Securities Commission licenses 5 firms

The organisations licensed are Barclays Zimbabwe nominees, Stanbic Bank Zimbabwe, Standard Chartered Bank, Three Anchor Investments trading as Old Mutual Custodial Services and ZB Bank Limited.
In a statement, outgoing SEC chief executive Mr Alban Chirume said the organisation has licensed these companies in terms of the Securities Act (Chapter 24:25).
“SEC wishes to announce that these organisations have been licensed as securities custodians in terms of Part V (Sections 38-49) of the Securities Act Chapter 24:25 and the Securities (Registration Licensing and Corporate Governance) Rules 2010,” read the statement.
A security custodian is a bank, which holds securities on behalf of investors.
The tasks typically performed by a custodian include: safekeeping of securities, clearing trades and collecting principal, interest or dividend payments on held securities
Meanwhile, the country’s securities markets regulator is hunting for a new chief executive.
The commission, whose current chief executive is Mr Chirume, has retained Headhunters International to shortlist candidates to fill the post.
Mr Chirume was at the helm of the commission since July 2009.
SEC is a statutory body which regulates the capital market and was established by the Securities Act which repealed the Zimbabwe Stock Exchange Act (Chapter 24:18).
The commission seeks to provide a high level of investor protection and reduce risk. The commission also ensures transparency in capital and securities markets and promotes investor education.