Global body demand capital markets reforms

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BY MELODY CHIKONO
The Securities and Exchange Commission of Zimbabwe (SecZim) says legislative gaps are standing in the way for its full membership to the International Organisation of Securities Commissions (IOSCO)

SecZim became an associate member of the IOSCO in December 2021.

The admission was expected to open doors to participation at regional and international level under the auspices of IOSCO.

This was also expected to enhance access to technical assistance.

IOSCO brings together the world’s securities regulators and is a global standard setting body in capital markets.

SecZim chief executive officer (CEO) Gerald Dzangare in his presentation at the 4th SecZim annual general meeting held last week said IOSCO had legislative amendments it has demanded from SecZim for Zimbabwe to be prompted from associate membership to full membership.

One of the requirements is that SecZim has direct access in regulating listed companies not indirectly regulate them through stock exchanges.

“SI 28/2002 reviewed Zimbabwe Stock Exchange fees levies and penalties, SI 103A and 104 were published to give effect to the presidential measures on stabilising the economy.  International organisation of securities commission has legislative amendments it has demanded from SecZim for Zimbabwe to be promoted from associate membership to full IOSCO membership. Zimbabwe is not yet a full member of IOSCO, it is just an   associate member because of gap in our legislation,” he said

These are measures put in place to combat money laundering, terrorist financing and proliferation of weapons of mass destruction.

Dzangare added that full IOSCO membership attracts investors and has huge capital market development opportunities for Zimbabwe.

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