Regulatory Alerts2024-04-05
Added · Updated
The Securities (Exchange Traded Funds) Guidelines, 2024
The Securities and Exchange Commission establishes regulatory requirements for Exchange Traded Funds (ETFs) in Zambia, applying to physically backed ETFs while excluding synthetic ETFs. The Guidelines mandate the appointment of a Commission-authorized Manager, Trustee/Custodian, at least two Authorized Participants (one acting as Market Maker), and an approved Index Provider. They impose specific operational obligations, including in-kind creation and redemption, daily public disclosure of Net Asset Value and tracking premiums, and investment restrictions requiring at least 90% of assets to remain in benchmark index components. Non-compliance subjects issuers and participants to administrative sanctions under the Securities Act.
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