission; b) Any securities market or financial market infrastructures must be authorized and licensed as securities exchanges or clearing and settlement agencies by the Commission; c) All securities of a public company which are publicly traded must be registered by the Commission; and d) Collective Investment Schemes, Venture Capital Funds and other investment vehicles must be authorized by the Commission. Parties to these investment schemes must be authorised by the Commission. Market Supervision undertakes the core functions as highlighted in the following table: Figure 3:
Market Supervision core activities
Licensing,
Registration,
Authorisation &
Recognition of
CMOs
Issuing statutory instruments, directives, guidance notes, guidelines and other regulations Conducting Surveillance & Off￾site monitoring Enforcement and supervisory actions Inspections & Investigations Investor education and awareness campaigns, Complaints handling

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The Commission’s risk assessments and ongoing monitoring are based on information submitted by and collected on Capital markets Operators. CMOs are required to submit to the Commission monthly, quarterly and yearly returns. For example:

• All capital markets operators are required to submit audited financial statements;
• Self-Assessment Questionnaires.
• Issuers are required submit a various reports to evidence that they have established Internal
  Controls Over Financial Reporting Framework.
• Dealers and Investment advisers are required to submit a separate auditors report addressed to
  the Commission and management confirmation of compliance;
• All dealers are required to submit Monthly Capital Adequacy Reports;
• Fund managers are required to submit monthly and quarterly returns; and
  These reports and information form the basis of the Commission’s on-going monitoring, Risk Assessments under RBS as well as for planning on-site inspections of capital markets operators. Issuers of Registered Securities The Commission’s focus of supervision is to ensure that issuers of registered securities provide adequate information and disclosures to investors, which information is relied upon to make investment decisions. Full disclosure to all investors ensures that there is no information asymmetry which is detrimental to the commission’s mandate of ensuring transparent, orderly and efficient capital markets. As of 31st December 2024, the number of issuers stood at 45, with 46 instruments having been registered. Licensing The MS Team reviews and processes license applications in line with the Securities Act provisions Risk Assessments, Reviews and Inspections The MS Team undertakes an assessment of the Risks arising from a CMOs operations. Reviews and Inspections are undertaken to validate risk assessments and determine the Commission’s Supervisory Intervention On -going monitoring, Surveillance & Complaints handling The MS Team undertakes surveillance using various tools ( e.g. including attending AGMs, Review of trading activity on exchanges, review of complaints). On going monitoring involves review of Self-Assessment Questionnaires , annual and periodic submissions from Capital Market Operators RBS - RISK ASSESSMENTS

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TABLE 1: NUMBER OF ISSUERS
Class of securities Number of issuers
Listed equities* 21
Quoted equities 12
Corporate Bonds* 12
Number of issuers/ Securities* 45
Internal control over financial reporting (“ICOFR”) The implementation of the framework for Internal Controls over Financial Reporting (ICOFR)is a major milestone aimed at enhancing financial reporting and disclosures to investors in the capital markets. The framework was implemented and refined over a five (5) year period which culminated in the issuance of the Securities (Internal Controls over Financial Reporting) Guidelines 2024. Atleast 85% of listed companies have established and are reporting on ICOFRs. The ICOFRs were developed in collaboration with the Zambia Institute of Chartered Accountants and enhances the value of partnerships in the advancement of the Commission’s investor protection mandate. The Commission is also working with other financial sector regulators and the Zambia Institute of Chartered Accountants to enhance other disclosures by encouraging capital markets operators to adopt other reporting standards such as the Integrated Reporting Frameworks, and sustainability reporting standards issued by the International Sustainability Standards Board.

Collective Investment Schemes
Collective Investment Schemes (CISs) remain a prime area of focus for market supervision as this is a product that is best suited to promote financial inclusion among Zambians. Over the last 5 years, the CIS sector has shown tremendous growth with Assets Under Management (“AUM”) increasing year on year and thus, has been identified as a key growth area for capital markets. Below is a snapshot of the CIS industry at December 2024.
Figure 5: Snapshot of the Collective Investment Schemes
Collective
Investment
Schemes –
A SNAPSHOT AS
AT
DECEMBER 2024
Total CIS Assets Under Management ("AUM") closed at K3,001 million in December 2024, an increase of 24% from 2023.

• K2,534 million was invested locally, an increase of 24%
• K467 million invested in foreign CISs, an increase of 26%.
  729,421 investors across 11 local umbrella funds comprised of 59 sub-funds, a representation of 53% increase from December 2023. 401 investors in 55 foreign CISs, an increase of 22%. This growth in assets under management for local CISs was largely driven by growth in contributions by new (as noted from the 53% increase in investor numbers) and existing investors and foreign exchange gains in dollar denominated assets under management (driven by the appreciation of US dollar against kwacha from K25.74/$ at December 2023 to K27.91/$ as at December 2024).

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The number of local authorised CISs remained at nine (9). In terms of deployment of AUM, 81.66% of the local CIS AUM were invested in Real Estate, Term Deposits, Other CISs and GRZ Bonds (Refer to
Figure below).
Figure 6: Distribution of AUMs by Assets at Dec 2024
Private Equity: 2024 also recorded an update in private equity funds which closed at K35m. Most of the investments were in an off-shore fund which has invested locally in two investee companies in Zambia. Private Equity continues to be a focus area as highlighted in the Capital Markets Master Plan which aims to develop new and innovative products. The list of fund managers for collective investment schemes is included in Appendix IV. Licencing The Commission issued 38 licenses in the year to December 2024, while ten (10) were surrendered and one (1) cancelled bringing the total number of licensees to 260. This represents a net increase of 12% during the year. This also shows increased interest to participate in the capital markets by the various businesses.
Table 31: Movement in number licensees
License type
At
January
2024
Issued
Cancelled/
Revoked/
Surrendered
At
December
2024
Credit Rating Agencies 1 1 - 2
Dealers 31 3 - 34
Dealer’s Representatives 156 19 (5) 170
Investment Advisors 18 6 (1) 23
Term Deposits
33.53%
GRZ Bonds
18.98%
Real Estate
13.55% CISs/ Unit Trusts
15.60%
Equities
9.44%
Commercial paper
2.95%
Bank balances
3.03%
Treasury Bills
0.80%
Corporate Bonds
1.46% Other assets
0.67%

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Investment Advisors representatives 23 4 (4) 23 Share Transfer Agencies 1 2 - 3 Share Transfer Agent Representative - 3 - 3 Clearing and Settlement Agencies 1 - - 1 Securities exchanges 2 - (1) 1 Total 233 38 (11) 260 Surveillance and complaints handling Market Surveillance As part of its regulatory mandate, the Commission undertakes a broad range of market surveillance activities aimed at promoting integrity, transparency, and investor protection within the capital markets. These activities encompass the daily monitoring and analysis of trading activity and the investigation of any detected anomalies or irregularities. The Commission also attends Annual General Meetings (AGMs) of listed entities and local CISs in an observer capacity. This provides an additional layer of oversight, ensuring that issuers uphold corporate governance standards and maintain full disclosure with investors. Key Observations from 2024 AGMs During the period from December 2023 to December 2024, the Commission made the following observations regarding AGMs:

• Mode of Meeting: The majority of AGMs were conducted using a hybrid format of combining
  both physical and virtual participation. This flexible approach facilitated broader accessibility and compliance with best practices.
• Investor Participation: The hybrid model enabled increased participation from shareholders
  based outside Lusaka and abroad, including foreign investors. The Commission observed a high level of engagement during these meetings, with investors demonstrating a strong interest in monitoring the performance and governance of their investments. Surveillance of Unlicensed Investment Schemes Beyond formal market structures, the Commission's surveillance also identified and investigated purported investment schemes operating during the year. These schemes were primarily promoted through social media platforms such as Facebook and WhatsApp. They posed as legitimate investment opportunities and employed multi-level marketing tactics, incentivizing participants to recruit others in exchange for monetary rewards and other benefits etc. To safeguard the investing public, the Commission promptly issued public warnings via its website and official social media channels. These notices clarified that the entities in question, as well as their promoters and representatives, were not licensed, authorized, or registered to offer investment services or solicit funds from the Zambian public. Furthermore, their investment products were not approved for distribution within Zambia’s capital markets.

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Complaints
For the year 2024, Market Supervision received a total of 32 complaints with 4 additional complaints that had been carried forward from the previous year. Eighteen (18) complaints were closed within DMSD while one (1) was referred to DELs. 2024 had a closure rate of complaints of 51%, this was an increase from the closure rate in 2023 of 45%. The table below shows a summary of the number of complaints that were handled by DMSD during the year 2024.
Table 11: movement in complaints for the year 2024
Risk-Based Supervision
In 2024, focus was on rolling out RBS to the capital markets premised on three thematic areas namely the (i) Supervisory plan – How the Commission will undertake supervision of CMOs to manage risk. (ii) Capacity building – to ensure the Commission, CMOs and stakeholders have adequate capacity to enable implementation of RBS in Zambia. (iii) Stakeholder & Public Relations: Ensuring the Commission implements the RBS Communications Strategy. Capacity Building and Stakeholder relationship management The Capacity Building Plan outlines the Commission’s strategic focus on strengthening capacity across the capital markets. In 2024, the Commission undertook capacity-building initiatives targeting both internal staff and external participants, including Capital Markets Operators (CMOs) Further, during the period under review, the Commission entered into a second long-term country engagement with the Toronto Centre through which the following capacity building engagements were undertaken:
Toronto Centre Engagement on Risk Based Supervision (RBS): The first engagement was held from COMPUTATION OF COMPLAINT CLOSURE RATE Breakdown of 2024 complaints Complaints brought forward a 4 New complaints received b 32 Total Complaints a+b=c 36 Complaints referred to DELS (for further investigations) d (1) Total Complaints not referred to DELS c-d=e 35 Complaints closed in DMSD f (18) Number of active complaints as of close of 2024 e-f=g 17 DMSD closure rate of complaints not referred to DELS for further investigations f/e 51%

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15th April 2024 to 19th April 2024 at Neelkanth Sarovar Premier, Lusaka. During the five days of training, SEC internal members of staff that attended were guided on the application of RBS to the securities sector in Zambia, including on capital market operators that are small to address issues regarding proportionality. Additionally, SEC supervisors presented Risk Assessment Documents (RAD) for the fund managers and investment advisors to the Toronto Centre facilitators and worked through the assessments which allowed the facilitators to give feedback which was adopted by the SEC staff. Toronto Centre Engagement on AML/CT Risk Based Approach and Financial Inclusion– the second engagement was held from 4th November 2024 to 8th November 2024 virtually. This session represented a continuation of the Toronto Centre (TC) long-term engagement with the Commission, building on the foundation established during the first training held in April 2024 in Zambia. The training primarily focused on providing a comprehensive understanding of Money Laundering (ML) and Combating the Financing of Terrorism (CFT) risks. It also included an in-depth review and input into the SEC risk-based AML framework, ensuring that participants are equipped to identify and mitigate these risks effectively. On the topic of Financial Inclusion, the presentation addressed the regulation and supervision of FINTECHs with a focus on the entities operating within the regulatory sandbox as well as the developments in financial inclusion. This segment emphasized the unique requirements and oversight measures for sandbox entities, highlighting how tailored regulatory approaches can promote innovation while safeguarding against potential financial crime risks. These sessions were vital in aligning our frameworks with international best practices and promoting inclusive financial growth under a secure and compliant environment.

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Toronto center team with SEC during a virtual review of the RBA Framework The commission also facilitated for a capacity building workshop for the capital market operators whose details are below:
AML/CFT Workshop - On 5th December 2024, the Commission hosted a one-day workshop on Anti￾Money Laundering/Combating the Financing of Terrorism (AML/CFT) at Taj Pamodzi Hotel. This workshop was conducted in collaboration with the Financial Intelligence Centre (FIC), which delivered a presentation on the proper reporting of Suspicious Transaction Reports (STRs) and Currency Transaction Reports (CTRs). The session was particularly significant, as the Securities Sector has yet to report any such transactions, highlighting the need for strengthened reporting mechanisms. During the workshop, the Commission also provided guidance on the development and implementation of effective AML/CFT compliance programs for all Capital Markets Operators (CMOs). The presentation emphasized the importance of robust internal controls, risk assessment frameworks, and reporting procedures to mitigate money laundering and terrorism financing risks within the securities sector. AML/CFT Supervisory Relations Masterclass held at Pamodzi Hotel, Lusaka

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Investment Advisors Engagement- The Commission on 23rd July 2024 held an engagement with both Corporate Investment Advisors and individual Investment Advisors at the Commission’s premises. This engagement was primarily necessitated by the transition from compliance-based to risk-based supervision. Further, through the preliminary findings of the risk assessment conducted on the investment advisors cluster in the Zambian capital markets landscape, the Commission earmarked this engagement. The Risk-Based Supervision (RBS) model emphasizes and necessitates the need for a rapport with the entities and individuals that the Commission regulates. This approach aims to ensure more effective and efficient oversight by focusing on areas of higher risk. The engagement proved fruitful as advisors were equipped with knowledge on Risk-Based Supervision, which includes understanding its components, expectations, and the necessary preparations. Additionally, an overview of the Investment Advisors’ industry was provided, covering key roles, responsibilities, regulatory obligations, and current industry trends. The investment advisors expressed a strong desire for such engagements to occur more frequently. They highlighted the importance of staying updated with market trends and regulatory changes to ensure continued compliance and to better serve their clients. MARKET DEVELOPMENT Under its market development mandate, the Commission oversees various market development initiatives and investor awareness and education activities. The Capital Markets Master Plan (“CMMP”) approved by Cabinet and launched in 2022 was developed to provide the Country a road map for capital markets development. The CMMP guides the Commission’s activities and has been cascaded into the

46 corporate strategy. In addition the Commission participates in other national projects such as the National Financial Inclusion Strategy and the National Strategy for Financial Education. Market Development also oversees the Commission awareness and education programs focusing on various stakeholders primarily investors. We discuss below the market development initiatives and awareness program MARKET DEVELOPMENT INITIATIVES AND PROJECTS (i) Capital Markets Master Plan In 2024, the Commission recorded significant progress in establishing the CMMP governance structures and steps towards attaining the aspirations of the CMMP. Following the successful appointment of members to sit on the CMMP Working Groups and Action Teams, the Commission’s efforts were mainly centered on undertaking inaugural meetings for the Working Groups and Action Teams as well as advancing the creation of the CMMP Secretariat. The commission and the Ministry of Finance and National Planning (“MoFNP”) who are the Joint Secretariat for the CMMP focused their attention on advancing the afore-mentioned as follows:
The Joint Secretariat and the Public Private Dialogue Forum (PPDF) successfully held the inaugural meetings on 3rd and 4th June 2024 at Mulungushi International Conference Centre. The meeting aimed to familiarize Working Group and Action Team members with the CMMP documents, roles, and responsibilities, with a focus on the five CMMP development areas and strategic initiatives. The inaugural meetings for the working groups were Officiated by the Secretary to the Treasury, represented by the Permanent Secretary for Economic Management and Finance Mr. Danies Chisenda. Whilst the inaugural meeting was officiated by officiated by the Secretary to the Treasury (CMMP Steering Committee Chairperson), Mr. Felix Nkulukusa, who was represented by the Vice Chairperson for the CMMP Secretariat, Ms. Mutumboi Mundia respectively. These familiarization meetings marked the beginning of CMMP implementation by lead institutions and the private sector, with quarterly meetings planned to ensure progress, which will be tracked and reported in line with an Action Matrix. Establishment of the CMMP Secretariat – Following the Commission’s efforts aimed at creating a fully resourced and operational CMMP Secretariat, the Ministry formally requested the SEC, Bank of Zambia (BoZ) and Pensions and Insurance Authority (PIA) to nominate resources to be part of the CMMP Secretariat. Considering the above, the Commission received nominations from the MoFNP and the Pensions and Insurance Authority to be part of the secretariat and hasn’t yet received a nomination stemming from the Bank of Zambia. Further In view of the ongoing organizational restructuring process, the Commission in the interim nominated the Manager, Financial Inclusion, to be part of the CMMP Secretariat. The Commission will continuously review the requirements of the CMMP Secretariat to ensure that we have adequate resources to support the CMMP structures in their mandates. Establishment of the PPDF – Capital Markets Technical Sub-Committee - The Commission, in collaboration with the Public-Private Dialogue Forum (PPDF), successfully facilitated the appointment of members to the PPDF Capital Markets Sub-committee. The sub-committee, composed of the elected Chairpersons and Vice Chairpersons from the CMMP Action Teams, was officially appointed by Cabinet. With the appointments finalized, the PPDF Capital Markets Sub-committee convenes quarterly to carry out its mandate.

