SEC gets tough on capital markets
Published On September 9, 2014 » 2689 Views» By Davies M.M Chanda » Business, Money/Stock Exchange
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By JAMES KUNDA -
THE Securities and Exchange Commission (SEC) has cautioned that it will not allow any foreign or local person, company or entity to operate in the Zambian capital markets without a requisite licence from the Commission.
SEC acting secretary and chief executive Phillip Chitalu said in a statement posted on the Lusaka Stock Exchange (LuSE) website that the commission would not allow any entity to offer advisory services
without a requisite license.
“The Security and Exchange Commission has a statutory mandate to promote and encourage high standards of investor protection and integrity in the capital markets in order to foster confidence in the markets by the public as a whole,” Mr Chitalu said.
“Pursuant to its mandate to protect investors and ensure orderly capital markets, the Commission will with immediate effect not allow any foreign based or local person, company or entity to offer advisory services to operate in any other manner in the Zambian capital markets without the requisite license from the Commission”.
Mr Chitalu said the relevant licensing requirements are set out under part (4) of the Securities Act which clearly stipulates that persons or entities who act as dealers investment advisors or representatives need to be licensed by the Commission before performing any functions.
He said the Commission will, pursuant to the provisions of the securities Act Cap.354 of the Laws of Zambia, not tolerate local or foreign based persons, companies or entities acting as representatives, investment advisors or are engaged in dealing in securities when they are not holders of licences.

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