Maravi

SEC moves to rid sector of crooks

SEC moves to rid sector of crooks
By Kabanda Chulu
Thursday January 24, 2008 [03:01]

SECURITIES and Exchange Commission (SEC) has directed organisations dealing in securities and investment advisory services to display their licences at their business premises in order to remove crooked people from the industry. The Securities and Exchange Commission has also warned the investing public that they should not risk their financial assets and other interests by giving instructions to unlicensed people.

According to the list of licensees for 2008 released yesterday, it is a requirement of the securities Act cap 354 that all financial intermediaries conducting securities business such as dealing in securities or providing investment advisory services must be licensed unless otherwise exempted by law.

“Therefore, before any person conducts securities business in Zambia that person must obtain an appropriate licence and in a bid to remove crooked people from the industry, licensees are further required by law to display their licensees prominently at their business premises,” it stated. “

And the investing public is warned that they should not risk their hard earned financial assets and other interests with unlicensed persons.”

Under the dealers’ licence list, the Securities and Exchange Commission has registered African Banking Corporation investment services, Barclays Bank, Citibank, Comcapital securities, Equity Capital Resources, Intermarket Securities, Investrust Bank, Laurence Paul Investment, Lloyds Financials, EMI Pangaea Securities, Stanbic Bank, Standard Chartered Bank, Stock Brokers Zambia and Zambia National Commercial Bank.

Under investment advisers’ list, the Securities and Exchange Commission has registered six institutions and these are African Life Financial Services, Agricultural Advisers International, Entrust Financial Services, Madison Investment, Roland Imperial Capital and Zambia Capital Partners Limited.

Labels: REGULATION, SEC

posted by MrK @ 7:03 AM