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The Commission has continued to pursue the implementation of CMMP objectives by collaborating with cooperating partners to the extent possible and ensure that some progress is made towards achievement of some of the KPIs highlighted above. Key initiatives in this regard include:
The Commission will continue engagements with other partners such as the World Bank, FSDA, the UN system and other private organizations with a view to on-boarding them onto various CMMP activities. (ii) National Financial Inclusion Strategy (“NFIS”) The Ministry of Finance and National Planning, in collaboration with financial sector regulators, officially launched the National Financial Inclusion Strategy (NFIS) 2024– 2028 on 13th March 2024 at the Mulungushi International Conference Centre. The event was officiated by the Honorable Minister of Finance and National Development, Dr. Situmbeko Musokotwane, who presented Certificates of Appointment to the Secretariats of the five NFIS Working Groups. These included:
(i) the Pensions and Insurance Working Group, led by the Pensions and Insurance Authority. (ii) the Capital Markets, Environmental, Social, and Governance Working Group, overseen by the Securities and Exchange Commission. (iii) the Digital Financial Services and Financial Infrastructure Working Group, under the Bank of Zambia. (iv) the Financial Consumer Protection and Capability Working Group, led by the Competition and Consumer Protection Commission; and (v) the Monitoring, Evaluation, Data, and Research Working Group, coordinated by the Zambia Statistics Agency. As part of the initial implementation efforts, the Commission, in partnership with the Ministry, drafted the Terms of Reference for the Capital Markets, Environmental, Social, and Governance Working Group. Additionally, the Ministry is collaborating with the U.S. Department of Treasury’s Office of Technical Assistance (OTA), which is providing technical support for the Strategy's rollout. In this regard, the OTA conducted its first mission on 9th May 2024, focusing on strengthening governance structures and engaging with the Commission to discuss governance frameworks, key activities, and potential areas of support within the Capital Markets, Environmental, Social, and Mrs. Diana Sichone receiving the certificate of appointment for the NFIS II (2024 -2028) Secretariat from Dr. Situmbeko Musokotwane.

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Governance Working Group.
The Commission, in collaboration with the Ministry of Finance and National Planning, participated in a nationwide dissemination exercise for the National Financial Inclusion Strategy (NFIS) II in preparation for its implementation. As part of this initiative, the Commission co-facilitated a town hall meeting in Chipata, Eastern Province, engaging various public and private sector stakeholders. Additionally, the dissemination efforts extended to other districts in Eastern Province, including Chipangali, Kasenengwa, Petauke, Katete, Nyimba, and Sinda, as well as Luangwa District in Lusaka Province. (iii) National Strategy for Financial Education for Zambia (“NFSE”) The National Financial Inclusion Strategy (NFIS) 2024–2028 aims to strengthen stakeholder engagement and foster collaborative actions across key thematic areas through strategic public, private, and inter-governmental partnerships. This framework outlines targeted initiatives to address emerging issues such as inclusive green finance while also focusing on enhancing financial inclusion for underserved segments of the population. By promoting effective interventions, the NFIS 2024–2028 seeks to drive meaningful progress in expanding financial access and participation across Zambia. In the period under review, the NSFE II sub-working group for Youth on September 27th, 2024, the SEC hosted the National Strategy on Financial Education (NSFE II) Youth Sub-Committee Meeting. This gathering featured representation from various organizations, including BUSTAZ, UNZABECA, MUEA, and UNILEBA, among others, who shared the significant strides they are making in advancing financial literacy and education within their respective institutions. The meeting served as a platform for exchanging ideas and discussing impactful strategies to shape the future of financial education in Zambia. This engagement reaffirmed the SEC’s dedication to equipping the next generation with essential financial skills and fostering meaningful collaborations to promote financial literacy nationwide. Riding on the objectives of the NSFE II, The commission in 2024 did carry out industrial tours for thw following institutions and student body associations: the University of Lusaka Banking and Finance second year students, The University of Zambia Acturial Science Association (UNZA-ASA) and the University of Zambia Business and Economics Association

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(UNZABECA). In this regard, such tours align with the strategy’s objectives of improving financial literacy and enhancing the understanding of the financial systems and markets in the country. This experience complements the broader goals of financial education, supporting the development of a financially informed and capable workforce that can contribute to Zambia’s economic growth and financial stability. Second year banking and finance students from the university of Lusaka pose for a photo with the SEC CEO and Staff, after their industrial tour (iv) Developing Zambia’s Subnational Revenue Bonds Project As part of its ongoing efforts to broaden financing options for local development, the Securities and Exchange Commission (SEC) actively participated in the Taskforce Meeting on Subnational Revenue Bonds, held in collaboration with key stakeholders, including the Ministry of Finance and National Planning (MoFNP), the United Nations Capital Development Fund (UNCDF), the Lusaka Securities Exchange (LuSE), and the Bank of Zambia (BoZ). The meeting focused on fast-tracking the development of revenue bonds as an innovative funding mechanism for subnational projects. A taskforce, co-chaired by the Ministry of Finance and National Planning (MoFNP) and the Ministry of Local Government and National Planning (MLGNP), was established to guide the process. The Decentralization Secretariat expressed interest in joining the initiative, recognizing the potential of revenue bonds to enhance funding for local government projects. A technical handbook has been developed to lay the groundwork for a regulatory framework, with capacity-building programs identified as a key enabler for the successful adoption of revenue bonds. Drawing from lessons learned from Tanzania’s Tanga Water Bond, UNCDF provided insights into structuring revenue bonds to attract investors, emphasizing the need for policy adjustments, independent external reviews, and cost management strategies. The meeting underscored the importance of government support, investor engagement through

50 roadshows, and collaboration with academia to strengthen market readiness for revenue bond issuance. (v) Regulatory Sandboxes The Commission progressed the closure of the Testing phase for the four (4) Sandbox Participants which were admitted as part of the first Cohort to test their capital markets innovations as follows:
(i) Kukula Capital Plc (“Kukula”): Kukula tested a platform for Global securities and crypto assets offering. (ii) Lupiya Circle Plc (“Lupiya”): Lupiya tested a Peer-Peer lending platform. (iii) Lusaka Securities Exchange Plc (LuSE”): LuSE tested a digital platform for the identification, evaluation, capital raising and possible securities exchange listing. (iv) Premier Credit Zambia Ltd (“Premier”): Lupiya tested a Peer-Peer lending platform. During the Testing phase, the Participants were permitted to test trial the above-mentioned innovations in a controlled live environment, under a set of specified conditions and limitations. As part of the closure, the Commission embarked on a review and evaluation of the four innovations to necessitate their smooth exit and possibly, their commercial deployment. One (1) failed as the Innovator chose to focus on other priorities, whilst one (1) innovation is ready to exit and the remaining two are still undergoing exit modalities. In the mean time the Commission is reviewing at least five (5) applications for admission into the second cohort of the sandbox. This has been delayed due to resource constraints. INVESTOR AWARENESS AND EDUCATION ACTIVITIES Investor awareness and education is the first line of defence in Investor protection. Therefore, in a bid to increase investor education and awareness around the country, in 2024 the Commission undertook the following activities:

• Monthly Town Hall Meetings – held throughout the year.
• Financial Literacy Week (March 2024) in collaboration with the Bank of Zambia and
  Bankers Association of Zambia.
• Quarterly Media Briefs (hosted by the Chief Executive Officer)
• SEC Zimbabwe Webinar
• World Consumer Rights Day Commeration (with the CCPC)
• World Investor week. The Capital Markets National Debate was flagship invents which
  enabled SEC to reach all ten (10) provinces in Zambia. Other key events included the Essay writing competition and the launch of the Money Mysteries social media series.
• Capital Markets Ambassadors Program
• Participation in the Zambia International Trade Fair. SEC exhibited at the fair and
  participated in Business Forum as panelists on two key topics.
• Agricultural and Commercial Show. The Commission participated by exhibiting at its Stand
  and the Green Pavillion and hosted Panel discussions with key stakeholders.
• Provincial Conference of the Business Studies Association of Zambia
• Media Institute of Southern Africa (MISA) media awards
  We summarise below our activities for the year 2024.

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(i) 2024 Financial Literacy Week
As part of its efforts to co-implement the NSFE with the Ministry, BoZ, and PIA, the Commission took part in the commemoration of the 2024 FLW which ran under the theme “Protect your money, secure your future”, from 18th – 24th March 2024. key FLW activities undertaken by the Commission:
(i) Official launch – The Commission participated in a high-level official launch and kick-off of the 2024 FLW. Activities included a Ministerial launch, remarks by Heads of the three financial sector regulators’ (BoZ, SEC and PIA), a children’s engagement (art competition) and a financial sector exhibition. (ii) Adoption of Eastern Province – The Commission spearheaded 2024 FLW activities in Eastern Province where flagship engagements included.

• an official kick-off event at Anoya Zulu Boys Secondary School.
• a Coinathon awarding ceremony.
• a children’s engagement at Chalumbe Primary School.
• a youth engagement at Chipata College of Education; and
• adults’ engagement during a public exhibition at Chipata Mall and via a Radio
  programme on Breeze FM.
  The Commission also carried out awareness and sensitization programs through print and electronic media, in addition to hosting seminars and webinars via both digital and physical channels. (ii) Commemoration of World Investor Week 2024 The Securities and Exchange Commission (SEC) successfully led Zambia's participation in World Investor Week (WIW), a global initiative focused on promoting investor education and protection. Held from October 5 to November 8, 2024, the campaign embraced the theme "Be a Smart Investor: Learn More About Digital Finance, Sustainable Finance, and Fraud and Scams." Aligned with the National Strategy on Financial Education, WIW activities targeted diverse audiences across all age groups. In partnership with the Capital Markets Association of Zambia (CMAZ) and key stakeholders—including the Lusaka Securities Exchange (LuSE), Stockbrokers, Fund Managers, Investment Advisors, Government Agencies, Financial Educators, and Academic Institutions, a range of engaging events including Webinars, Exhibitions and Community Engagements were undertaken.

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The week concluded with the grand finale of the WIW Capital Markets National Debate Competition, held from November 5 to 8, marking a successful end to the campaign. Below are the key WIW events:

• KICK OFF COCKTAIL: The Securities and Exchange Commission (SEC) hosted the highly
  anticipated Kick-Off event for the 2024 World Investor Week (WIW) at Fresh View Cinema, located in Levy Mall, Lusaka. This event marked the official launch of the global campaign in Zambia. The launch spotlighted three flagship events that set the tone for the campaign: the 2024 National Capital Markets Debate Launch, which engaged young minds and fostered critical discussions about the capital markets; the launch of 5 educative videos dubbed as the Money Mysteries WhatsApp Series delivering financial literacy content directly to audiences through their mobile devices; and the launch of the Capital Markets Ambassador Programme, which once implemented, is envisioned to create a network of informed advocates to promote capital market knowledge across the country.
• PUBLIC ENGAGEMENTS: The Securities and Exchange Commission (SEC), in collaboration
  with Capital Market Operators, conducted 2 day physical exhibition on October 26 and 27 at Lewanika Mall, Woodlands, Lusaka. The event brought together stockbrokers, fund managers, Investment Advisers and the Bank of Zambia to engage with the public and raise awareness about the importance of capital markets. The public had the opportunity to interact with various market experts, learn about the opportunities within Zambia’s capital markets, and receive valuable information on financial literacy. Gr oup of the Girls Brigade pass through the SEC stand to learn about capital markets at Lewanika Mall. Further, The SEC organized public engagement webinars with key stakeholders, including the Lusaka Securities Exchange (LuSE), which focused on the theme of "Investor Resilience," a key topic of the World Investor Week and Caravel Partners led a session on "Investment Advisory," offering expert advice on what to expect from your Investment Advisor.
• COMMUNITY ENGAGEMENTS: The SEC, in partnership with Ensemble Arts Acres (EAA),

53 successfully conducted edutainment through community engagement events aimed at promoting financial literacy. The first engagement targeted citizens outside white color jobs, including filmmakers, actors, and footballers by conducting talking and drama sessions at Olympafrica in Chipata Compound Market and Lilanda Market respectively. The National Arts Council (NAC) commended the SEC for its efforts in advancing financial education within the community. The second engagement focused on the youth and marketeers, facilitated through the Lilanda Market Cooperative and the City Council, with support from the Youth Alliance of Zambia (YAZ). These events emphasized the importance of planning, budgeting, saving, and investing in capital market products.

