By MAILESI BANDA
THE Securities and Exchange Commission says 2018 will see growth in the capital markets due to the recently signed multilateral memorandum of understanding (MoU) between the regulator and the International Organization of Securities Commission (IOSCO).
SEC chief executive officer, Phillip Chitalu said the partnership will facilitate the sharing and exchange of information among signatories when investigating securities fraud. Mr. Chitalu said as a result of becoming a member of the IOSCO Zambia’s capital markets are poised to become more credible and will compete favorably to attract foreign investments with other countries globally.
IOSCO is an association of organisations that regulate the world’s securities and futures markets and is an international standards setting body for security regulators.
Speaking in an interview with the Daily Nation, he said the commission by becoming a member of the IOSCO will obtain recognition from international bodies and regulators around the world.
Mr. Chitalu noted that through the membership Zambia is reinforcing its message to the markets that regulators are cooperating and watching out for potential securities and derivatives fraud.
“We see the year 2018 being a very progressive year and our being members of the IOSCO will help in the growth of the Zambian capital markets,” he said.
“Capital moves around the globe and it seems to be channeled into nations that are seen to be managing their financial sector well. He further said when international investors are making decisions they will be looking at markets where their capital is safe and belonging to IOSCO signals to investors that their capital is safe.
He said they will be able to attract foreign investment because of the new partnership.