Securities (No. 41 of 2016)
ZambiaAct of Parliament2016No. No. 41 of 2016
In force, and amended by 1 amendment Act. Check the amendments before relying on the wording of a section.
The Securities (No. 41 of 2016) is an Act of the Parliament of Zambia enacted in 2016. It contains 241 sections. Read its sections below, or ask Levy any question about the Securities (No. 41 of 2016) and get an answer grounded in the Act with citations.
Sections of the Securities (No. 41 of 2016)
- S. 1The applicant shall have financial resources sufficient for
- S. 2At least five of the applicant’s members shall be persons
- S. 3The rules and practices proposed to be followed by the
- S. 4The applicant has made such provision as the Commission
- S. 5(1) If a member or person is present at a meeting of the Disclosure of
- S. 6The applicant shall have good corporate governance
- S. 7A Security clearance shall be undertaken before the
- S. 8Where the Board is of the view that the securities exchange
- S. 9(1) The Commission shall create and promote conditions in Functions of
- S. 10(1) The Commission shall regulate foreign capital markets
- S. 11Commission to prohibit certain activities by licensed persons
- S. 12Commission’s powers over assets of licensed person
- S. 13Committees
- S. 14Delegation of functions
- S. 15Notification of regulatory decisions
- S. 16Chief Executive Officer
- S. 17Secretary
- S. 18Other staff of Commission
- S. 19Code of ethics
- S. 20Establishing and maintaining securities market, securities
- S. 21Application for securities exchange licence and clearing and
- S. 22(1) The Commission may, on receipt of an application for
- S. 23Consideration and grant of clearing and settlement agency
- S. 24Refusal to grant licence
- S. 25Validity of licence
- S. 26Variation of licence
- S. 27Cancellation or suspension of licence
- S. 28Appeals relating to licences
- S. 29Recognition of self-regulatory organisations
- S. 30Delegation of powers to self-regulatory organisations
- S. 31Rules for self-regulatory organisations
- S. 32Licensing of dealers
- S. 33Licensing of investment advisers
- S. 34Licensing of share transfer agents and representatives
- S. 35Regulation of other capital markets operators
- S. 36Application for licences
- S. 37Consideration and grant of licences
- S. 38Conditions for refusal to grant licences
- S. 39Validity, terms and conditions of licences
- S. 40Variation of conditions of licences
- S. 41Revocation of licences
- S. 42Annual fee
- S. 43Appeals to Tribunal
- S. 44Register of licences
- S. 45Records kept by licensed person
- S. 46Information to be supplied by licensed person
- S. 47Annual reports
- S. 48Establishing and operating a credit rating agency
- S. 49Consideration and grant of credit rating agency licence
- S. 50Refusal to grant licence
- S. 51Validity of licence and non-transferability, etc of licence
- S. 52Variation of licence
- S. 53Cancellation of licence
- S. 54Appeals relating to credit rating agency licence
- S. 55Duties of credit rating agency
- S. 56Code of Conduct
- S. 57Methodologies, models and key rate assumptions
- S. 58A credit rating agency shall, on the request of an interested Disclosures
- S. 59A credit rating agency shall cause to be kept, for a period Records
- S. 60(1) The Commission may approve a credit rating agency Approval of
- S. 61Rules for credit rating agencies
- S. 62Power of Commission to give direction
- S. 63Appeal against direction of Commission
- S. 64Power of Minister to suspend business of securities
- S. 65Management of securities exchange
- S. 66Governance fitness standards
- S. 67Exchange rules
- S. 68Securities exchanges to assist Commission
- S. 69Notification of changes and legal proceedings for misconduct
- S. 70Annual reports
- S. 71(1) A securities exchange that wishes to make an
- S. 72A person, other than a licensed securities exchange, who
- S. 73(1) The Commission may, on such terms and conditions as
- S. 74Without prejudice to the generality of the Commission’s Rules
- S. 75(1) An issuer of securities or its representative shall file Registration
- S. 76A prospectus prepared for the purposes of any public offer
- S. 77(1) A dealer who transacts in securities at or through a Dealings in
- S. 78A person who transacts in any registered securities, other Trading in
- S. 79(1) A person who intends to transact in a Government Trading in
- S. 80(1) A person who deals in any registered securities shall Registered
- S. 81Continuing obligations for registered securities
- S. 82Dematerialisation and maintenance of securities
- S. 83Fungibility
- S. 84Codes of ethics and governance for capital markets
- S. 85Contract notes
- S. 86Terms of settlement of bargains in securities, etc.