• THE NATIONAL CAPITAL MARKETS DEBATE: The SEC, in partnership with the Zambia
  Universities and Colleges Debate Association (ZUCODA), focused on engaging youth through debate clubs at tertiary institutions across the country. The competition commenced at the provincial level, inviting all debate clubs or societies from all duly registered tertiary institutions. The winners from each province progressed to the national finals, which were held in Samfya. The Capital Market National Debate Competition generated a reach of 86,300 which entails a significant generation of interest to distinct people on Facebook and an indicator of the event’s visibility as well as the extent to which the information about the Capital Markets Debate spread across the platform. This number reflects the level of online exposure and as earlier stated is an important metric for understanding the impact of social media efforts. It shows that the event was able to inform or influence the audience (86,300) about the debate, its participants, and the overall themes being debated regarding the capital markets. The WIW Capital Markets National Debate Competition took place over a span of three (3) days Seeing Northern Technical College from Copperbelt Province emerge as the national champions. Below are the participating institutions and their progression during the competition from the knockout stages to the finals.

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Prizes Awarded
❖ The 1st Prize of K10,000 was sponsored by ABC Asset Management and SEC, won by Nortec ❖ The 2nd Prize of K7,500,000 was sponsored by SEC, won by Mulungushi University ❖ The 3rd Prize of K5,00,000 was sponsored by Altus Capital and SEC, won by Evelyn Hone ❖ The 4th Prize of K3,500,000 was sponsored by Money Acumen and SEC, won by Kasama School of Nursing The Commission doubled the prizes to K20,000, K15,000, K10,000 and K7,000 respectively. Other Debate Prizes ❖ Best Speaker of the tournament: sponsored by Bangweulu Beachfront Village was awarded to Timothy Banda from Mulungushi University with 3 nights at Bangweulu beachfront village, all meals provided and transportation to and from the village. ❖ Second Best Speaker: was awarded to Tracy Jalabani from Evelyn Hone College.

• ESSAY WRITING COMPETITION: During the National Capital Markets Debate, the SEC also
  awarded the winners of the 2023 Capital Markets Tertiary Institutions Essay Writing Competition as part of the lined-up activities at the grand finale. The winners were; o 1st Position: Isaac Hajaanika from Copperbelt Province - K10,000. o 2nd Position: Muyaka Muyamba from The University of Zambia - K7,000. o 3rd Position: Jacob Likonge from Copperbelt Province - K5,000. Winners of the 2023 Capital Markets Tertiary Essay Competition pose for a photo (iii) Chartered Institute of Securities and Investments (“CISI”) Partnership Milestones The partnership between the Securities and Exchange Commission (SEC) and the Chartered Institute for Securities & Investment (CISI) was formalized in August 2016 through a Memorandum of Understanding (MoU), establishing a collaborative framework aimed at enhancing professional standards within Zambia’s capital markets. This strategic alliance seeks to develop a formal certification program for capital markets practitioners, ensuring a globally recognized competency

55 framework that aligns with international best practices.
During the period under review, ZCAS University successfully met the accreditation requirements, becoming the second local training institution to receive this recognition. Previously, the Zambia College of Pensions and Insurance Trust (ZCPIT) was the first to attain accreditation; however, it did not maintain its status beyond the initial one-year period from 2017 to 2018. To mark this milestone, the Commission attended the official launch of ZCAS University’s accreditation on June 7, 2024. The event received high-level recognition and support, graced by the Minister of Finance and National Planning, Dr. Situmbeko Musokotwane, MP, alongside the British High Commissioner to Zambia. Launch of ZCAS University as a CISI accredited training partner (iv) Capital Markets Ambassador Programme In December 2024, the Securities and Exchange Commission (SEC) commenced training for the Capital Market Ambassador Programme, an initiative designed to enhance financial education and promote investor protection across Zambia. The programme aims to equip ambassadors with the necessary knowledge and skills to raise awareness about investment opportunities in their communities, in line with SEC’s broader efforts to foster capital market development. The training was conducted in partnership with ZCAS University, leveraging its collaboration with the Chartered Institute for Securities and Investments (CISI), a globally recognized professional training institution in the securities industry. This partnership reinforced SEC’s commitment to delivering high-quality capacity-building initiatives through expert trainers and modern learning resources. The training was officially launched on 16th December 2024 and was officiated by SEC Acting Chief Executive Officer, Mrs. Diana Sichone, alongside ZCAS University Deputy Vice-Chancellor (Academic), Dr. Kelvin Kayombo, representing Acting Vice-Chancellor, Professor Emeritus Edwin Bbenkele.

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The Capital Market Ambassador Programme aligns with Zambia’s National Strategy on Financial Education (NSFE) and SEC’s mandate to protect investors while promoting confidence in the capital markets. Through this initiative, SEC continues to strengthen financial literacy and drive broader participation in Zambia’s capital markets. (v) Monthly Townhall Meetings In its bid to reach member of the public for capital markets awareness and education, the Commission leveraged Facebook, YouTube and Zoom video conference as media channels. This was especially true for Townhall meetings which are held every last Thursday of the month. In 2024, total attendance and social media reach for the Townhall meetings reached 89,851. Below are statistics showcasing stakeholders’ participation in the town halls from January 2024 to December 2024. Month Zoom Facebook Total THM attendance Cumulative THM attendance Jan 409 1,300 1,709 Feb 590 1,550 2,140 Mar 490 1,800 2,290 Apr 485 494 979 May 475 1100 1,575 June 470 1700 2,170 July 380 21400 21,780 Aug 460 15500 15,960 Sept 415 10800 11,215 Oct 340 27700 28,040 Nov 450 530 980 Dec 270 743 1,013 TOTAL 5,234 84,617 89,851

Townhall meetings are designed to be an interactive platform for members of the public to interact with the Commission and discuss investments and capital markets basics. The topics discussed during the year are summarized below. January o Topic: Financial Planning and Setting Financial Goals Presenter: Dingase Makumba February o Topic: Saving and Investing o Presenter: Mubanga Kondolo March oTopic: Youths, Arise and Realize the Power of Investing oPresenter: Sitali Mugala - 20,000 40,000 60,000 80,000 Zoom Facebook Total THM attendance

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April oTopic: Protecting Yourself from
Online Threats
Presenter: Clarence Simukanze
May oTopic: Collective Investment
Schemes as Your Investment
Option oPresenter: Lucy Namuchimba
June o Topic: Bonds as Your Investment
Option – Part 1 o Presenter: Elsa Volk
July o Topic: Bonds as Your Investment
Option – Part 2 o Presenter: Chikatu Chiputa
August o Topic: Shares as Your
Investment Option o Presenter: Dingase Makumba September o Topic: Sustainable Finance o Presenter: Kalima Chaleka

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October oTopic: Compensation Fund oPresenter: Mateyo Lungu November oTopic: Managing Finances During the Festive Season oPresenter: Dingase Makumba December oTopic: Refresh, Recharge and Plan for the Coming Year Presenter: Mubanga Kondolo (vi) 96th Agricultural and Commercial Show The SEC participated in the 2024 Agricultural and Commercial Show, achieving its objectives of raising awareness, promoting the Capital Markets Master Plan (CMMP), and engaging with stakeholders. The SEC’s efforts were recognized through awards in the Best Climate Action Enterprise and Best Environmental Awareness categories. To maximize the impact of its participation, the SEC introduced several innovative initiatives, including Business Forum Panel Discussions in collaboration with the Zambia Institute of Policy Analysis and Research (ZIPAR) and a Digital Awareness and Perception Survey. The panel discussions featured experts from both public and private institutions and explored how capital markets can be leveraged to create a competitive future in alignment with the Show’s theme. The audience comprised industry professionals, academics, and members of the public. The SEC effectively raised awareness about the role of capital markets in fostering economic competitiveness, engaging with potential investors, students, and the public. The Commission also experienced significant social media engagement, attracting 2,725 new followers during

59 the ACSZ. Additionally, 564 visitors were registered at the SEC stand. A Feedback survey was conducted and provided the following insights:
✓ 83.87% of respondents rated the overall organization and presentation as "Excellent." ✓ 62.5% rated the SEC's interpretation of the theme as "Excellent." ✓ 69.35% found the SEC stand "Very effective." ✓ 82.26% highlighted "Explore your investment options in the capital markets" as the most engaging content. ✓ 91.94% expressed strong willingness to invest after visiting the stand, despite 81.25% not having previously invested. ✓ 77.42% stated they were "Very likely" to visit the SEC booth again next year. (vii) Zambia International Trade Fair (ZITF) The Securities and Exchange Commission (SEC), through its Market Development team, participated in the 58th Zambia International Trade Fair in Ndola, held from 26th June to 2nd July 2024, under the theme: “Unlocking Economic Potential Through Collaboration and Partnerships.” The event generated significant interest in capital markets among various groups, including schools, youth, and the public. The Trade Fair served as a valuable platform for engaging with a diverse range of stakeholders, including potential investors, prospective issuers, and the general public. The SEC booth attracted over 500 physical visitors and recorded over 40,000 engagements on social media, enabling the Commission to effectively communicate its role in the financial markets. To enhance awareness and understanding, educational materials and promotional items were distributed to attendees. In addition to public engagement, SEC Management conducted high-level corporate meetings with potential issuers, including Zambezi River Authority and Kafubu Water and Sewerage. Discussions centered around raising green finance for projects aimed at mitigating Zambia’s energy crisis, underscoring the growing role of capital markets in financing sustainable development. ENFORCEMENT AND LEGAL SERVICES The Directorate of Enforcement and Legal Services (“DELS”) assists the Commission in implementing its investor protection mandate by enforcing the securities regulatory framework as prescribed by the Securities Act, No. 41 of 2016 (the “Act”), as amended by Act No. 21 of 2022, and the Rules and Regulations made thereunder. To achieve this function, the Directorate is responsible, inter alia, for ensuring legal and regulatory compliance among capital market players, providing corporate advisory and board secretarial services to the Commission, conducting litigation on behalf of the Commission before the courts of law and the Capital Markets Tribunal (“CMT”), enforcement and legislative development by identifying and recommending law reform and development in the securities sector. Below is a table highlighting DELS’ core operational functions:

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Enforcement
In 2024, the Commission conducted investigations into 15 allegations relating to securities law violations. A majority of the reports bordered on market misconduct by the capital market operators (CMOs) while the rest dealt with incidents of offering of illegal products and money laundering allegations. Further, the Commission undertook or sustained enforcement actions against persons found to have breached the capital markets framework. For the year under review, 7 enforcement actions were undertaken or sustained out which 4 were concluded and 3 are ongoing. The investigations and enforcement cases are summarised below:

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The enforcement actions resulted in the imposition of fines amounting to K250,000.00. in addition, the Commission issued 1 public censure and also issued a directive for the compensation of K145,500 in dividends that were misappropriated. Further, an amount of K2 million was recovered in misappropriated investment funds for a collective investment scheme. Finally, 1 securities exchange license was cancelled and a supervisory possession on 1 CMO was lifted. Further,the Commission issued public notices on identified promotions of illegal offerings of securities products and conducted public awareness programs on investment scams, including Ponzi schemes that were increasing in number. The Commission and Anti-Money Laundering EASTERN AND SOUTHERN AFRICAN ANTI-MONEY LAUNDERING GROUP (“ESAAMLG”) Bi-annually, the Commission participates in the Eastern and Southern African Anti-Money Laundering Group (“ESAAMLG”) Task Force of Senior Officials meetings. ESAAMLG is a FATF-styled regional body in which its members peer review each other on compliance with international regulatory standards on anti-money laundering. The first bi-annual meeting took place in April in Lubango, Angola while the second bi-annual meeting took place in Diani, Kenya. The meetings discussed, among other items, risk, compliance and financial inclusion, money laundering/terrorist financing risks, trends and methods in the ESAAMLG region, FIU developments in the ESAAMLG region as well as the ESAAMLG mutual evaluation and post evaluation monitoring process to promote implementation of the FATF standards and the progress on preparations for the ESAAMLG 3rd Round of Mutual Evaluations.

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NATIONAL ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING (AML/CFT) RISK ASSESSMENT (“NRA”) Zambia has been preparing for its second National Risk Assessment (NRA) of money laundering and terrorist financing risks, following the first which was done in 2016. Money laundering (TF) and the Financing of Terrorism (TF) are of global concern and left unchecked can impact negatively on security, economic development and social cohesion. Therefore, identifying, assessing and understanding (ML/TF) risks is an important part of the development and implementation of national anti-money laundering and countering the financing of terrorism (AML/CFT) regime. The NRA of ML/TF will inform the development of effective AML/CFT policies and strategies as well as the prioritisation and allocation of resources. The exercise was approved by Cabinet in 2023 and is expected to be undertaken within 12 months. The Financial Intelligence Centre is coordinating the exercise and various other institutions, including the Commission, are involved. The Commission is chairing the Securities Sector Working Group and has collected information from the market in order to inform the assessment. TORONTO CENTER TRAINING ON ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING (AML/CFT) AND FINANCIAL INCLUSION From 4th November 2024 to 8th November 2024 the Commission held a virtual training through the help of the Toronto Centre which training was focused on enhancing the Commission’s supervisory capabilities in the areas of Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) and Financial Inclusion, particularly digital finance. The training emphasized the importance of a risk-based approach to AML/CFT supervision, aligning with international standards and best practices. The training also explored the challenges and opportunities of supervising digital financial services, particularly peer-to-peer lending. The importance of a risk-based approach was highlighted, considering factors such as the significance of the institution, the nature of its products, and the potential impact on consumers. Key recommendations emerging from the training include strengthening the integration of the RBS framework across all supervisory activities, enhancing sandbox guidelines, taking proactive measures to mitigate risks, building internal capacity, and fostering collaboration with other regulatory authorities. By implementing these recommendations, the Commission will to improve its supervisory effectiveness, promote financial inclusion, and mitigate risks in the evolving financial landscape. Further, a critical insight from the workshop was that the rapid rise of fintech in Zambia has raised important questions for regulators. These include whether the current regulatory and supervisory frameworks need to be expanded to accommodate the growing variety of fintech products, and how to effectively mitigate any potential risks associated with the increasing reliance on digital
financial services. Co-operation, Coordination and the Exchange of Information The Commission places great importance on enabling co-operation, coordination and the exchange of information with local and foreign counterparts. Thus, the Commission has been taking a number of measures to ensure that it complies with international best practice and international securities

