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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:The new corporate law: de-mystifying the myth of a stock exchange
Author:Mwenda, Kenneth KaomaISNI
Year:1998
Periodical:Zambia Law Journal
Issue:Special issue
Pages:1-45
Language:English
Geographic term:Zambia
Subjects:financial market
company law
Abstract:This article examines the efficacy of the Securities Act 1993 which governs public distribution of securities in Zambia. It looks in turn at the competent authority for regulating public distribution of securities in Zambia, the types of securities markets that can be set up, methods of marketing securities to the public, registration and listing of securities, market abuses, notably the law on insider dealing, investor protection, and authorization of financial intermediaries. The underlying thesis is that the influence of the international political economy on the development of law in Zambia explains the hasty enactment of the Securities Act 1993, which has a number of shortcomings. Like the repealed Stock Exchange Act 1990 which it replaced, the Securities Act 1993 fails to address the regulation of securities traded across international boundaries. Furthermore, despite the fact that there were no provisions in the Companies Act 1921 on matters such as reasonable timing of information disclosure in prospectuses, share watering, and financial assistance in acquisition of company shares, the Securities Act 1993 does not redress these anomalies. At the same time, the diminution of ministerial control in the regulation of securities and stock markets under the Securities Act 1993 indicates that the Zambian government is making efforts to liberalize the economy. Notes, ref.
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