THE parliamentary committee for planning and budgeting has rejected the Securities Amendment Bill on grounds that it contains provisions that maybe detrimental to the proper functioning of capital markets by expanding the Commission’s powers while reducing its accountability in how it conducts its mandate. The Committee has also rejected the Zambia Institute of Banking and Financial Services Bill on the basis that the financial sector is already regulated by the Bank of Zambia, Securities and Exchange Commission and the Pensions and Insurance Authority, whose mandate extends to setting standards of behaviour for the individual entities and respective markets. Meanwhile, Finance and National Planning Minister Dr Situmbeko Musokotwane has withdrawn bills which were at Second Reading stage, to allow for further…...

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