Securities and Exchange (Registration, Licensing and Corporate Governance) (Amendment) Rules, 2024 (No. 7)
SECZim fee overhaul: registering a securities exchange now costs US$67 500 with a US$37 500 annual fee, licence applications run US$850 to US$37 500, and late returns attract US$100 a day up to 30 days before the licence can be cancelled.
The Minister of Finance has approved new rules made by the Securities and Exchange Commission replacing the fee and levy schedule in the Securities and Exchange (Registration, Licensing and Corporate Governance) Rules, 2010 (S.I. 100 of 2010). The 2022 amendment rules in S.I. 216 of 2022 are repealed, and subsection (3) of rule 15 on applications for a licence is deleted.
At the top of the schedule, initial registration of a securities exchange is US$67 500,00 with an annual registration fee of US$37 500,00. Approving a scheme to establish a central securities depository is US$15 000,00, with an annual fee of US$8 250,00. Replacing a certificate and notifying a change of name, address or prescribed particulars are US$150,00 each, and approving an executive or non-executive director, CEO, managing director or compliance officer of a licensed person is US$100,00.
Reviewing securities exchange and central securities depository rules is charged per page: US$100,00 per A4 page, and US$50,00 per page for a resubmission. Copies submitted for review must be clear and legible in font size 12 with 1.5 line spacing.
Licence application fees range widely. A multiple securities licence is US$37 500,00; investment management portfolio and collective investment schemes together US$16 500,00; portfolio alone US$10 500,00; collective investment schemes alone US$10 000,00; custody US$8 250,00; trustee US$6 000,00; dealing firm and transfer US$5 000,00 each; investment advisers US$2 250,00; dealer US$2 000,00; authorised dealer and client liaison US$1 000,00 each; and principal officer and compliance officer licences US$850,00 each. Renewals are lower: multiple US$22 500,00, portfolio and CIS combined US$10 500,00, custody US$6 750,00, portfolio US$6 750,00, CIS US$4 500,00, transfer and trustee US$3 000,00 each, dealing firm US$2 300,00, dealer US$1 300,00, investment advisers US$1 200,00, authorised dealer and client liaison US$500,00 each, and principal officer and compliance officer US$500,00 each.
Fees may be paid in local currency at the official RBZ rate, but where a licensed person earns income in foreign currency the fees, levies and charges owed to the Commission must be paid in that same currency. Annual fees are payable quarterly, by 10 January, 10 April, 10 July and 10 October.
On levies, the corporate action levy is set at 0,1% of the gross amount raised through an initial public offer or any subsequent issue of new securities, remitted to the Commission within ten days of the closing date of the offer. The Central Securities Depository is appointed the collecting agent for levies, which are payable by close of business on the Friday of the week in which the purchase, sale or exchange was concluded. Paragraph 3 of the levies schedule is repealed.
Finally, a licensed person who misses a deadline for returns pays US$100 for every day in default, up to a maximum of thirty days, after which the Commission may cancel the licence under section 48 of the Securities and Exchange Act.
One small drafting note: the rules are headed "Securities and Exchange (Registration, Licensing and Corporate Governance) (Amendment) Rules, 2024 (No. 7)" but the citation clause in the body drops the words "and Exchange".
What changed
- Initial registration of a securities exchange set at US$67 500,00 with an annual fee of US$37 500,00
- Licence application fees from US$850,00 for a principal officer to US$37 500,00 for a multiple securities licence, with lower renewal fees
- Review of exchange and CSD rules charged at US$100,00 per A4 page, US$50,00 per page on resubmission
- Corporate action levy of 0,1% of gross proceeds of an IPO or new issue, remitted within ten days of the closing date
- The Central Securities Depository becomes the collecting agent for levies, payable by close of business on the Friday of the transaction week
- Late returns attract US$100 per day up to thirty days, after which the licence may be cancelled
- Where a licensed person earns income in foreign currency, fees and levies must be paid in that currency; annual fees are paid quarterly by the 10th of January, April, July and October
- S.I. 216 of 2022 is repealed and rule 15(3) of the principal rules deleted
Who this affects
- the Zimbabwe Stock Exchange and Victoria Falls Stock Exchange
- licensed securities dealers, dealing firms and investment managers
- asset managers running collective investment schemes
- custodians, transfer secretaries and trustees
- companies raising capital through an IPO or new share issue
- the Central Securities Depository (Chengetedzai)
Plain-language summary — not legal advice. Always read the full instrument.