Natasha Chamba, Business Reporter
THE Securities and Exchange Commission of Zimbabwe (SECZ) has joined the United Kingdom (UK)-funded Africa Regulator Support Programme which is part of a continent-wide initiative designed to support capital market regulators to attain international standards.
The programme is a flagship of the UK-based organisation, Financial Sector Deepening Africa’s (FSDA).
In Zimbabwe, the programme will help support an institutional capacity assessment to review SECZ’s operations and identify areas that require strengthening.
In a statement, Ms Annabel Gerry head of office for the UK Department for International Development (DFID) in Zimbabwe and South Africa said the programme would help SECZ’s capacity to regulate the capital market and will help unlock a key source of long-term financing for businesses that can drive robust and inclusive growth in Zimbabwe.
“It will also fund the development of a Capital Markets Master plan that will outline the actions needed to develop the capital market sector and broaden Zimbabwe’s long-term financing base.
“In addition, SEC Zimbabwe will engage in knowledge-sharing with capital market regulators across Africa,” she said.
SECZ chief executive officer, Mr Tafadzwa Chinamo was quoted saying his organisation, as agreed by Cabinet, was amending the Securities Act in a bid to remodel the capital market in line with international best practices.
“The assistance from FSDA in kick-starting a ground-up rebuilding of Zimbabwe’s Capital and Securities industry could not have come at a better time.
“We have before Cabinet amendments to the Securities Act which seek to remodel the capital market in line with international best practice. Such is the enormity of the amendments that implementing the regulatory changes implied by the proposed new laws will embrace a wider stakeholder base.
“It is for this reason that the commission is excited by the assistance from FSDA and welcome the prospect of building our capital markets from a position of knowledge and inclusivity,” he said. — @queentauruszw.