'Collective Investment Schemes must regularise'

Published: 11 December 2013

THE Securities and Exchange Commission of Zimbabwe (SECZIM) has called upon asset managers and Collective Investment Schemes to regularise their licensing with the body.

This follows SECZIM's recent engagement of the Reserve Bank of Zimbabwe over Asset Management Companies and Collective Investment Schemes.

The enactment of the Securities Amendment Act 2 of 2013 on 30 August 2013 brought asset managers and collective investment schemes under the regulation and supervision of the Securities and Exchange Commission of Zimbabwe.

Said SECZIM chief executive officer Mr TafadzwaChinamo in a statement: "SECZ has engaged the RBZ for the official handover Asset Management Companies and collective investment schemes asset managers and collective investment schemes are required to regularize their licensing in terms of section 38 of securities act during the period ending 31 October 2014.

"Information on regularising and licensing of new applicants is available from SECZIM supervising and inspections will begin in January 2014 as collective investment schemes and asset management who were licensed by the RBZ are deemed licensed in terms of section 38(4) of the Securities Amendment Act."

In terms of the law, a person who immediately before the commencement of the Amendment Act was registered or licensed in terms of the Collective Investment Schemes Act or the Asset Management Act is deemed licensed for a period of 12 months from that date.

This means that they are regarded at law to be a holder of an appropriate license in terms of section 38 of Securities Act.
- bh24

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