63 market standards relating to co-operation, coordination and exchange of information including by becoming signatory to the Multilateral Memorandum of Understanding (MMoU) of the International Organisation of Securities Commissions (IOSCO). APPLICATION FOR SIGNATORY TO THE EUROPEAN UNION ADMINISTRATIVE ARRANGEMENT (FACILITATES COOPERATION AND INFORMATION SHARING WITH EU MEMBER STATES) In 2024, the Commission reached another milestone in its quest to better cooperate and share information with other securities regulatory specifically with those from the European Economic Area (EEA) by becoming a signatory to the Administrative Arrangement (“AA”) for the transfer of personal data between European Economic Area (EEA) Authorities and Non-EEA Authorities. In the context of this agreement, personal data is defined as – “any information relating to an identified or identifiable natural person (“Data Subject”) within the scope of this Arrangement; an identifiable natural person is one who can be identified, directly or indirectly, in particular by reference to an identifier such as a name, an identification number, location data, an online identifier or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that natural person.” The AA is a document of a technical and/or operational nature issued by IOSCO which aims at facilitating the transfer of personal data between European Economic Area (EEA) Financial Supervisory Authorities and non-EEA Financial Supervisory Authorities. The arrangement took effect in 2019 and has so far received over 60 signatures from both EEA and non-EEA supervisory authorities who have since become member agencies of the arrangement. The AA is the second document signed by the Commission, as a member of the IOSCO, following its admission to signatory of the IOSCO Multilateral Memorandum of Understanding MMoU which provides a common understanding among its signatories of how they should consult, cooperate, and exchange information for the purpose of regulatory enforcement regarding securities markets. Unlike the MMoU which is broader in scope in terms of information that could be shared, the AA is restricted to the transfer of personal data among the EEA and non- EEA supervisory authorities. Thus, it is intended to supplement the already existing memoranda of understanding. The EEA has strict regulations on protection of personal information of the data subjects, and thus sharing of information with non-EEA countries presents a challenge, unless the data processor (non￾EEA) has provided appropriate safeguards and on condition that effective legal remedies for data subjects are made available. Thus, the administrative arrangement aims at ensuring that non EAA members have appropriate safeguards for data protection. By signing the AA, the Commission as a non-EEA member, can now directly access personal data from a member of the EEA as it has taken measures to
adhere to the strict restriction regarding processing of personal data outside the EEA. Other advantages of the Administrative Arrangement include the following:
a) It serves as a safeguard aimed at ensuring that before personal data could be shared between the non – EEA members and EEA member, appropriate safeguards, such as enforceable data subject rights and legal remedies for data subjects are available. Thus, enabling non-EEA members to effortlessly obtain personal data from EEA members; b) It serves as a supplement to already existing memoranda of understanding but restricted to sharing of only person data relating to natural persons; and

64 c) The arrangement is non- binding and thus only applicable within the allowable provisions of the domestic laws of the parties. The AA is thus compatible with the requirements of the Data Protection Act, No. 3 of 2021 and the Securities Act on personal data protection and confidentiality, respectively. REPORT ON 49TH ANNUAL IOSCO MEETING (ATHENS, GREECE) The Commission undertook a successful trip to Athens Greece to attend IOSCO’s 49th Annual Meeting. The delegation was led by the Mrs. Ruth Mugala, the Board Chairperson and was also attended by Mrs Diana Sichone, the Commission Secretary and Mrs. Leah Simasiku, the Manager – Supervision. The meeting was a gathering of securities regulators from around the globe to share thoughts and ideas on matters that affect all securities regulators globally ranging from sustainable finance, climate related risks, new technologies, crypto and digital assets, financial stability, investor protection issues and strategies to support financial inclusion, gender equality and diversity. The Annual meeting commenced with the meetings of the regional committees of which the Zambian delegation attended the Africa/Middle-East Regional Committee (AMERC), the Growth and Emerging Markets Committee (GEMC) as well as the Multilateral Memorandum of Understanding Monitoring Group (MMoUG). The Commission also witnessed the Financial Sector Conduct Authority of South Africa as the first African jurisdiction to become a signatory of the Enhanced Multilateral Memorandum of Understanding (“EMMoU”). The meeting also included a panel discussion where Mrs. Simasiku shared Zambia’s experience in mainstreaming green finance in the financial markets and showcased the Zambian experience which a number of jurisdictions were interested in knowing more of. The annual meeting was followed by a public conference at which the public were invited to attend where panel discussions and key note addresses in various topical issues took place. The Commission was able to obtain a lot of insights on new developments most of which the Commission has been pursuing as trailblazers especially in the region. This is evident from the launch of the Green Finance Mainstreaming Working Group in Botswana within 2024 with the assistance of Biofin, a step the Zambian markets took a number of years ago and whose fruits are evident. Law Review

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BENCHMARKING VISIT TO THE FINANCIAL SERVICES COMMISSION (“FSC”) AND THE FINANCIAL SECTOR CONDUCT AUTHORITY (“FSCA”) In October 2024, the Commission sponsored a delegation from the Ministry of Justice (“MoJ”) and the Ministry of Finance (“MoF”) on a benchmarking visit to the Mauritian Financial Services Commission (“FSC”) and the South African Financial Sector Conduct Authority (“FSCA”) in order to build capacity and demonstrate the importance of adopting a principles-based model of drafting laws as opposed to a rules-based model for the securities markets in particular. The purpose of the benchmarking visit was to provide an in-depth understanding of the legislative framework of FSC and the FSCA particularly in relation to the promulgation of subsidiary legislation under a principles-based drafting model and thereby enhance mutual understanding on the drafting of laws. The benchmarking visit would help the delegation to learn from other jurisdictions on the successes and challenges to capital market regulation and then attempt to implement these lessons in the Zambian context. Both jurisdictions were required to publish proposals for rules to the general public and stakeholders and ensure that representation on proposals are taken into account, before Rules are promulgated. The process of consultation is mandatory unless the consultations would unreasonably prejudice the interests of the investing public and/or clients of licensees. In line with principles-based drafting, the laws contain general enabling provisions while the rules and regulations provide the specifics. The visit also highlighted the importance of tabling the legislative instruments before Parliament for scrutiny. It was further highlighted that there was need to strike a balance between being too prescriptive and providing adequate guidance for the market. The process of drafting rules in Zambia was thus very similar to that adopted in Mauritius and South Africa in that Zambian rules must be submitted to the Parliamentary delegated legislation Committee for scrutiny. The benchmarking visit noted that the capital markets sector appeared to be a very complex sector which would necessitate numerous amendments to the regulatory framework to not only align with the regulatory mandate but also be in line with international best practice. Therefore, it was apparent that the 2016 Act would need to be amended if broad enabling provisions were not presently available and ensure that the framework was not too prescriptive but was sensitive and was responsive to emerging trends such as the evolving risks brought on by money laundering, among other things. Capacity Building and Stakeholder Engagement

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DRUG ENFORCEMENT COMMISSION STAKEHOLDER ENGAGEMENT WORKSHOP- ENHANCING REGULATORY COLLABORATION FOR INVESTOR PROTECTION On 31st May 2024, The DELS department hosted a workshop with 15 nominated officers from the Drug Enforcement Commission. The engagement focused on the following key items:
a) Overview of the SEC and the Zambian Capital Markets: Members of Staff from the Commission gave a brief presentation to the attendees on the Commissions mandate, its values and objectives. b) Enforcement Program of the Commission: The Commission also highlighted the enforcement process, from the time a matter is referred for investigations up to the time it is sent to the Board for decision making. The team also placed emphasis on how at times the enforcement process may necessitate engagement of other Law enforcement agencies thus the need to enhance collaboration.

67 c) Cooperation with other institutions: The DELS re-echoed the need for collaboration with the DEC and highlighted some of the challenges it has been facing such as inordinate delays in concluding cases that have been referred to DEC. The engagement was a resounding success and achieved its objectives. In addition, it was suggested that to make the collaboration even more effective, the two entities should hold more regular engagements and focal point persons should be designated so as to enable both institutions to leverage on each other’s expertise. ZAMBIA POLICE SERVICE CAPACITY BUILDING AND STAKEHOLDER ENGAGEMENT WORKSHOP￾ENHANCING REGULATORY COLLABORATION FOR INVESTOR PROTECTION The Commission has an existing framework for cooperation and collaboration with the Zambia Police with an officer attached at the Commission to not only capacitate the Zambia Police with capital markets regulatory matters but also assist the Commission with matters referred to criminal investigations to the Zambia Police as well as vetting of persons intending to operate in the capital markets. On 9th August 2024, DELS hosted a stakeholder engagement with the Zambia Police. The primary objective of this meeting was to explore avenues for enhanced collaboration between the two institutions. During the engagement, various proposals were put forth by both parties to strengthen their partnership. Key recommendations included:
a) Joint Training Programs: Implementing joint training initiatives to foster mutual understanding and improve operational efficiency; b) Staff Orientation: Conducting orientation programs to familiarize Zambia Police personnel with the SEC's operations, public interactions, and case investigation processes; c) Regular Meetings: Establishing a mechanism for regular meetings to onboard new staff and maintain a continuous training cycle; d) Public Sensitization Collaboration: Collaborating with DMSD to involve Zambia Police in public sensitization activities; and e) Communication Channels: Incorporating Zambia Police representatives into the SEC's mailing list for town hall meetings. By implementing these recommendations, the Commission and the Zambia Police agreed that it would strengthen their partnership, enhance operational efficiency, and better serve the public whose interests both institutions had a mandate to protect. ANTI CORRUPTION COMMISSION (ACC) STAKEHOLDER ENGAGEMENT WORKSHOP – ENHANCING REGULATORY COLLABORATION FOR INVESTOR PROTECTION On 17th October 2024, DELS hosted a stakeholder engagement with the Anti-Corruption Commission (ACC). The primary objective of this meeting was to explore avenues for enhanced collaboration between the two institutions. During the engagement, various proposals were put forth by both parties to strengthen their partnership. Key recommendations included:
a) Joint Training Programs: Implementing joint training initiatives to foster mutual understanding and improve operational efficiency; b) Staff Orientation: Conducting orientation programs to familiarize the ACC personnel with the SEC's operations, public interactions, and case investigation processes;

68 c) Regular Meetings: Establishing a mechanism for regular meetings to onboard new staff and maintain a continuous training cycle; d) Public Sensitization Collaboration: Collaborating with DMSD to conduct collaborative public education campaigns on the importance of integrity in financial transactions and the consequences of corruption ; e) Communication Channels: Incorporating the ACC representatives into the SEC's mailing list for town hall meetings; f) Execution of a Memorandum of Understanding (MOU) between the Commission and the ACC; g) Strengthening whistleblower protections- this collaboration will encourage individuals to report corruption or unethical behaviour in the securities market without fear of retaliation; and h) Conduct joint investigations into cases where securities and fraud intersect, leveraging on each organisations expertise to build more robust cases. By implementing these recommendations, the Commission and ACC can strengthen their partnership, enhance operational efficiency, and better serve the public. MARKET TRANSACTIONS The Securities Act requires securities including private funds and collective investments schemes to be offered to the public to be registered with the Commission. The Commission also approves mergers or acquisitions involving entities whose securities are registered with the Commission. The registration of securities and authorization of private funds and CIS is among one of the ways the Commission protects investors in the capital markets, while the rules on takeovers and mergers also ensure that takeovers and mergers are conducted in an orderly manner that protects minority shareholders. The Market Transactions section within the Directorate Finance and Administration during the year ending December 2024 received and processed several applications from companies including those relating to the registration of securities, authorization of funds, mergers and acquisitions. Waivers from certain Securities Act obligations as enshrined in the Act, and other miscellaneous market activities were also considered. The table below shows the companies, type and number of securities that were approved during the period under review:
DATE
RECEIVED
COMPANY TYPE AND NUMBER
OF SECURITIES/OR
TRANSACTIONS
DATE
APPROVED/
DEFERRED
PURPOSEOF MEETING
25/01/2024 Mopani Copper
Mines Plc
Authorization 14/02/2024 To consider application for approval of takeover by IHC via Delta Mining Limited of 51% shareholding in Mopani Copper Mines Limited 31/01/2024 Engineering Institution of Zambia (EIZ) Registration of Securities 14/02/2024 To consider the application for the registration of 11,136,329 EIZ ordinary shares 05/02/2024 Real Estate Investment Zambia Plc (REIZ) Waiver 14/02/2024 To consider the application for a waiver from complying with the requirement to appoint a trustee for the proposed REIZ Real Estate Investment Trust

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DATE
RECEIVED
COMPANY TYPE AND NUMBER
OF SECURITIES/OR
TRANSACTIONS
DATE
APPROVED/
DEFERRED
PURPOSEOF MEETING
17/02/2024 Pamodzi Hotel Plc Authorization 14/02/2024 To considerthe application for approval of takeover by ASB of 90% shareholding in Pamodzi Hotel Plc 22/02/2024 Real Estate Investment Zambia Plc Authorization 14/02/2024 To considerthe application for the authorization of REIZ Real Estate Investment Trust 06/03/2024 Eden Villas Properties Limited Registration of Securities 02/05/2024 To consider application forthe registration of US$ 3 million Sukuk bond 03/04/2024 United Chemicals Fertilizer Registration of Securities 02/05/2024 To consider the application for the registration of USD 500 million Medium Term Note Programme 08/04/2024 Izwe Loans Plc Registration of Securities 02/05/2024 To considerthe registration of K 485 million Izwe Medium Term Note Programme 03/05/2024 Ancona Properties Limited and Foril Limited Waiver 22/05/2024 To consider the application for a waiver from making a mandatory offer to REIZ minority shareholders 06/09/2024 Professional Insurance Plc De-registration of Securities 22/10/2024 To consider the de-registration of 10,000,000 professional insurance ordinary shares 19/09/2024 Pamodzi Hotel Plc De-registration of Securities 22/10/2024 To considerthe de-registration of 100,000,000 million Pamodzi ordinary shares 28/08/2024 Growth Investment Partners Authorization 22/10/2024 To consider the application for authorization of a private equity fund 11/09/2024 Xtenda Finance Zambia RegistrationOf Securities 22/10/2024 Consideration ofthe application for the registration of ZMW400,000,000 medium-term note programme 16/09/2024 REIZ Waiver 22/10/2024 To considerthe application for a waiver complying with clause 7.1.3 of the REITS guidelines 28/10/2024 ZFI Holdings Waiver 20/11/2024 To consider the application for a waiver from making a mandatory offer to Madison Financial Services Plc shareholders PHILLIP K. CHITALU CHIEF EXECUTIVE OFFICER

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70.
2024 Financial Statements

