Mthuli Ncube suspends implementation of SI103A of 2022 over errors

The Minister of Finance and Economic Development Mthuli Ncube has suspended the implementation of Statutory Instrument 103A of 2022 (Securities (Registration, Licensing and Corporate Governance) Rules, 2022 (No. 4)) saying it contains errors.

This comes almost a week after Ncube approved the SI and its publishing in the Government Gazette.

Minister of Finance and Economic Development had, in terms of section 118(6) of the Securities and Exchange Act [Chapter 24:25], approved the rules made by the Securities and Exchange Commission of Zimbabwe.

However, in a statement to the Zimbabwe Stock Exchange the ministry suspended the SI’s implementation with effect from 1 June 2022.

PUBLIC NOTICE SUSPENSION OF IMPLEMENTATION OF STATUTORY INSTRUMENT 103A of 2022

The Zimbabwe Stock Exchange Limited “ZSE” wishes to bring to the attention of stakeholders that the implementation of the new Statutory Instrument 103A of 2022 (Securities (Registration, Licensing and Corporate Governance) Rules, 2022 (No. 4)) has been suspended with effect from 1 June 2022 until further notice.

This suspension has been done at the instance of the Ministry of Finance and Economic Development, who undercover of a letter dated 31 May 2022, has informed the ZSE that there were errors in some parts of said statutory instrument which they need to correct.

Therefore, stakeholders are advised to operate on the basis of Statutory Instrument 72 of 2022: Securities (Registration, Licensing and Corporate Governance) (Amendment) Rules, 2022 (No. 3) until further notice.

However, kindly take note that trades executed between 27 and 31 May 2022 will be levied on the basis of SI 103A of 2022.

Zwnews