Securities and Exchange (Self-listings Rules for Exchanges) Rules, 2024

An exchange cannot be its own gatekeeper. These rules say that where an exchange wants to list itself, or an associate company, on its own official list, the Securities and Exchange Commission of Zimbabwe steps in and exercises the exchange's listing functions for that listing.

The Commission does this by adopting the exchange's own rules — the listing rules approved for that exchange, and any other rules made under the Securities and Exchange Act — and applying them, with the necessary modifications, as if they were its own.

"Associate" is defined broadly: subsidiaries and holding companies of the exchange, companies under a lesser degree of common control, companies under common control by a third party, and companies whose directors are accustomed to act on the exchange's instructions. So the rules bite on group structures, not just on the exchange entity itself.

The Commission must report on this work each year. Its annual report to the Minister has to include a section on its role as listing authority, covering conflicts of interest and compliance with these rules.

The rules were made by the Commission and approved by the Minister of Finance, Economic Development and Investment Promotion. They set out no fees, no penalties and no commencement date of their own.