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APPENDICES
Appendix I
Corporate Address and Contact Details
Securities and Exchange Commission
Corporate Office Address:
Plot 5475 Corner of Great East and Libala Roads, Kalundu P.O. Box 35165 Lusaka, ZAMBIA (0211) 227012/222368/222369/226386 Fax: (0211) 225443 Email: info@seczambia.org.zm Website: www.seczambia.org.zm

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Appendix II
Governance Structure
SEC Commissioners in 2024
During the period under review, the followed Commissioners appointed from institutions specified in the Securities Act, No. 41 of 2016 served as the Commission Board Members:
Board Chairperson (elected on 17th
March 2022)
Mrs. Ruth Simwanza Mugala
Mrs. Ruth Simwanza Mugala, a seasoned Accountant and business consultant, is the Board’s elected Chairperson since March 2022 having previously served as the Board Vice-Chairperson from March 2021. She brings to the Board a wealth of knowledge and experience in the financial and advisory fields gained in the public and private sectors with a career spanning over 35 years. She is a holder of a Bachelor degree in Accountancy and holder of the Association of Chartered Certified Accountants (ACCA) of UK and a Fellow of the Zambia Institute of Chartered Accountants (ZICA). She is currently Executive Director of Massy Capital Services and Massy Wellness Services and chairs the Board’s Risk and Audit Committee. Board Vice-Chairperson (elected on 17th March 2022) Mr. Paul Nkhoma Mr. Nkhoma, a development economist, with a wealth of management, arbitration and insurance knowledge, is the elected Board Vice￾Chairperson since March 2022. He has been a Board Member since 10th March 2021 and is a founding member of Hollard Insurance, one of Zambia's largest insurance companies and is now the Group Chief Executive Officer for Hollard Holdings Zambia. He represents the Zambia Chamber of Commerce and Industry (ZACCI) on the Board and chairs the Staff and Remuneration Committee. Commissioner Mr. Mulele Maketo Mulele Mr. Mulele, an economist, modeler, statistician and planner and is currently serving as Director-Economic Management Departmentin the Ministry of Finance since February 2020. Mr. Mulele has been a SEC Board Member since May, 2020 representing the interest of the Ministry of Finance and Government at large. Considering his vast work and professional experience from both development planning and economic management as well as policy analysis, he brings with him a wealth of knowledge to the SEC Board required in providing direction towards the development of the capital markets under the jurisdiction of SEC.

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Commissioner
Ms. Sibajene Zulu
Ms. Zulu, a Chartered Accountant has been a SEC board Member since September, 2023. Ms. Zulu is the Market Conduct Manager-Pensions at the Pensions and Insurance Authority and she represents the Pensions and Insurance Authority on the Board. She chairs the Commission’s Property Acquisition and Development Committee. Commissioner Ms. Diana Majokwe Shamabobo Ms. Shamabobo, a legal practitioner, has been a SEC board Member since February, 2023. Ms. Shamabobo is the Principal Parliamentary Counsel at the Ministry of Justice and she represents the Ministry of Justice on the Board. She chairs the Commission’s Compensation Fund Committee. Commissioner Dr. Leonard N. Kalinde Dr. Kalinde, a legal practitioner, has been a SEC Board Member since January 2022. Dr. Kalinde who is the founding partner at the legal firm with the name and style of Messrs Leonard Kalinde and Partners, has over 27 years’ experience at the Zambian legal bar and specialises in the following fields: banking and financial services law; anti-money laundering and terrorist financing law; corporate governance; insolvency and liquidation law; alternative dispute settlement; corporate governance compliance, risk management; the law on derivatives; and technology law and artificial intelligence. Particularly, he has over 20 years’ experience in central bank operations and financial system supervision and regulation. He represents the Law Association of Zambia on the Board and chairs the Licensing Committee of the Board.

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Commissioner
Ms. Brenda Mwanza
Ms. Mwanza is a development economist with a wealth of experience in macroeconomic and financial sector analysis, policy development, research, survey implementation and data analytics gained at the central bank. She became a member of the Securities and Exchange Commission Board in January 2022, representing the Bank of Zambia and chairs the Licensing Committee. Currently serving as Assistant Director- Financial Sector Development, at the Bank, her role entails coordinating the thematic areas of financial inclusion, financial sector development and collaboration with financial sector stakeholders in the public and private sector as well as international partners. She is also a Board member of the Microinsurance Technical Advisory Group. Ex-officio Commissioner Mr. Phillip K. Chitalu Mr. Chitalu, a chartered accountant, is the Chief ExecutiveOfficer ofthe Commission and is an ex-officio Member of the Commission Board.

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SEC Management in 2024
During the period under review, the following were the Commission’s Management team in the period under review:
Chief Executive Officer
Phillip K. Chitalu
Mr. Chitalu, a chartered accountant, has been with the Commission since August 2011. He has a bachelor’s Degree of Accountancy from the Copperbelt University, a Fellow of the Association of Chartered and Certified Accountants (FCCA) and also Fellow of the Zambia Institute of Chartered Accountants (FZICA). Mr. Chitalu also holds a Master of Philosophy in Development Finance from Stellenbosch University, Cape Town, and further holds the International Global Certificate for Securities Regulators from the Harvard Law School/IOSCO. Commission Secretary and Director – Enforcement & Legal Services Diana Sichone Mrs. Sichone, a legal practitioner, has been with the Commission since July, 2014. She holds a Bachelor’s degree in law from the University of Zambia and a Masters degree in Corporate and Commercial law from the University of Lusaka. Mrs Sichone holds the International Global Certificate for Securities Regulators from the Harvard Law School/IOSCO. She is also an advocate of the High Court for Zambia, a qualified legislative drafter, trained commercial Arbitrator and is passionate about sustainability. Director – Market Supervision and Development Nonde Sichilima Mr. Sichilima, a chartered accountant, has been with the Commission since September, 2015. Prior to his promotion to the position of Director – Market Supervision and Development in September 2023, Nonde’s substantive appointment was as Manager – Supervision. He holds a BA (Hons) Degree in Accounting and Finance from Athlone Institute of Technology, Ireland. He is a member of the Zambia Institute of Chartered Accountants and a Fellow of the Association of Chartered Certified Accountants (FCCA).

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Manager – Market Transactions &
Investments
Bruce Mulenga
Mr. Mulenga has been with the Commission since February
2013. He holds a bachelor of Science in Accounting from Hull
university and BTEC National Diploma in Business and Finance from City College of Higher Education. Manager – Finance Mateyo Lungu Mr. Lungu, a chartered accountant, has been with the Commission since December 2015. He is the holder of the Association of Chartered Certified Accountants (ACCA) qualification and the Certified Accounting Technician (CAT) from Chingola School of Accounts (ZAMIM-Chingola campus). He is a Fellow of the Association of Chartered Certified Accountants and an Associate member of the Zambian Institute of Chartered Accountants. Manager-Market Development Dingase Makumba Mrs. Makumba has been with the Commission since May 2014. She holds a Master of Business Administration from the Eastern and Southern Africa Management Institute (ESAMI), Bachelor of Arts in social sciences from the University of Zambia and a Postgraduate Diploma in Marketing from the Chartered Institute of Marketing-UK and various Industry certifications from the Chartered Institute for Securities and Investments, Zambia College of Pensions and Insurance Trust, Toronto Centre and the Cambridge Centre for Alternative Finance.

77
Manager – Financial Inclusion
Mubanga Kondolo
Mr. Kondolo has been with the Commission since 2017. He holds a BA (Hons) in Business and Management from University of Sunderland and various certifications from the Cambridge Centre for Alternative Finance, Chartered Institute for Securities and Investments, Toronto Centre and Zambia College of Pensions and Insurance Trust. Manager – Law Reform and Enforcement Dubholukulu Mulondiwa Ms. Mulondiwa, a legal practitioner, had been with the Commission since 2020 until she left on 14th December 2024 to explore better opportunities. She holds a Bachelor’s degree in law from Oxford Brookes University and she is also an advocate of the High Court for Zambia and a qualified legislative drafter. Manager – Investigations and Enforcement Kambole Seta Mrs. Seta has been with the Commission since July 2022. She holds a Bachelor of Laws Degree obtained from the University of Lusaka and is a legal practitioner with 6 years of experience post bar qualification. She also holds a Post Graduate Diploma in Legislative drafting obtained from the Zambia Institute of Advanced Legal Education in 2022.

78
Manager – Market Supervision
Leah K. Simasiku
Leah has been with the Commission since 2013. She holds a Bachelor of Arts in Business Studies from Greenwich University, a Master of Business Administration (MBA) in Finance from the University of Lusaka, and a Graduate Certificate in Capital Markets from George Washington University. She has further enriched her knowledge through specialized training programs, including the Cambridge Sustainable Finance Course at Cambridge University, the Women’s Leadership Program at the Toronto Centre and also holds the International Global Certificate for Securities Regulators from Harvard Law School/IOSCO. Manager – Market Supervision Gertrude Buyungwe Gertrude has been with the Commission since 2016. She holds a Bachelor of Science degree in Banking and Finance from Copperbelt University and a graduate certificate in Capital Markets from George Washington University’s MI-IFC program. She also holds the International Global Certificate for Securities Regulators from Harvard Law School/IOSCO. ActingManager – Administration and Procurement Florence Mbwili Florence has been with the Commission from May, 2023. She holds a Bachelor’s degree in Public Administration from University of Zambia and a Masters Degree in Public Management from the University of Queensland in Australia. She is a member of the Zambia Institute of Human Resources Management and a member of the Chartered Institute of Personnel C Development (UK).

79
Appendix III
List of Authorised Capital Market Players as at 31st December 2024 In order to ensure that only fit and proper persons and entities are allowed to offer securities services to the investing public, the Commission approved the applications of the following entities to conduct securities business in the categories shown below:
Securities Exchange Licenses
The following entities held a securities exchange license as at 31st December, 2024:
Item Company Name
2024 2023
Yes No Yes No

1. Lusaka Securities Exchange Plc √ √
2. Bond & Derivatives Exchange Zambia Plc √ √
   Clearing and Settlement Agency Licenses
   The following entity held a clearing and settlement agency license as at 31st December, 2024:
   Item Company Name
   2024 2023
   Yes No Yes No
3. Lusaka Clearing and Settlement Agency √ √
   Credit Rating Agency Licences
   The following entities held a Credit Rating Agency license as at 31st December, 2024:
   Item Company Name
   2024 2023
   Yes No Yes No
4. Premier Rating Agency Limited √ √
5. ICRA Rating Agency Limited √ √
   Dealer’s Licenses
   The following corporate entities held a Dealer’s license as at 31st December, 2024 Item Company Name 2024 2023 Yes No Yes No
6. ABSA Bank Zambia PLC √ √
7. Access Bank Zambia Limited √ √
8. Aflife Capital Zambia Limited √ √
9. African Banking Corporation Investment Services Limited (T/A ABC
   Asset Management)
   √ √

80
Item Company Name
2024 2023
Yes No Yes No
5. African Banking Corporation Zambia Limited (Trading as Atlas
Mara Bank Zambia Limited)
√ √
6. African Life Financial Services Limited √ √
7. Altus Capital Limited √ √
8. Autus Securities Zambia Limited √ √
9. Citibank Zambia Limited √ √
10. Cork Veste Investments Limited √ √
11. Chuuma Asset Management Limited √ √
12. Eco-Bank Zambia Limited √ √
13. Equity Capital Resources Plc √ √
14. Finance Securities Limited √ √
15. First Capital Bank Zambia √ √
16. First National Bank Zambia Limited √ √
17. Hobbiton Investment Management Services Limited √ √
18. Indo-Zambia Bank Limited √ √
19. Laurence Paul Investment Services Limited √ √
20. Kukula Capital Plc √ √
21. Providence Asset Management Limited √ √
22. Longhorn Associates Limited √ √
23. Madison Asset Management Company Limited √ √
24. Money Acumen Advisory Limited √ √
25. Pangaea Securities Limited √ √
26. Prudential Pension Management Zambia Limited √ √
27. Stanbic Bank Zambia Limited √ √
28. Standard Chartered Bank Zambia Plc √ √
29. Stockbrokers Zambia Limited √ √
30. Treasfin Limited √ √
31. United Bank for Africa Zambia Limited √ √
32. WCAP Limited √ √
33. Zambia Industrial Commercial Bank Limited √ √
34. Zambia National Commercial Bank √ √
Dealer’s Representative Licenses
The following persons held a Dealer’s representative’s license as at 31st December, 2024 Item Name of Representative Dealer 2024 2023 Yes No Yes No

1. Ms. Mabvuto Muranena
   Mumba
   Absa Bank Zambia PLC √ √
2. Mr. Aaroon Phiri Absa Bank Zambia PLC √ √
3. Ms. Bathsheba Magula Absa Bank Zambia PLC √ √
4. Mr. Boston Nkuname Absa Bank Zambia Plc √ √

81
Item Name of Representative Dealer 2024 2023
Yes No Yes No
5. Ms.Chiwala Mwelwa Absa Bank Zambia Plc √ √
6. Mr. Lesa Mulenga Absa Bank Zambia Plc √ √
7. Mr. Stanley Kaweme Tamele Absa Bank Zambia Plc √ √
8. Mr. Mukelebai Wambulawae Absa Bank Zambia Plc √ √
9. Mr. Blessings S. Banda Absa Bank Zambia Plc √ √
10. Mr. Kamwaya Hamoonga Absa Bank Zambia Plc √ √
11. Mr. Mubanga Bwalya Absa Bank Zambia Plc √ √
12. Mr. Mwangala Lutangu Absa Bank Zambia Plc √ √
13. Mr. Mwamba Katongo Absa Bank Zambia Plc √ √
14. Mr. Calvin Sichilomba Access Bank Zambia Limited √ √
15. Mr. John Keyala Access Bank Zambia Limited √ √
16. Mr. Mukudzei-Ishe Zhou Aflife Capital Zambia Limited √ √
17. Mr. Danny Mulenga African Banking Corporation Investment
Services Ltd
√ √
18. Mr. Nicholas Kabaso African Banking Corporation Investment
Services Ltd
√ √
19. Ms. Zangose Mwanza African Banking Corporation Investment
Services Ltd
√ √
20. Ms. Michelle M Musonda African Banking Corporation Investment
Services Ltd
√ √
21. Ms. Nancy Lwisa Nambela African Banking Corporation Investment
Services Ltd
√ √
22. Ms. Mwaba Ethel Mupinde African Banking Corporation Investment
Services Ltd
√ √
23. Ms. Mubanga Nundwe African Banking Corporation Investment
Services Ltd
√ √
24. Mr. Clifford Muzoka African Banking Corporation Zambia Limited √ √
25. Ms. Lupupa Mulenga African Banking Corporation Zambia Limited √ √
26. Mr. Richard Ndhlovu African Banking Corporation Zambia Limited √ √
27. Mr Christopher K. Mwelo African Banking Corporation Zambia Limited √ √
28. Ms. Theresa Chiluba African Banking Corporation Zambia Limited √ √
29. Mr. Mwaaka Lwiindi African Banking Corporation Zambia Limited √ √
30. Mr. Geoffrey Musekiwa African Life Financial Services Limited √ √
31. Ms. Vanessa K. Wright African Life Financial Services Limited √ √
32. Mr. Jones Phiri African Life Financial Services Limited √ √
33. Mr. Mumba Musunga African Life Financial Services Limited √ √
34. Ms. Valarie M Mwiinga African Life Financial Services Limited √ √
35. Mr. Joseph Mazila African Life Financial Services Limited √ √
36. Ms. Nasilele Ngumbi African Life Financial Services Limited √ √
37. Mr. Jonathan Bupe Imakando African Life Financial Services Limited √ √
38. Mr. Elijah Chanda Kabaso African Life Financial Services Limited √ √
39. Mr. Eleutherius Chimansa
Nyanga
African Life Financial Services Limited √ √
40. Mr. Ken Simwaba Altus Capital Limited √ √
41. Ms. Justina Lunda Mukanzo Altus Capital Limited √ √

