SECZ accorded IOSCO member status

THE Securities and Exchange Commission of Zimbabwe (SECZ) has been accorded associate membership by the International Organisation of Securities Commission (IOSCO) with effect from December 2021.

IOSCO develops, implements and promotes adherence to internationally recognised standards for securities regulation.

IOSCO membership means global visibility for Zimbabwe capital markets, giving SECZ a seat on the IOSCO Presidents Committee which enables participation in the Africa/Middle East Regional Committee.

“SECZ priority now is to become an Ordinary Member signatory to the Multilateral Memorandum of Understanding (MMoU) of IOSCO,” SECZ chief executive officer Tafadzwa Chinamo said.

“SECZ has been working on amendments to its laws so that it fully complies with the requirements of IOSCO 38 Principles.”

The membership, he said, presents international recognition across the globe, attracting foreign investment and opening opportunities to SECZ.

“This development is aligned to goals articulated in the National Development Strategy 2021-2025 (The NDS1) to ensure high, accelerated, inclusive and sustainable economic growth as well as socio-economic transformation and development,” SECZ said in a statement.

It said that the membership also aligned with Zimbabwe’s national priorities to build the image of the country, fostering international relations, boosting trade and investment

SECZ is a member of the Committee of Insurance, Securities and Non-Banking Authorities (CISNA), established in 1998 to bring together the Sadc region’s non-banking financial regulators and to encourage cooperation and harmonisation of laws and regulations.

Chinamo was the chairperson for CISNA for six years up to February 2021.

“The SECZ is now able to raise the profile of the best performing stock market in Africa and assist to position the resource-rich southern African country for investment especially with the opening of special economic zones, while simultaneously, through investor education, growing participation in the markets among the diaspora and locals,” the commission said.

SECZ is a statutory body established in terms of section 3 of the Securities and Exchange Act [Chapter 24:25] to regulate the capital markets.-newsday