SECZIM Revamps Securities Law

Zim Now Writer

The Securities and Exchange Commission of Zimbabwe is revising the Securities and Exchange Act [Chapter 24:25] in a sweeping effort to enhance investor protection, strengthen regulatory oversight, and align local financial markets with global best practices.

This long-anticipated amendment is expected to boost confidence in Zimbabwe’s capital markets and bring the regulatory environment in line with standards set by the International Organisation of Securities Commissions.

“For more than 10 years, we’ve been pushing for reforms,” said SECZIM chief executive Anymore Taruvinga.

“The proposed Bill is designed to modernise the regulatory framework, improve market integrity, and foster innovation while ensuring that investors are well-protected.”

Key elements of the draft legislation include widening SECZIM’s supervisory mandate, introducing stricter conduct standards, and establishing civil penalties to curb misconduct in capital markets.

The Bill will also empower the Commission to strengthen oversight of issuers and improve cooperation with both local and international regulatory bodies.

“The new provisions will increase our effectiveness as a regulator and allow us to adapt to modern trends in financial services,” Taruvinga added.

“We’re also looking at enhancing regulatory cooperation and transparency while broadening the scope of market participants and products.”

The reform will touch on several critical areas, including: stronger AML/CFT (anti-money laundering and counter-financing of terrorism) regulations, tighter disclosure and listing requirements, more accountability for auditors and financial reporting, clearer investor protections during mergers and acquisitions and crackdowns on misleading marketing practices

Another notable inclusion is the proposed creation of a Capital Market Institute, which will serve as a hub for training, research, and policy development.

Additionally, the structure of SECZIM itself will change, with adjustments to the number of commissioners and ensuring professional diversity in appointments.