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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Intermediation and investor protection in Zambia
Author:Mwenda, Kenneth KaomaISNI
Periodical:Zambia Law Journal (ISSN 1027-7862)
Notes:biblio. refs.
Geographic terms:Zambia
Central Africa
Subjects:financial market
Trusts and trustees
Abstract:The fiduciary duties of financial intermediaries on an emerging stock market such as the Lusaka Stock Exchange (Zambia) represent a form of investor protection. These duties vary from case to case and may include the duty to obey the customer's instructions, the duty to obtain the best price for the customer, the duty to give the customer's orders priority, the duty to keep a customer's orders in confidence and with care, the duty to maintain proper records of accounts, the duty to be loyal to customers, the duty not to engage in churning and switching of securities, the duty not to engage in scalping, the duty not to engage in excessive charging and mark-up, the duty not to engage in making secret profits, and the duty not to hold out as actual seller or buyer (self-dealing). There are also a number of institutional arrangements to protect investors from misfeasance of stockbrokers and other financial intermediaries. In conclusion, the author suggests possible means of improving and strengthening the law on duties of financial intermediaries in Zambia. Notes, ref.