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Implementation Of SI 103A Of 2022 Suspended

Implementation Of SI 103A Of 2022 Suspended

The Ministry of Finance and Economic Development has suspended the implementation of the new Statutory Instrument 103A of 2022 with effect from 1 June 2022.

The measures were issued by Finance and Economic Development Minister, Mthuli Ncube, last week to operationalise policy measures to block speculative trading in the market, especially in the equities and currency markets. SI 103A of 2022 read in part:

Where a holder of a securities dealer’s licence receives funds in his or her trust account from a person (“non-client”) who is not registered with him or her as a client, the holder shall (whether or not the identity of the non-client is known to him or her) immediately report that fact to—the Financial Intelligence Unit (FIU) and the relevant exchange.

However, in a public notice issued on 31 May 2022, Zimbabwe Stock Exchange Limited (ZSE) Chief Executive Officer Justin Bgoni said that the operationalisation of the regulations has been suspended.

Treasury informed the ZSE that there were errors in some parts of SI 103A of 2022 which they need to correct. Reads the notice:

PUBLIC NOTICE SUSPENSION OF IMPLEMENTATION OF STATUTORY INSTRUMENT 103A of 2022

The Zimbabwe Stock Exchange Limited “ZSE” wishes to bring to the attention of stakeholders that the implementation of the new Statutory Instrument 103A of 2022 (Securities (Registration, Licensing and Corporate Governance) Rules, 2022 (No. 4)) has been suspended with effect from 1 June 2022 until further notice.

This suspension has been done at the instance of the Ministry of Finance and Economic Development, who undercover of a letter dated 31 May 2022, has informed the ZSE that there were errors in some parts of said statutory instrument which they need to correct.

Therefore, stakeholders are advised to operate on the basis of Statutory Instrument 72 of 2022: Securities (Registration, Licensing and Corporate Governance) (Amendment) Rules, 2022 (No. 3) until further notice.

However, kindly take note that trades executed between 27 and 31 May 2022 will be levied on the basis of SI 103A of 2022.

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15 Comments

Gafa 3 weeks ago

Moita ma corrections noupenyu hwavanhu varume muchamhanya.Anyway magara muri magandanga zvokumhanya nekugara musango ndozvenyu ka


Dirigsme 3 weeks ago

The gvt of Rhodesia was run by Standard 6 & below. Statutory Instruments were produced since time immemorial. If u go to any Ministry/dept u will come across S/Is & subsequent amendments/repeals/ deletion of/substitution of etc etc. But every item was done systematically & procedurally after wide consultation with the relevant stake holders. Every statutory instrument gets closer scrutiny by the office of the Attorney general. In the status quo Statutory Instruments are drafted,designed & fast tracked by George Charamba with the assistance of the Politburo and concurrence of the Zanu Pf women and youth league.


Imwe Mbeu 3 weeks ago

Yah vakomana varikushanda, kungoti pfungwa ndodziri-kuvashandisa


nimrod 3 weeks ago

suspension before implementation, my foot. these guys don't learn. just last month they ordered bank s to stop lending out money and within a week this was reversed. but the market had already reacted. now they repeat the same thing. dunce minister! proves kuti chi award chair chiye was fake


@mthulincube 3 weeks ago

Njuga dzijarema munoreversa mapolicy enyu #chamisa has our hope


bethi* 3 weeks ago

.


Jah🇿🇼Tsvarie-07 3 weeks ago

Sikhula sasisizwa abadala bethu lelilizwe lizabuswa zinyoni 😂


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muchadura 3 weeks ago

Ana bhangu ava are running this country kunge ka tuck shop angofunga zvaafunga akungoita


mumunganarwaa 3 weeks ago

haaaaaa andinetsa mwanaaiyeyu kana kut ave kusimbira kunze kuSwizaland, neSausi Afrika


Machiavelli 3 weeks ago

Fembera Fembera economic management at work. Coming so soon after bank loans ban and unban it is becoming commonplace to experiment with policies that are half baked.

Why don't they do the Honourable thing and quit. There's no dishonour in admitting failure


Mthuli kaNcube 3 weeks ago

Handiende,, handiende
Dzamara mandiudza pandimire chaipo
Chaipo ipo ipo
Kuenda handiende

Sekuru waBona 3 weeks ago

nyika ino yotongwa nema statutory instruments here veduwe a month tinoona 3/4 zvakadaro

apa look at this how come a policy becomes law then yoonekwa kuti it has errors
this shows that hakuna consultation ikuitwa with the business community it also shows kuti those at ministry of finance are clueless

pane mumwe munhu akamboti ngwarirai mthuli uyo coz everything he does public ikujamuka everything chaanotaura hachienderane nezviri paground

imhandu uyo


Machiavelli 3 weeks ago

@Murozvi, Statutory Instruments (SI) are issued by government purportedly to operationalise specific acts of Parliament.

Parliament passes Acts. Very often government issues SIs that usurp powers of Parliament. For example the taxes on mobile money transfers and fuel that were ruled illegal a few weeks ago (championed by Hon. T. Biti) by the High Court.

Sekuru waBona 3 weeks ago

kupiko and parliament ipi yauchataura yavakabvarura kare kare kuita vaise mitemo ye looting
constitution chaiyo yakagadzirwa nevanhu yakabvarurwa

u know chinondirwadza are my fellow bros and sisters vari mu state security and law enforcement vanopuwa nzungu and ma trinkets then vonzi endai munoshungurudza vanhu and pavanhu apa pane hama dzavo dzikutambudzika

nekuti even iye mangwana nurse uyo atori nehama dzikutambudzika dzinotodya one meal a day but anotaura **** mocking mateacher

hupenyu hwenzara hunorwadza varume

Zim is a small economy inongoda a twick here and there and inosimuka very fast

ma investors muno haachauyi for business but for looting

tarisai platinum project yekuvgreat dyke maRussian abuda asiya apa vakange vakaisa Mari

ukuona vakuuuya now vachinzi ma investors haasi imbavha idzo dziri kupuwa ma minerals in exchange of a few **** and nonsense

Murozvi 3 weeks ago

Are these statuary instruments scrutinized by parliament.


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