Securities Commission changes name

Securities Commission changes name
Published: 06 November 2013
THE Securities Commission of Zimbabwe (SECZ) will today change its name to the Securities and Exchange Commission of Zimbabwe and have expanded roles in line with the provisions of the Securities Amendment Act.

The name change followed the gazetting into law of the Securities Amendment Bill which also extended its powers and provided further protection for investors on domestic capital markets. The commission, according to the Bill, will register stockbrokers, a role that was initially played by the Zimbabwe Stock Exchange.

The amendments will also see the inclusion of representatives of insurance companies on the Securities and Exchange Commission to be appointed by the Finance minister.

Insurance companies are one of the active institutional investors on the local bourse. The proposed law will, however, disqualify directors of quoted companies and companies which deal in securities from being appointed to the commission.

SECZ chief executive officer Tafadzwa Chinamo said the name change was due to provisions of the amendments and that the previous one was incomplete.

"It was clear that the name was a misnomer. The name Securities Commission of Zimbabwe excluded the exchange so the name was not complete. We are changing it to Securities and Exchange Commission of Zimbabwe," Chinamo said.

SECZ is the apex regulator ofcapital markets in Zimbabwe.

Following the enactment of the Securities Act amendment of 2013, SECZ now regulates all persons registered and/or licensed to deal in market and investment in securities.

- newsday
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