Cabinet on Tuesday said it will introduce civil penalties for contravening the Securities and Exchange Act as it moves to address the existing deficiencies and align legislation with market developments and international best practice.
This was said by Information minister Monica Mutsvangwa while addressing a post cabinet meeting in Harare.
Mutsvangwa said the Minister of Finance and Development Mthuli Ncube presented the Principles for the Securities and Exchange Amendment Bill to the cabinet for approval.
“The amendments seek to address the deficiencies and to align the legislation with market developments and international best practice.
” It will seek to achieve among other things; provide full, accurate and timely disclosure of financial results, risk and other information which is material to investors’ decisions, ensure fair and equitable treatment of holders of Securities and that financial statements be in line with international accounting standards, eliminate regulatory arbitrage in the capital and markets sector as well as expanding the scope of regulation of capital markets to cover issuers of Securities,” she said.
In this endeavor government will enhance the powers of the Securities and Exchange Commission (SECZ) in undertaking their mandate to ensure there is sharing of information with foreign regulators.