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Securities and Exchange (Self-Listings Rules for Exchanges) (Amendment) Rules, 2025 (No. 1)

Where a securities exchange or its associate wants to list on an exchange it is connected to, the Securities Commission now steps in and applies that exchange's rules itself — closing a self-regulation gap.

These rules, made by the Securities and Exchange Commission of Zimbabwe and approved by the Minister of Finance, amend the Securities and Exchange (Self-Listings Rules for Exchanges) Rules published as S.I. 147 of 2024.

The definition of "associate" is widened to include any company which, alone or with associates or other persons, may exercise more than 50 per cent of the voting rights in any class of the exchange's issued shares, may determine the appointment of a majority of its directors, or holds shares whose nominal value exceeds half the nominal value of all the exchange's issued shares.

Section 3(1) is replaced. Where an exchange wishes to list on its own exchange or on another exchange that is its associate, or where an associate wishes to list on an exchange that is its associate, the Commission itself adopts the rules and exercises the functions of the exchange on which the listing is sought, for the purposes of complying with section 63(2a) of the Act.

The point is to remove the conflict of interest in self-listing: an exchange cannot vet its own listing, or that of a company it controls or that controls it, so the regulator takes over the listing authority function for that transaction.

What changed

  • "Associate" now covers a company controlling over 50% of an exchange's votes, shares or board appointments
  • The Commission adopts the rules and exercises the functions of the exchange where an exchange or its associate seeks to list on a connected exchange
  • The change gives effect to section 63(2a) of the Securities and Exchange Act

Who this affects

  • Securities exchanges seeking to list their own shares
  • Companies associated with an exchange by control or shareholding
  • The Securities and Exchange Commission of Zimbabwe
  • Investors in listed exchange shares

Plain-language summary — not legal advice. Always read the full instrument.