Securities and Exchange Amendment Bill April 3, 2019
In progress
Apr 2019

Cabinet approved Principles for the Securities and Exchange Amendment Bill April 03, 2019

The amendments seek to address the existing deficiencies and to align the legislation with market development and international best practice.

More specifically, the proposed amendments aim to achieve the following: 1) Provision of full, accurate and timely disclosure of financial results, risk and other information which is material to investor’s decisions; 2) Ensuring fair and equitable treatment of holders of securities and that financial statements be in line with international accounting standards; 3) Expanding the scope of regulation of capital markets to cover issuers of securities; 4) Eliminating regulatory arbitrage in the capital markets sector; 5) Introducing civil penalties for contravention of the Act to enhance Securities and Exchange Commission (SECZ) powers in market; and providing for cooperation and sharing of information with both local and foreign regulators.