- S. 87Short-selling
- S. 88Accounts to be kept by licensed persons
- S. 89Financial resources rules
- S. 90Investment advisory contracts
- S. 91Power of Commission to give directions to clearing and
- S. 92Appeal against direction of Commission
- S. 93Power of Commission to suspend business of clearing and
- S. 94Notification of changes and legal proceedings for
- S. 95Annual reports
- S. 96Coordination of clearing and settlement agencies
- S. 97Asset segregation in securities account
- S. 98Exercising control over participant’s account
- S. 99Holders of record
- S. 100Use of clearing and settlement agency as registered owner
- S. 101Transfer of securities into clearing and settlement agency
- S. 102Transfer by record entry
- S. 103Effecting transfer of pledge by record entry
- S. 104Blocking account by record entry
- S. 105Refusal to open account
- S. 106(1) The Court may, on the application of a creditor who
- S. 107Settlement of securities
- S. 108Limitation on rights of participants
- S. 109Withdrawal of securities
- S. 110Closure of securities register
- S. 111Access to clearing and settlement agency records
- S. 112Incorrect entry by clearing and settlement agency
- S. 113No liability in extraordinary circumstances
- S. 114Insolvency of participant
- S. 115Insolvency of clearing and settlement agency
- S. 116Utilisation of collateral upon insolvency
- S. 117Winding up order
- S. 118Netting agreements and procedures
- S. 119Rectification of record by Tribunal
- S. 120Order of Tribunal
- S. 121Authorisation and regulation of schemes
- S. 122Restrictions on promotions
- S. 123Authorisation of managers, trustees and custodians
- S. 124Trustee or custodian to hold property
- S. 125Authorisation of foreign schemes
- S. 126Revocation of authorisation
- S. 127Directions by Commission on revocation of authorisation
- S. 128(1) The Commission shall issue rules, by statutory Rules for
- S. 129(1) The Commission may authorise the establishment of
- S. 130The Commission shall issue rules, by statutory instrument,
- S. 131(1) Notwithstanding any other written law, every merger Scope of
- S. 132Take-overs or substantial acquisition
- S. 133Creation of mergers
- S. 134Consideration of applications for proposed take-overs
- S. 135Power to investigate mergers or take-overs
- S. 136Rules on mergers and take-overs
- S. 137Reports by insiders
- S. 138Subject to the other provisions of this Part insider dealing
- S. 139(1) An insider shall not, directly or indirectly, counsel,
- S. 140(1) A person who contravenes section one hundred and
- S. 141(1) Where the Tribunal finds, on application by the Disgorgement
- S. 142A transaction shall not be void or voidable, by reason Transaction
- S. 143Exceptions to insider dealing
- S. 144Defence of not soliciting information unavailable
- S. 145Presumptions
- S. 146Filing of annual and periodic reports with Commission
- S. 147System of internal control of companies
- S. 148Commission to approve auditors of companies
- S. 149Duty of auditor to report on internal controls of listed
- S. 150Disclosure of quarterly earnings forecasts by listed
- S. 151Duty of directors to disclose interests in securities of listed
- S. 152Register of directors’ interests in securities
- S. 153Notification to Commission and securities exchange of
- S. 154Duty of substantial shareholders to disclose shareholdings
- S. 155Subsequent disclosures by substantial shareholders
- S. 156Registration of substantial shareholders’ shareholdings
- S. 157Notification to Commission and listing exchange of
- S. 158Unclaimed dividends
- S. 159Penalties for contravention of Part
- S. 160Power of Commission to request information
