Banking (Victoria Falls International Financial Services Centre) (General) Regulations, 2026

These are the framework regulations the rest of the Victoria Falls instruments hang off. They set out what the Centre is for, what it may do, and what nobody may do without its permission.

The Centre gets functions and objectives, principles of good regulation, rulemaking powers, a power to give guidance, and a power to modify, waive or grant relief from requirements. Its decisions follow a set procedure, are appealable, and it carries statutory immunity.

The prohibitions are the heart of it. There is a general prohibition on carrying on regulated activity without a licence, prohibitions on performing controlled and designated functions without approval, and a prohibition on financial promotions. Agreements made in breach are dealt with by an enforceability provision, and falsely claiming to be a participant is prohibited.

Licensing runs on three tracks — regulated activities, market activities and ancillary services — each with its own application and criteria. For regulated activities the Centre may grant a licence only where the applicant has adequate and appropriate resources including financial resources, is fit and proper, is capable of being effectively supervised, and has compliance arrangements sufficient to meet its legal obligations. Licences may be granted with conditions, restrictions or requirements, and where an application is refused the Centre must give written reasons and tell the applicant of the right to appeal to the Arbitration Tribunal, with time running from the date of the rejection.

Individuals are regulated too: controlled functions require approval against set criteria, there is a residency requirement for approved individuals, and approved status can be suspended or withdrawn. Designated functions and appointments are subject to review, and controllers of authorised persons are governed by their own rules and Centre powers.

On capital markets, the regulations cover market institution business rules, offers of securities, admission to trading, the official list and listing rules, objections to admission, suspension and delisting, and a prospectus regime — content requirements, omission of information, supplementary prospectuses, a right to withdraw, liability for misleading or deceptive statements and omissions, a defence of reasonable inquiries, statements about future matters, civil compensation and stop orders — together with obligations on reporting entities and market disclosure.

The extract available covers the Centre's powers, the prohibitions and the licensing and capital markets Parts; later Parts of the instrument continue beyond what could be read here, so this summary describes the framework rather than every provision.