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The Securities and Exchange Commission (SEC) has partnered with Prudential Authority (PA) of South Africa to enhance the supervision of cross-border transactions in the capital markets and prevent fraudulent and other prohibited practices in both countries.
This would be done through the exchange of information and strengthened oversight of financial institutions in the two countries, marking a new chapter in cross-border collaboration.
This agreement enhances the exchange of supervisory information between the two regulators, strengthening oversight of financial institutions in Zambia and South Africa.
This partnership marks a significant step toward greater financial integrity and stability in Zambia’s capital markets, according to the SEC acting Chief Executive Officer, Diana Sichone.
Sichone explained that the agreement would provide a framework for SEC and PA to exchange with each other regarding the supervision of regulated institutions to secure or enforce compliance with the governing laws and regulations.
Improved financial integrity, efficiency and soundness were among other benefits spelt out by Sichone which would come as a result of the MoU.
“The MoU will promote the integrity, efficiency and soundness of financial institutions by improving the effective regulation, enhancing the supervision of cross-border transactions, and preventing fraudulent and other prohibited practices in Zambia and South Africa.
“SEC and PA will use their best efforts to provide each other with information that they reasonably suspect may be in breach of anticipated breach of laws or regulations in Zambia and in South Africa.
“We look forward to the positive impact of this partnership will have on our capital markets and the continued cooperation between our two esteemed institutions,” she said.
Sichone expressed confidence that the partnership was poised to bring numerous benefits to both countries as well as the respective institutions.
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