Zim capital market: Key highlights for 2017
◆ New and revised Audit Reporting Standards (Long Form Audit Report) became effective for audit periods ending on or after December 15, 2016 mainly for disclosure of Key Audit Matters picked during the audit process to enhance investors’ decision making process. ◆ The ZSE introduced the View Only Terminal (VOT) on 8 February thereby affording investors viewing rights to ZSE real time information.
◆ The Commission approved the listing of the first debt instrument, Get Bucks Medium Term Note, on the Zimbabwe Stock Exchange on April 26.
◆ Statutory Instrument 62 of 2017, Securities (Debt Securities Levies) Rules were published on May 12 effectively giving guidance to competitive transaction charges that are commensurate with debt market operation and current regional trends.
◆ Chengetedzai Depository Company shortened the settlement cycle from T+5 to T+3 for all securities market trades with effect from May 2.
◆ The Commission relaxed the Know Your Customer (KYC) Requirements for the securities market with effect from June 8.
◆ In a bid to promote the Ease of Doing Business, the Commission reduced capital requirements for securities market intermediaries on July 7.
◆ The Securities and Exchange (Investor Protection Fund) Rules, Statutory Instrument 83 of 2017, were gazetted on July 21 to provide for the operational procedures of the IPF.
◆ The following Statutory Instruments were published on September 8: 1. Statutory Instrument 108 of 2017 — Collective Investment Schemes (Internal Schemes) (Amendment), Rules
2. Statutory Instrument 107 of 2017 —Collective Investment Schemes (Professional Schemes) (Amendment), Rules
3. Statutory Instrument 106 of 2017 — Collective Investment Schemes (Fees) Rules
4. The Infrastructure Development Bank listed its two series bond on the Financial Securities Exchange (FINSEC) fixed income board on November 29. The bond becomes the first debt instrument to list on FINSEC’s debt market segment. ◆ For these capital market developments in detail, please visit the Commission’s website: www.seczim. co.zw