82
Item Name of Representative Dealer 2024 2023
Yes No Yes No
42. Mr. Mataka Nkhoma Autus Securities Zambia Limited √ √
43. Ms. Ngosa Mary Kafwembe Citibank Zambia Limited √ √
44. Mr. Steven Chitete Citibank Zambia Limited √ √
45. Mr. Victor Zimba Citibank Zambia Limited √ √
46. Mr. Wesley Kakobela Cork Veste Investments Limited √ √
47. Mr. Patrick Mumba Chuuma Asset Management Limited √ √
48. Ms. Cecilia Sindano Eco-Bank Zambia √ √
49. Mr. Choongo Chibawe Equity Capital Resources Plc √ √
50. Mr. Jack Sievu Equity Capital Resources Plc √ √
51. Mr. Barkat Ali Finance Securities Limited √ √
52. Mr. MalamaNicholas
Mushinga
First Capital Bank Zambia √ √
53. Mr. Lukwesa Munyinda First Capital Bank Zambia √ √
54. Mr. Gerald Ndhlovu First National Bank Zambia Limited √ √
55. Mr. Kapumpe Chola Kaunda First National Bank Zambia Limited √ √
56. Mr. Ignatius Innocent Kashoka First National Bank Zambia Limited √ √
57. Mrs. Naomi Hara Palale First National Bank Zambia Limited √ √
58. Ms. Chali Maria Mulenga First National Bank Zambia Limited √ √
59. Ms. Nonde Nsomi First National Bank Zambia Limited √ √
60. Mr. Mulenga Kawimbe First National Bank Zambia Limited √ √
61. Mr. Rashid Senga First National Bank Zambia Limited √ √
62. Ms. Sizimutela Bwalya
Chitundu
First National Bank Zambia Limited √ √
63. Ms. Blessed Kumesa First National Bank Zambia Limited √ √
64. Ms. Kase Phiri First National Bank Zambia Limited √ √
65. Mr. Kateule Musonda First National Bank Zambia Limited √ √
66. Mr. Mutale Mupanga First National Bank Zambia Limited √ √
67. Mr. Ivor Oscar Christopher
Thompson
First National Bank Zambia Limited √ √
68. Ms. Celine P. Chauwa Hobbiton Investment Management Services
Limited
√ √
69. Mr. Moses Mfula Hobbiton Investment Management Services
Limited
√ √
70. Ms. Yvonne Simonga Muyanje Indo-Zambia Bank Limited √ √
71. Ms. Moobela Halwiindi Indo-Zambia Bank Limited √ √
72. Ms. Mwansa Bantubonse Indo-Zambia Bank Limited √ √
73. Mr. Yotamu Mwale Indo-Zambia Bank Limited √ √
74. Mr. Tue Andersen Kukula Capital Plc √ √
75. Mr. Damien Harris Kukula Capital Plc √ √
76. Mr. Mphaso Banda Kukula Capital Plc √ √
77. Mr. Aaron Yobe Zulu Laurence Paul Investment Services Limited √ √
78. Mr. Martyn Banda Laurence Paul Investment Services Limited √ √
79. Ms. Namoonga Malambo Laurence Paul Investment Services Limited √ √
80. Ms. Chiwoni Soteli Longhorn Associates Limited √ √
81. Ms. Joy Nanyiza Longhorn Associates Limited √ √

83
Item Name of Representative Dealer 2024 2023
Yes No Yes No
82. Ms. Sindisiwe Malambo Longhorn Associates Limited √ √
83. Mr. Marlon Nsofu Longhorn Associates Limited √ √
84. Mr. Brian Chilufya Chintu Longhorn Associates Limited √ √
85. Mr. Lewis Mwale Longhorn Associates Limited √ √
86. Ms. Mercedes Mwansa Madison Asset Management Company Limited √ √
87. Ms. Blessing Chilombe Madison Asset Management Company Limited √ √
88. Mr. Mupanga Chilungu Madison Asset Management Company Limited √ √
89. Ms Claire Machila Lungwe Madison Asset Management Company Limited √ √
90. Ms. Siphiwe Nkunika Madison Asset Management Company Limited √ √
91. Ms. Nkumbu P Pelekamoyo Madison Asset Management Company Limited √ √
92. Ms. Lyapa Mpempulwa Money Acumen Advisory Limited √ √
93. Ms. Theresa Gumbo Money Acumen Advisory Limited √ √
94. Mr. Ceaser Siwale Pangaea Securities Limited √ √
95. Ms. Tidale Mwale-Chisunka Pangaea Securities Limited √ √
96. Ms. WendyNsamwaNglazi￾Tembo
Pangaea Securities Limited √ √
97. Ms. Chipo Mambwe Pangaea Securities Limited √ √
98. Ms. Cecilia Siabusu Providence Asset Management Limited √ √
99. Mr. Ernest Kando Prudential Pension Management Zambia
Limited
√ √
100. Mr. Matepa Chingambu Prudential Pension Management Zambia
Limited
√ √
101. Mr. Jimmy Mwale Prudential Pension Management Zambia √ √
102. Mr. Eric Mbulwe Prudential Pension Management Zambia √ √
103. Mr. Alinani Simbule Stanbic Bank Zambia Limited √ √
104. Ms. Chenge Besa
Mwenechanya
Stanbic Bank Zambia Limited √ √
105. Ms. ChitemweNg'ambi
Kapaya
Stanbic Bank Zambia Limited √ √
106. Mr. Victor Mwembo Chishala Stanbic Bank Zambia Limited √ √
107. Mr. Dean Nathaniel Onyambu Stanbic Bank Zambia Limited √ √
108. Mr. Mwila Pascal Mwenya Stanbic Bank Zambia Limited √ √
109. Mr. Musenge Komeki Stanbic Bank Zambia Limited √ √
110. Ms. Prudence Khumbo
Mhango
Stanbic Bank Zambia Limited √ √
111. Ms. Veronica Sinkala Stanbic Bank Zambia Limited √ √
112. Mr. Victor Chileshe Stanbic Bank Zambia Limited √ √
113. Mrs. Musa Imakando
Mzumara
Stanbic Bank Zambia Limited √ √
114. Mr. Kayeba Mwenechanya Stanbic Bank Zambia Limited √ √
115. Mr. Luke Siame Stanbic Bank Zambia Limited √ √
116. Mr. Wiza Chinula Standard Chartered Bank Zambia Plc √ √
117. Mr. Derek Bobo Standard Chartered Bank Zambia Plc √ √
118. Mr. Kabwe Mwaba Standard Chartered Bank Zambia Plc √ √

84
Item Name of Representative Dealer 2024 2023
Yes No Yes No
119. Mr. Benjamin N. Mulenga Standard Chartered Bank Zambia Plc √ √
120. Mr. Davy Nanduba Standard Chartered Bank Zambia Plc √ √
121. Ms. Dorothy N. K Moono Standard Chartered Bank Zambia Plc √ √
122. Ms. Edna Towela Lungu Standard Chartered Bank Zambia Plc √ √
123. Mr. Joseph Chibwe Ngesa Standard Chartered Bank Zambia Plc √ √
124. Mr. Mubanga Yvonne Mukuka Standard Chartered Bank Zambia Plc √ √
125. Mr. Muchindu Lombe Standard Chartered Bank Zambia Plc √ √
126. Mr. Mulolwa Nkhata-Kamana Standard Chartered Bank Zambia Plc √ √
127. Ms. Mwaka Kalenga Mfula- Standard Chartered Bank Zambia Plc √ √
128. Mr. Mwali Chisala Standard Chartered Bank Zambia Plc √ √
129. Mr. Ravi Kapadia Standard Chartered Bank Zambia Plc √ √
130. Ms. Tamara Mooya Bbuku Standard Chartered Bank Zambia Plc √ √
131. Mr. Wiggins Mupango Standard Chartered Bank Zambia Plc √ √
132. Ms. Valerie M Chulu Standard Chartered Bank Zambia Plc √ √
133. Mr. Fred C. Kabombo Standard Chartered Bank Zambia Plc √ √
134. Ms. Bwalya Kasito Standard Chartered Bank Zambia Plc √ √
135. Mr. Kangwa C. Chengo Standard Chartered Bank Zambia Plc √ √
136. Ms. Sarudzai Muchechemera Standard Chartered Bank Zambia Plc √ √
137 Mr. Brian Mufalali Chasimpha Standard Chartered Bank Zambia Plc √ √
138. Mr. William Mulenga Standard Chartered Bank Zambia Plc √ √
139. Mr. Charles Mate Stockbrokers Zambia Limited √ √
140. Mr. Jack Kanyanga Stockbrokers Zambia Limited √ √
141. Mr. Boniface Mwamba Stockbrokers Zambia Limited √ √
142. Mr. Bwalya Mwape Stockbrokers Zambia Limited √ √
143. Mr. Mchema Chinzewe Stockbrokers Zambia Limited √ √
144. Mr. Chinyanta
Nkonkomalimba
Stockbrokers Zambia Limited √ √
145. Mr. Lusekelo Chitundu Stockbrokers Zambia Limited √ √
146. Mr. Mwape Bwanali Treasfin Limited √ √
147. Ms. Mwaka Kopakopa United Bank for Africa Zambia Limited √ √
148. Mr. Gift Banda United Bank for Africa Zambia Limited √ √
149. Mr. Nyeji Ruth Chilembo WCAP Limited √ √
150. Ms. Karen Kabage Kapika Zambia Industrial Commercial Bank Limited √ √
151. Mr. Rudolph Ngulube Zambia Industrial Commercial Bank Limited √ √
152. Mr. Gerald Soko Zambia National Commercial Bank Plc √ √
153. Mr. Kawangu Sakuwaha Zambia National Commercial Bank Plc √ √
154. Mr. AustinHamukonka
Chijikwa
Zambia National Commercial Bank Plc √ √
155. Mr. Charles Kamungu Zambia National Commercial Bank Plc √ √
156. Mr. Cliff George Sakala Zambia National Commercial Bank Plc √ √
157. Mr. Fredrick Mulenga Kaputo Zambia National Commercial Bank Plc √ √
158. Ms. Kaluba Gloria Kaulugombe Zambia National Commercial Bank Plc √ √
159. Ms. Kunda Catherine Chikumbi Zambia National Commercial Bank Plc √ √

85
Item Name of Representative Dealer 2024 2023
Yes No Yes No
160. Ms. Virginia L. Mwalilino Zambia National Commercial Bank Plc √ √
161. Mr. Lishala Clarence
Situmbeko
Zambia National Commercial Bank Plc √ √
162. Mr. Tiyeze Chilembo Zambia National Commercial Bank Plc √ √
163. Ms. Nana Mukwiza Zambia National Commercial Bank Plc √ √
164. Mr. Mudenda Sikapoto Zambia National Commercial Bank Plc √ √
165. Ms. Ivor Chambwe Zambia National Commercial Bank Plc √ √
166. Mr. Roy Mbazima Zambia National Commercial Bank Plc √ √
167. Mr. Jibinga Kelly Jibinga Zambia National Commercial Bank Plc √ √
168. Mr. Kennedy Zeula Zambia National Commercial Bank Plc √ √
169. Mr. Bill Njamba Zambia National Commercial Bank Plc √ √
170. Mr. Siangazi Innocent
Malcome
Zambia National Commercial Bank Plc √ √
Investment Adviser’s License
The following held an Investment Advisors license as at 31st December, 2024:
Item Company
2024 2023
Yes No Yes No

1. Abu Khan √ √
2. Amano Capital Limited √ √
3. Caravel Partners Zambia Limited √ √
4. Carrick Wealth Zambia Limited √ √
5. Charles Sichangwa √ √
6. deVere and Partners Investment Services (Zambia) Ltd √ √
7. Dingan Njobvu √ √
8. DM Investment Advisers and General Business Consultants Limited √ √
9. Enock Bwalya √ √
10. Errol Neal Molver √ √
11. Finluca International Limited √ √
12. Frontier Markets Advisory Limited √ √
13. Gralix Actuarial Consulting Limited √ √
14. Inside Capital Partners Zambia Limited √ √
15. Kondwani Henry Sakala √ √
16. Lewis Mosho Jr √ √
17. Mwape Kunda √ √
18. Riscura Zambia Limited √ √
19. Susan Kawanga Dilamonu √ √
20. Venture Asset Management Limited √ √
21. Vunani Asset Management Limited √ √
22. William Frackson Sakala √ √
23. XSML Capital Zambia Limited √ √
24. Money Acumen Advisory Limited √ √

86
Investment Adviser’s Representative License
The following persons held an Investment Advisors Representatives license as at 31st December, 2024:
Item Name of Representative Investment Advisor 2024 2023 Yes No Yes No

