Answer to Question #289578 in Finance for Tika

Question

Identify the main pieces of legislation(laws) and regulations governing the financial sector in Zambia highlighting their main provisions and when they were enacted and/or amended and the possible reasons for their enactment and/or amendment as up to the end of 2021.

Answer 1

Solution:

The main pieces of legislation and regulations governing the financial sector in Zambia include the following:

1.). This Financial Sector Development (FSD) Policy expresses the Government of the Republic of Zambia's commitment to fostering the development of the financial sector through strategic guidance and oversight. The policy seeks to create a well-developed, competitive, and inclusive financial system that promotes efficient resource mobilization and universal access to financial services and products.

 

2.). The Stock Exchange Act of 1990 was repealed, and the Securities Act of 1993 took its place. The Lusaka Securities Exchange Plc (LuSE) is Zambia's main exchange, where equities and private debt instruments are listed and traded, as well as government bonds, are traded in the secondary market.

 

3.). The primary legislation, the Bank of Zambia Act, has not been amended. The Banking and Financial Services Act, the other major piece of legislation, was amended in 2017.

 

4.). The Securities and Exchange Commission (SEC) is Zambia's top capital market regulator. The Securities and Exchange Commission (SEC) has a dual mandate under the Securities Act: to supervise capital market operators and to promote orderly market development.