Last week the Capital Markets Tribunal with an official mandate of hearing and determining appeals from decisions of the Securities and Exchange Commission; cases of misconduct in the securities market; and other matters specified in the Securities Act or any other written law, met for a three day retreat at Twangale Park, Lusaka for an induction program for its new members.
Presenting at the same workshop was the President of the Capital Markets Association of Zambia Mr. Nicholas Kabaso who spoke on the theme “The Role of Capital Markets Association of Zambia” The President highlighted the critical role of the Association stating that the very existence of CMAZ originated out of the amended securities act of 2016.
“We are a Self-Regulatory Organization established pursuant to section 29 of the securities Act no. 41 of 2016 with the power to regulate the standards of practice and business conduct of all licensed investment practitioners within the Zambian market in accordance with our constitutional by-laws, rules, policies, procedures, practices and interpretations.” Mr Kabaso said
He expressed a lot of optimism in the growth of the Capital Markets in view of the many regulatory and legal foundations that the markets have seen in the recent past, among which includes the establishment of the Capital Markets Tribunal which is likely to reinforce confidence within the Capital Markets.
He also made mention that the market is in great need of standardized securities training in order to drive seamless practice across all practitioners and help unlock the many opportunities within the market.
“Among some of the things we hope to achieve over the medium term is the need for us to establish Continuous Professional Development (CPD) platforms for the members.” He said