- S. 161Investigations
- S. 162The Commission shall liaise and cooperate with other
- S. 163Inspections
- S. 164Destruction of documents
- S. 165Co-operation with other regulators
- S. 166Liability for misrepresentation in prospectus
- S. 167Liability for misrepresentation in other documents
- S. 168Defences
- S. 169Non-derogation from other rights
- S. 170Action for rescission for misrepresentation in prospectus
- S. 171Limitations on action
- S. 172Leave to proceed
- S. 173Notice of action
- S. 174Restrictions on discontinuation, etc. of action
- S. 175Rights of Commission to bring representative action
- S. 176Compensation Fund
- S. 177Purpose of Fund
- S. 178Compensation Fund Committee
- S. 179Monies of Fund
- S. 180Disbursements from Compensation Fund
- S. 181Management of Fund
- S. 182Limited liability of Fund and insurance by licensed persons
- S. 183Recovery of disbursements from licensed defaulters
- S. 184Establishment of Tribunal and jurisdiction
- S. 185Members of Tribunal
- S. 186Tenure of office of members of Tribunal
- S. 187Funding and allowances of members of Tribunal
- S. 188Appointment and functions of Registrar of Tribunal
- S. 189Staff of Tribunal
- S. 190Exercise of powers of Tribunal and procedure
- S. 191Appeals to Tribunal
- S. 192Notice of appeal
- S. 193Hearings before Tribunal
- S. 194Market misconduct proceedings
- S. 195Appeal to Court of Appeal
- S. 196In this Part, where a section provides that a person is
- S. 197A person who, directly or indirectly, in connection with
- S. 198False trading and manipulation of the market
- S. 199Use of deceptive statements, etc. as inducements
- S. 200False statements to securities exchange, etc.
- S. 201False or misleading statements on sale of securities
- S. 202Damages for loss sustained
- S. 203A person who refuses or fails, without reasonable excuse,
- S. 204A person who hinders or obstructs the Commission, the
- S. 205A person who, for the purposes of obtaining a licence, in Fraudulent
- S. 206(1) A licensed person shall, after the approval of the Designation
- S. 207(1) The regulatory powers conferred on the Commission Commission’s
- S. 208(1) The Capital Markets Operators shall establish an
- S. 209Disciplinary actions
- S. 210Review by Commission
- S. 211Codes and guidelines
- S. 212Guidance notes, etc.
- S. 213Access to documents
- S. 214Control of advertisements
- S. 215Offences committed partly in and partly out of Zambia
- S. 216Continuing acts or offences
- S. 217Actions by Commission on conviction of offence
- S. 218Administrative penalties
- S. 219Where an offence is committed by a body corporate or
- S. 220(1) The Commission may, by statutory instrument, make
- S. 221(1) The Minister may, by statutory instrument, make Regulations
- S. 222(1) The Securities Act, 1993 is hereby repealed.
- S. IPRELIMINARY PROVISIONS
- S. IIFINANCIAL PROVISIONS
- S. IIILICENSING OF SECURITIES EXCHANGES AND CLEARING AND SETTLEMENT AGENCIES
- S. IVSELF-REGULATORY ORGANISATIONS
- S. IXREGULATION OF CLEARING AND SETTLEMENT AGENCIES
- S. VLICENSING AND REGULATION OF CAPITAL MARKETS OPERATORS
- S. VICREDIT RATING AGENCIES
- S. VIIREGULATION OF SECURITIES EXCHANGES
- S. VIIIREGISTRATION OF SECURITIES, REGISTERED SECURITIES AND TRADING ON SECURITIES EXCHANGE
- S. XCOLLECTIVE INVESTMENT SCHEMES AND VENTURE CAPITAL FUNDS
- S. XIMERGERS AND TAKE-OVERS
- S. XIIINSIDER TRADING
- S. XIIIAUDITING AND CORPORATE RESPONSIBILITIES OF LISTED COMPANIES
- S. XIVINFORMATION, INVESTIGATIONS, INSPECTIONS AND CO-OPERATION
- S. XIXMISCELLANEOUS PROVISIONS
- S. XVCIVIL LIABILITY
- S. XVICOMPENSATION FUND
- S. XVIICAPITAL MARKETS TRIBUNAL
- S. XVIIIOFFENCES ON IMPROPER TRADING PRACTICES