1. Mr. Malcom Kasuba Shirley Amano Capital Limited √ √
2. Ms. Mutinta Hope Hamafuwa Caravel Partners Zambia Limited √ √
3. Ms. Bubala Hamafuwa Caravel Partners Zambia Limited √ √
4. Mr. Benedict Charles John
   Carter
   Caravel Partners Zambia Limited √ √
5. Mr. Martin Manjoro Caravel Partners Zambia Limited √ √
6. Ms. Carmen Hachandi Carrick Wealth Zambia Limited √ √
7. Mr. Hamubbwatu Hanakooma Carrick Wealth Zambia Limited √ √
8. Ms. Inutu Mpongo Kangani Carrick Wealth Zambia Limited √ √
9. Ms. Lynda Syamunyangwa deVere and Partners International Limited √ √
10. Ms. Maureen Nabulyato deVere and Partners International Limited √ √
11. Mr. Gift Kapande deVere and Partners International Limited √ √
12. Mr. Julian Visser deVere and Partners International Limited √ √
13. Mr. Arthur Kalumba deVere and Partners International Limited √ √
14. Ms. Lwiindi Muzongwe deVere and Partners International Limited √ √
15. Mr. Moss M Sibongo deVere and Partners International Limited √ √
16. Ms. Zamiwe Njobvu deVere and Partners International Limited √ √
17. Mr. Darious Mumba DM Investment Advisers and General
    Business Consultants Limited
    √ √
18. Ms. Rosemary Edith Mercer Finluca International Limited √ √
19. Ms. Namukale Chintu Frontier Markets Advisory Limited √ √
20. Ms. Chipo Nachizya Sichizya Gralix Actuarial Consulting Limited √ √
21. Mr.Rushil Patel Inside Capital Partners Zambia Limited √ √
22. Ms. Lyapa Mpempulwa Money Acumen Advisory Limited √ √
23. Ms. Theresa Gumbo Money Acumen Advisory Limited √ √
24. Ms. Charity Siwela Riscura Zambia Limited √ √
25. Mr. Christopher Chileshe
    Chanda
    Venture Asset Management Limited √ √
26. Mr. Munyumba Mutwale Vunani Asset Management Limited √ √
27. Mr. David Eka Bali XSML Capital Zambia Limited √ √
    Share Transfer Agency License
    The following held a Share Transfer Agency license as at 31st December, 2024:
    Item Company
    2024 2023
    Yes No Yes No
28. Corpserve Transfer Agents Limited √ √
29. Spectrum Corporate Services (T/A Sharetrack) Limited √
30. Ventura Solutions Zambia Limited √
    Share Transfer Agency Representative’s License

87
The following held a Share Transfer Agency Representative’s license as at 31st December, 2024:
Item Name of Representative
2024 2023
Share Transfer Agent Yes No Yes No

1. Mr. James Ndhlovu Corpserve Transfer Agents Limited √ √
2. Mr. Joseph Phiri Corpserve Transfer Agents Limited √ √
3. Mr. Mwaba Luonde Ventura Solutions Zambia Limited √ √

88
Appendix IV
Contact Details of Capital Market Operators
Securities Exchanges contact details
LuSE PLC BaDEx PLC
Acting Chief Executive Officer:
Ms. Miria Mazyambe
Address (physical):
Lusaka Securities Exchange
2 nd floor, Mamco House
Plot 316B, Independence Avenue
Address (postal):
P.O. Box 34523
Lusaka
Telephone:
+260 (211) 228391/228537
Facsimile:
+260 (211) 225969
E-mail: info@luse.co.zm
Chairperson:
Mr. Michael Mundashi, S.C
Address (physical):
Bonds and Derivatives Exchange Zambia PLC
C/O Mulenga Mundashi Legal Practitioners
Zimbabwe House, Haile Selassie Avenue
Address (postal):
P.O Box 34972
LUSAKA
Telephone:
+260 (211) 220537
Facsimile:
+260 (211) 220574
E-mail: info@badex.co.zm
Dealers’ Contact Details
Autus Securities Zambia Limited
34 Khola Road, Woodlands,
P. O. Box 320308,
Lusaka.
Tel: +260 211 840 513 / +260 761002 002 / +260 761 003 003 Website: www.autussecurities.com Equity Capital Resources Plc 4th Floor Godfrey House, West Wing, Kabelenga Road, Lusaka. Tel: +260 211 840 313 / 227 518 Website: www.ecrzambia.com Finance Securities Limited Plot No. 2110/2111, Sepele Road, Opp. Finance House Cairo Road, Lusaka. Tel: +260 977 791 124 a) Members of the LuSE

89
Website: www.financesecuritiesltd.com
Hobbiton Investment Management Services Limited Plot No. 24, Kasangula Road, Roma, Lusaka. Tel: +260 (211) 232877, +260 956 529 966 Website: www.hobbiton.co.zm Kukula Capital Plc 32A Foxdale Forest Club House, Off Zambezi Road, Roma, Lusaka. Tel: +260 211 295792 Website: www.kukulacapital.com Longhorn Associates Limited Office Park |Plot 1146/1, Lagos Road Rhodes Park, P. O. Box 50655, Lusaka. Tel: +260 211 252540 |+260 973 452635 Website: www.longhorn-associates.com Madison Asset Management Company Limited Plot 316, Independence Avenue, P.O. Box 37013, Lusaka. Tel: +260 (211) 255121/257152 Website: www.madisonassets.co.zm Pangaea Securities Limited First Floor, Pangaea Office Park, Great East Road, P.O. Box 30163, Lusaka. Tel: +260 211 252540 / +260 973 452635 Website: www.pangaea.co.zm Stockbrokers Zambia Limited Lusaka Office 36 Mwapona Road, Woodlands, P.O Box 38956, Lusaka. Tel: +260-211-232456

90
Kitwe Office
Ebenezer Centre, Plot 33 – C2,
Corner Kabengele Road & Independence Avenue,
Kitwe.
Tel: +260-212-225984
Website: www.sbz.com.zm
Zambia National Commercial Bank Plc
Cairo Road-South End,
P O Box 33611,
Lusaka.
Tel: +260 211 425 650 / +260977 873262
Website: www.zanaco.co.zm
Absa Bank Zambia PLC
Absa House, Stand No. 2374,
Kelvin Siwale Road, Show Grounds,
Lusaka.
Tel: +260 211 366 100 / +260 211 366225
Website: www.absa.co.zm
Access Bank Zambia Limited
Access House,
Corner Church and Nasser Roads,
P O Box 39501,
Lusaka.
Tel: +260 211 229 733-40
Website: www.accessbankplc.com
Aflife Capital Zambia Limited
Plot No. 74 Independence Avenue,
4th Floor, Mpile House
P.O. Box 51331,
Lusaka.
Tel: +260 211 253 772 / +260 211 253 112
Website: www.aflife.co.zm
African Banking Corporation Investment Services Ltd Ground Floor, Access House, Corner Church and Nasser Roads, b) Other Dealers

91
P O Box 39501,
Lusaka.
Tel: +260 211 229733-40
Website: www.atlasmarazambia.com
African Life Financial Services Limited
6th Floor, Mpile Office Park
Independence Avenue 74,
P. O. Box 51331,
Lusaka.
Tel: +260 211 254 841 / 253 772
Website: www.afhoid.co.zm
Altus Capital Limited
Plot 74, Mpile House,
Independence Avenue,
P.O. Box 35352,
Lusaka.
Tel: +260 211 253 566
Website: www.capitalaltus.co.zm
Autus Securities Zambia Limited
34 Khola Road, Woodlands,
P. O. Box 320308,
Lusaka.
Tel: +260 211 840 513 / +260 761002 002 / +260 761 003 003 Website: www.autussecurities.com Chuuma Asset Management Limited 6th Foor, ZEP – RE Business Park, Alick Nkhata Road, Mass Media, Lusaka. Tel: +260 776 782 007 / +260 764 838 084 Website: www.chuuma.com Citibank Zambia Limited Citibank House, Stand No. 4646, Addis Ababa Roundabout, P. O. Box 30037, Lusaka. Tel: +260 211 444 400 / +260 971 025 133 Website: www.citi.com

92
Cork Veste Investments Limited
Plot No.4,
Lukasu Road, Long Acres,
Lusaka.
Tel: +260 95 5203685
Website: www.veste.money
Eco-Bank Zambia
22768 Thabo Mbeki Road, Acacia Park,
P. O. Box 30705,
Lusaka.
Tel: +260 211 367 390
Website: www.ecobank.com
Equity Capital Resources Plc
4th Floor Godfrey House, West Wing,
Kabelenga Road,
Lusaka.
Tel: +260 211 840 313 / 227 518
Website: www.ecrzambia.com
Finance Securities Limited
Plot No. 2110/2111, Sepele Road,
Opp. Finance House Cairo Road,
Lusaka.
Tel: +260 977 791 124
Website: www.financesecuritiesltd.com
First Capital Bank Zambia
Ground Floor, Kwacha Pension House, Plot 4604, Tito Road, P.O. Box 32678, Lusaka. Tel: +260 211 368 750 / +260 973 343 329 Website: www.firstcapitalbank.co.zm First National Bank Zambia Limited Plot No. 22768, Corner Great East and Thabo Mbeki Road, P.O. BOX 36187, Lusaka. Tel: +260 211 366 800 / +260 211 369 639 / +260 966 116 273 Website: www.fnb.co.za

93
Hobbiton Investment Management Services Limited Plot No. 24, Kasangula Road, Roma, Lusaka. Tel: +260 (211) 232877, +260 956 529 966 Website: www.hobbiton.co.zm Indo-Zambia Bank Limited Plot No.1213 / 1214, Corner of Great East Road and Addis Ababa Drive, Lusaka. Tel: +260 2113 89900 / +260 7717 98616 Website: www.izb.co.zm Laurence Paul Investment Services Limited 5th Floor Design House, Dar es Salaam Place, Cairo Road, P.O. Box 35008, Lusaka. Tel: +260 211 220454 Website: www.laurencepaul.com Kukula Capital Plc 32A Foxdale Forest Club House, Off Zambezi Road, Roma, Lusaka. Tel: +260 211 295792 Website: www.kukulacapital.com Providence Asset Management Limited Plot 16, Sianjalika Road, Woodlands, P.O. Box 37517, Lusaka. Tel: +260 953 588 404 / +260 772 311 191 Email: www.providenceassets.org Longhorn Associates Limited Office Park |Plot 1146/1, Lagos Road Rhodes Park, P. O. Box 50655, Lusaka.

94
Tel: +260 211 252540 |+260 973 452635
Website: www.longhorn-associates.com
Madison Asset Management Company Limited
Plot 316, Independence Avenue,
P.O. Box 37013,
Lusaka.
Tel: +260 (211) 255121/257152
Website: www.madisonassets.co.zm
Money Acumen Advisory Limited
109B, Fir Road, Woodlands,
Lusaka.
Tel: +260 978 966 105
Website: www.moneyacumenadvisory.com
Pangaea Securities Limited
First Floor, Pangaea Office Park,
Great East Road,
P.O. Box 30163,
Lusaka.
Tel: +260 211 252540 / +260 973 452635
Website: www.pangaea.co.zm
Prudential Pension Management Zambia Limited
Prudential House,
Plot 32256 Thabo Mbeki,
P.O Box 31357,
Lusaka.
Tel: +260 211 222233/4
Website: www.prudentialpensions.co.zm
Stanbic Bank Zambia Limited
Plot 2375, Stanbic House,
Addis Ababa Drive,
P. O. Box 31955,
Lusaka.
Tel: +260 (211) 370000 – 18
Website: www.stanbicbank.co.zm
Standard Chartered Bank Zambia Plc
Stand No. 4642,

95
Cnr of Mwaimwena Road and Addis Ababa Drive,
P O Box 31934,
Lusaka.
Tel: (0211) 422198-99
Website: www.standardchartered.com/zm
Stockbrokers Zambia Limited
Lusaka Office
36 Mwapona Road, Woodlands,
P.O Box 38956,
Lusaka.
Tel: +260-211-232456
Kitwe Office
Ebenezer Centre, Plot 33 – C2,
Corner Kabengele Road & Independence Avenue,
Kitwe.
Tel: +260-212-225984
Website: www.sbz.com.zm
Treasfin Limited
Plot 4987, LA Office Complex,
LA Boulevard, Longacres,
P O Box 51058,
Lusaka.
Tel: +260 97760518
Website: www.treasfin.com
United Bank for Africa Zambia Limited
Stand 22768, Acacia Park,
Thabo Mbeki Road,
Lusaka.
Tel: +260 979477354
Website: www.ubagroup.com
WCAP Limited
Office No. 03a,
Addis Ababa Corporate Office,
Stand No. 4642, Addis Ababa Drive, Rhodes Park, Lusaka.
Tel: +260 763629480
Website: www.womencapital.co

96
Zambia Industrial Commercial Bank Limited
5th Floor, Longacres Mall-Office Block,
Alick Nkhata Road, Mass Mass-Media,
P.O. Box 30228,
Lusaka.
Tel: +260 766 717272
Website: www.zicb.co.zm
Zambia National Commercial Bank Plc
Cairo Road-South End,
P O Box 33611,
Lusaka.
Tel: +260 211 425 650 / +260977 873262
Website: www.zanaco.co.zm
Investment Advisors’ Contact Details
Abu Khan
07/43, Plot No. C10/24,
Off Kafue Road,
John Laign / Makeni,
Lusaka.
Tel: +260 979 076 182
Email: Khanabu470@gmail.com
Amano Capital Limited
Latitude 15, Leopards Lane,
Lusaka.
Tel: +260 973177152
Website: www.amanocapital.com
Caravel Partners (Zambia) Limited
38 Luanshya Road,
Silverest Gardens, off Great East Road,
Lusaka.
Tel: +260 764 097027
Website: www.caravelpartners.net
Carrick Wealth Zambia Limited
Unit 101-5, Stand No. 4642,
Corner of Mwaimwena Road and Addis Ababa Drive, Lusaka.
Tel: +260 211 250222

97
Website: carrick-wealth.com
Charles Sichangwa
C/o Wits Limited
4th Floor, Godfrey House, Kabelenga Road
Lusaka.
Tel: +260 (211) 226441/5
Email: wits@zamnet.zm deVere and Partners Investment Services (Zambia) Ltd Plot 284, Corner of Joseph Mwilwa and Great East Road, Lusaka. Tel: +260 211 295999 Website: devere-zambia.co.zm Dingan Njobvu 1st Floor Sunshare Tower, Plot No. 155841/1, Katima Mulilo Road, Olympia, Lusaka. Tel: +260 977924048/ +260 950572176 Email: njobvudingan@gmail.com DM Investment Advisers and General Business Consultants Limited 7 Sable Road, Kabulonga, Lusaka. Tel: +260 977909687 Website: www.dmiagbc.co.zm Enock Bwalya Plot 22956, PHI Chainama, Lusaka. Tel: +260977807793 | +27605455934|+260950952753 Email: enock.bwalya@africanheights.com / Enock.bwalya@yahoo.com Finluca International Limited Plot 2379, Longolongo Road, Fairview Area, Lusaka. Tel: +260 950805495 Website: www.finluca.com Frontier Markets Advisory AfricaWorks,

