SECz to clamp down on asset managers

SECz to clamp down on asset managers
Published: 03 February 2014
The Securities and Exchange Commission of Zimbabwe will this week begin an inspection exercise of asset management companies with a view towards ensuring compliance in presenting audited results.

SECz officials last week expressed concern at the almost absolute lack of presentation of audited results from as far back as 2009 by asset management companies.

SECz head of supervision and surveillance, Norman Maferefa said inspection would begin in earnest from this week.

SECz CE Tafadzwa Chinamo said SECZ will license any interested parties that meet the requirements for registration, including foreigners.

There are currently 15 asset management firms in the country, down from 25 in 2003, managing an estimated $1.5 billion to $2 billion in assets. The drastic decline of operators in the sector has been blamed on unreasonably high capital adequacy requirements, regulatory challenges, onerous licensing, and at times, indiscipline by players in sector.
- thestandard
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