Securities and Exchange (Zimbabwe Stock Exchange Membership) Rules, 2026

The Zimbabwe Stock Exchange has new membership rules, approved by the Securities and Exchange Commission. They set who may deal, what it costs, and what it costs to get it wrong.

Individual dealers face a real entry bar. You need a fit and probity assessment, a pass in a capital markets examination set by the ZSE, and a referral letter from a securities dealing company in good standing. You must declare your business and commercial interests every year by 31 January, complete at least 40 hours of continuous professional development annually, and you may not sit as an executive or non-executive director of a ZSE-listed company unless you have retired or are non-practising. People with relevant experience in running or regulating an exchange can be exempted. Dealers come in three grades — practising, associate and non-practising — and acting outside your grade is itself penalised.

Firms must be licensed by the Commission, keep directors who hold shares fit and proper, hold enough liquid capital to meet a minimum the ZSE sets from time to time, and carry the systems and staff to run the services they offer. Anyone acquiring 20% or more of a member must get the ZSE's written approval fourteen days before the deal. Members must tell the ZSE within 48 hours of a change of address, a licence granted or revoked, court proceedings, or the departure of key personnel.

Market makers need written consent from the relevant regulator, must quote inside a maximum spread the ZSE sets against the last traded price, keep separate accounts for market making, report all their trades daily, and may not move closing prices except where nothing else has traded.

Fees are itemised in US dollars. Applying costs 500 for an individual, 1 000 for a firm, 500 non-practising and 1 300 for a market maker, all non-refundable, with resubmission fees of 100 to 300. Annual subscriptions are 500 for individuals and associates, 1 000 for firms, and for non-practising members 5% of rebate earned or 1 000, whichever is higher. Trading system training runs 200 to 350, the ZSE oral interview 200, the online sponsor exam 120, and a pre-opening inspection 300. Trade cancellations, reallocations and amendments cost 20 each, an order cancellation 15, and reactivating a suspended profile 100. Understating an NMI rebate costs 150% of the understated amount.

Penalties run on four levels: level one up to US$5 000 with a fine or written warning; level two up to US$20 000, adding public censure; level three up to US$50 000, adding suspension or termination of membership; and level four up to US$100 000, adding civil or criminal imprisonment. Failing to detect market abuse and impersonating membership are level four. Failing to provide a client statement is level one. Accepting notes and coins for share purchases outside the banking system is level three.

One limitation worth stating: the retrieved text covers the definitions, the ZSE's powers and the membership rules in full, plus the penalty and fee schedules, but the body of the rules on supervision, trading, standards of conduct, default, complaints, discipline and trading procedures was not in the extract. Their existence and subject matter are known from the arrangement of rules and the penalty schedule, but their detail has not been read.