98
4 Bishops Road, Kabulonga,
Lusaka.
Tel: +260972899476
Website: www.frontiermarketconsultants.com
Gralix Actuarial Consulting Limited
Plot 4897 LA Office Park, Ground Floor,
Los Angeles Boulevard, Longacres,
Lusaka.
Tel: +260 770 007 775
Website: www.gralix.co
Inside Capital Partners Zambia Limited
8th Floor, Sunshare Tower,
Katima Mulilo Road,
Lusaka.
Tel: +260 211 388 720
Website: www.insidecapital.net
Kondwani Henry Sakala
Plot No. 50A, Off Makeni Road,
Makeni Konga,
Lusaka.
Tel: +260 977321100
Email: hkonds@gmail.com
Lewis Mosho Jr
758 Independence Avenue, Woodlands,
Lusaka.
Tel: +260 776552592
Email: mrmoshojr@gmail.com
Mwape Kunda 2 nd Floor, Elunda Two, Stand 4648, Addis Ababa roundabout, Rhodes Park, Lusaka. Tel: +260 977918820 Email: amwapekunda@gmail.com Riscura Zambia Limited Figtree house, Plot No. 1, Warthog Road, Kabulonga, Lusaka. Tel: +260 (211) 262 773 Website: www.riscura.com

99
Susan Kawanga Dilamonu
Suite No.75,
Anchris House, Town Centre,
Kitwe.
Tel: +260 966630653
Email: kdilamonu@gmail.com
Venture Asset Management Limited
AfriPay Suite, Agora Village,
Thabo Mbeki Road,
Lusaka.
Tel: +260 974327794
Website: www.ventureasset.com
Vunani Asset Management Limited
Plot 20,
Mpulungu Road, Olympia,
Lusaka.
Tel: +260 977790575
Website: www.vunani.com
William Frackson Sakala
5570 Itawa,
Nalumino Mundia Road,
Ndola.
Tel: +260 966853324
Email: sakalwill@gmail.com
XSML Capital Zambia Limited
Farm 32A, Kabanana,
Off Zambezi Road,
Lusaka.
Tel: +260 766110400
Website: www.xsmlcapital.com
Credit Rating Agencies Contact Details
Premier Rating Services Limited
Plot No. 4,
Broads Road, Rhodes Park,
Lusaka.
Tel: +260 0977 365094
Website: www.creditratingagency.net
ICRA Rating Agency Limited Plot NO.20848,

100
Corporate Park,
Alick Nkhata Road, Mass Media,
Lusaka.
Tel: +260 211 269 861 / +260 979 843 525
Website: www.icraratingzm.com
Share Transfer Agencies Contact Details
Corpserve Transfer Agents Limited
6 Mwaleshi Road, Olimpia Park
Lusaka.
Tel: +260 211 256969/70
Website: www.Corpservezambia.com.zm
Ventura Solutions Zambia Limited
Plot# 15, Twin palm Road, Ibex Hill
Lusaka.
Tel: +260 977 899 379 / 0 951 595 566
Website: www.venturasolutions.org
Spectrum Corporate Services (T/A Sharetrack) Limited Spectrum House Stand No. 10, Jesmondine, Great East Road Lusaka. Tel: +260 211 374 791 / 92 / 93 / 94 Website: www.sharetrackzambia.com Recognised Self-Regulatory Organisations Lusaka Securities Exchange Plc See address information under Securities Exchanges above Capital Markets Association of Zambia Plot 1130, Suite 4, Parirenyatwa Road, Rhodes Park, Lusaka. Email: marketing@cmaz.co.zm; Listed Companies’ contact details African Explosives Limited (AEL) Zambia Plc Plot 1168/M Kitwe-Mufulira Road P.O. Box 40092 Mufulira Tel: +260 (966) 990945-9 Fax: +260 (212) 412749z Website: www.ael.co.za Listed on 23rdOctober, 2006 Airtel (formerly Celtel and Zain) Zambia Plc Stand 2375

101
Addis Ababa drive
Lusaka
Tel: +260 (977) 915000
Website: www.Africa.airtel.com/zambia
Listed on 11th June, 2008
British American Tobacco (BAT) Zambia Plc
Plot

PH1 IND 54 & 53

LS MFEZ, Chifwema Road
P.O. Box 30162
Lusaka
Tel: +260968 678 814/ 787
/ 671
E
-mail:
batzam@bat.co m Website:
www.bat.com
Listed on 15th
December, 1996
Copperbelt Energy Corporation Plc
23rd Avenue, Nkana East
P.O. Box 20819
Kitwe
Tel: +260 (212) 244000/244281
Fax: +260 (212) 223445/244040 E-mail: info@cec.com.zm Website: www.copperbeltenergy.com Listed on 21stJanuary, 2008 Chilanga Cement Plc Farm No. 1880 Kafue Road Chilanga P.O. Box 32639 Tel: +260 (211) 367400/600 Fax: +260(211) 278134 E-mail:
enquiries.zambia@hauxincem.com
Website: www.lafarge.com
Listed on 22ndMay, 1995
Madison Financial Services Plc
Plot 316 Independence Avenue
P.O.Box 37013
Lusaka
Tel:378700

5
Email: info@madison.co.zm
Website:www.madisonshares.com
Listed on 1st September 2014
Metal Fabricators of Zambia (ZAMEFA) Plc
Plot 1400, H. Figov Road,
P. O Box 90295

102
LUANSHYA
Tel: +260(212) 510599
Fax: +260 (212) 229003/4
Website: www.pdic.com
Listed on 9 th September, 2004
National Breweries Plc
Plot No. 1609/10, Sheki Sheki Road
P.O. Box 35135
Lusaka
Tel: +260 962 249 210
Fax: +260 (211) 246326
Website: www.ab-inbev.com
Listed on 16th March, 1998
Pamodzi Hotels Plc Pamodzi Hotel Complex Plot 463, Church Road P.O. Box 35450 Lusaka Tel: +260 (211) 254455/250995 Fax: +260 (211) 254005 E–mail: pamodzi.lusaka@tajhotels.com Website: www.tajhotels.com Listed on December 21st, 2001 Puma Energy Plc (formerly BP Zambia) Head Office Stand No. 1710, Mungwi Road Lusaka P.O. Box 31999 Tel: +260 (211) 376100 Fax: +260 (211) 376149 E–mail: zambia@pumaenergy.com Website: www.pumaenergy.com Listed on 18thJuly, 2002 Real Estate Investments Zambia Plc (formerly Farmers House) Farmers House, Central Park Cairo Road Lusaka P.O. Box 30012 Tel: +260 (211) 227684-89 Fax: +260 (211) 222906 E-mail: info@reiz.co.zm Website: www.reiz.co.zm Listed on 27th September,1997 Shoprite Holdings Plc Plot 19255 Cnr, Great East and Manchinchi Roads Manda Hill Centre Tel: +260 (211) 251155 Website: www.shopriteholdings.co.za Listed on 19th February, 2003 Standard Chartered Bank Zambia Plc Head Office

103
Standard Chartered House,
Stand No 4642, corner of
Mwaimwena Road and Addis Ababa Road.
P.O. Box 32238
Lusaka, Zambia
Lusaka
Tel:(0211) 422198
-99
Fax: (0211) 222092/225337
Website:www.standardchartered.com/zm
Listed on 30th November, 1998
Zambeef Products Plc
Plot 4970 Manda Road Industrial Area
P/Bag 17, Woodlands
Lusaka
Tel: +260 (211) 369000
Fax: +260 (211) 369050 E-mail: info@zambeef.co.zm Website:www.zambeefplc.com Listed on 5th April 2005 Zambia Bata Shoe Company Plc Plot No. 6437, Mukwa Road Heavy Industrial Area P.O. Box 30479 Lusaka Tel: +260 (211) 244397/242328 Fax: +260 (211) 244254 E-mail: batashoe@zamnet.zm Website: www.bata.co.zm Listed on 31st March, 2009 Zambia Forestry and Forest Industries Corporation Plc HEAD OFFICE P.O Box 71566, Dola Hill Ndola Tel: +260 212 671482 Fax: +260 212 616030 Email: info@zaffico.co.zm Listed on 12th February 2020 Zambian Breweries Plc Plot 6438, Mungwi Road, Heavy Industrial Area, P. O Box 35135, LUSAKA . Tel: +260 (211) 246555, +260 962 249200 Fax: +260 (211) 242124 E-mail: zambrew@zambrew.com.zm Website: www.ab -inbev.com Listed on 9 th June, 1997 Zambia Reinsurance Plc

104
Stand 3509/No.7 Matandani Close Rhodespark,
P.O. Box 32565
Lusaka, Zambia
Tel: +260 (211) 221159, +260 971 695149
Email: primare@prima-re.co.zm
Website: www.prima-re.com
Listed on 21st December, 2004
Zambia National Commercial Bank Plc
Head Office Building Cairo Road-South End P O Box 33611 Lusaka Tel: + 260 (211) 228979/ 221355/ 221380/ 221404 Fax: + 260 (211) 223084 E-mail: customerservice@zanaco.co.zm Website: www.zanaco.co.zm Listed on 27thNovember, 2008 Zambia Sugar Plc Plot No. 118a, Lubombo Road, Nakambala Estate, Mazabuka, Zambia, P. O Box 670240, MAZABUKA Tel: +260 21 3 230 394 Fax: +260 21 3 230 116 E-mail: Corporate@zamsugar.zm Website: www.zamsugar.co.zm Listed on 28th August, 1996 ZCCM Investment Holdings Plc ZCCM-IH Office Park Stand No. 16806, Alick Nkhata Road Mass Media Complex Area Lusaka P O Box 30048 Tel: +260(211) 220654/221023 Fax: +260 (211) 220449/221057 E-mail: corporate@zccm-ih.com.zm Website: www.zccm-ih.com.zm Listed on 24th January, 1996 Quoted Companies’ Contact Details Absa Bank Zambia Plc Absa House, Stand No. 2374, Kelvin Siwale Road, Showgrounds, Lusaka Private Bag E308 Tel: + (260) (211) 366150 / 169 Fax: + (260) (211) 225553 Email: Thandiwe.BandaMbalashi@absa.africa Quoted on 9 th March, 2005 Chambishi Metals Plc

105
Sub–division L and M of Lot No. 10/M Kitwe–Chingola Road P.O. Box 21151 Chambishi Tel: +260 (212) 744006/7 Fax: +260 (212) 744035 E-mail: info@chambishi.com.zm Quoted on 25th January, 2000 Chibuluma Mines Plc Off South Downs Airport Road Lufwanyama P.O. Box 260499 Tel: +260 (212) 749 – 333/777/110 Fax: +260 (212) 749799/749299 E-mail: bsinkala@chib.com.zm Website: www.metorexgroup.com Quoted on 22nd December 1999 Copperbelt Energy Corporation Africa Plc 2 nd floor Green City Plot 2374, Kelvin Siwale Road, P.O Box 320125 Lusaka Quoted in 2017 EIZ Properties Plc CL/7 Brentwood drive Longacres Lusaka P.O. Box 51084 (Lusaka) Tel: +260 (211)255161/256205 E-mail: eiz@coppernet.zm Quoted on 9th April 2015 Kansanshi Mining Plc Mine Site Solwezi P.O. Box 110835 Tel: +260 (212) 658000 Fax: +260 (212) 658300 E-mail: sean.whittome@fqml.com Website: www.first-quantum.com/our-business/operating-mines/kansanshi Quoted on 29th June, 1999 (as Cyprus Amax Kansanshi Plc) Konkola Copper Mines Plc Stand M/1408 Fern Avenue Chingola P/Bag KCM (c) 2000 Tel: +260 (211) 350604 E-mail: corporate.communications@kcm.co.zm Website: www.kcm.co.zm Lusaka Securities Exchange Plc See address information under Securities Exchanges above Mopani Copper Mines Plc CorporateOffice Central Street Nkhana West

106
Kitwe
P.O. Box 22000
Tel: +260 (212) 247012/247847
Fax: +260 (212) 247445
E-mail: mopani@mopani.com.zm
Website: www.mopani-copper-mines
Veritas General Insurance Plc
Plot 6/60 Kapingila House Kabulonga Road, Kabulonga Lusaka P. O. Box 31965, Lusaka Tel: + (260) (955) 359 873 Fax: + (260) (211)266366 Email: veritas@veritasgeneral.com Website:www.veritasgeneral.com Quoted on 19th February, 2015 Details of Companies with Listed Debt Securities Bayport Financial Services - Debt securities listed on 24th April 2014 Plot 68 Independence Avenue Lusaka P.O. Box 33819 Tel: +260 (211) 257243 Fax: +260 (211) 257432 E-mail: jchola@bayportfinance.com Website: www.bayportfinance.com Focus Financial Services Limited - Debt securities listed on 24th April 2014 1 st floor, Building 3 Acacia Park Thabo Mbeki Road Lusaka P. O. Box 345536 Tel: +260 (211) 291310-14 Fax: +260 (211) 291311 Website: www.focus.co.zm Izwe Loans Zambia Limited - Debt securities listed on 15th July 2013 and 1 st August 2013 Plot 873, Cnr Addis Ababa and Katemo Road Rhodes Park P. O .Box 35087 Lusaka Tel: +260 (211) 235273 Email: info@izwezambia.com Website:www.izwezambia.com Real Estate Investments Zambia Plc - Debt securities listed on 12th November 2010 (formerly Farmers House) Farmers House, Central Park Cairo Road Lusaka P.O. Box 30012 Tel: +260 (211) 227684-89

107
Fax: +260 (211) 222906
E-mail: robin.miller@zamsaf.co.zm
Website: www.reiz.co.zm
Ulendo Road Infrastructure Road Programme (RINP) - Debt securities listed on 11th December, 2015 2 nd Floor, Pangaea Office Park Stand No. 2374 Great East Road, Lusaka P.O. Box 34536 (Lusaka) Tel:+260 (211)291310-14 Fax:+260 (211) 291312 Website:
www.focus.co
.zm
International Finance Corporation
Exevia Commercial Complex,
Plot #1014, 4th Floor, Church Road,
P.O. Box 35410
Lusaka.
Tel: (260-21) 137-3200
Copperbelt Energy Corporation Renewables Limited Stand No. 3614, 23rd Avenue, Nkana East, PO Box 20819, Kitwe. Tel: +260 212 244297/ +260 212 244163

159