Macrofinance Bill gazetted into law

GOVERNMENT has gazetted the Microfinance Bill into law paving the way for registration, supervision and regulation of microfinance businesses in Zimbabwe.

Own Correspondent

The new Act was gazetted on August 30 and also provides for the amendment of the Money-lending and Rates of Interest Act and the Banking Act.

Meanwhile, the Securities Amendment Bill has also been gazetted into law paving the way for the Securities Commission of Zimbabwe (SecZim) to change its name and for a clearer definition of the roles of commissioners.

Under the new Securities Act, SecZim will change its name to the Securities and Exchange Commission of Zimbabwe.

This means that asset management companies will now be regulated by SecZim and unlike previous Reserve Bank of Zimbabwe regulations, there will be no limit on the number of firms that can be licensed.

The new law also paves the way for the demutualisation of the Zimbabwe Stock Exchange (ZSE).

The Act will, among things, give more executive powers to the Securities Commission of Zimbabwe chief executives to ensure the smooth running of financial markets in the country and pave way for the demutualisation of the ZSE.

The Money Laundering and Proceeds of Crime Act was in June gazetted into law. This Act was rushed through Parliament to comply with Zimbabwe’s obligations as a State party to the International Convention for the Suppression of the Funding of Terrorism, adopted by the UN General Assembly in December 1999 and approved by Parliament earlier this year.

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