SECURITIES

CHAPTER 46:06
SECURITIES

ARRANGEMENT OF SECTIONS

    SECTION

PART I
PRELIMINARY

    1.    Short title

    2.    Interpretation

    3.    Application

PART II
POWERS OF THE REGISTRAR

    4.    Powers of the Registrar

    5.    Directives relating to stock exchanges

PART III
STOCK EXCHANGES

    6.    Prohibition against operating stock exchange without licence

    7.    Application for stock exchange licence

    8.    Management of stock exchange

    9.    Transitional provisions in respect of licensing of stock exchanges

    10.    Renewal of stock exchange licences

    11.    Power of the Registrar to issue directives to stock exchange

    12.    Power of the Registrar to close stock exchange

    13.    Rules of stock exchange

    14.    Stock exchange to assist the Registrar

    15.    Enforcement of rules of stock exchange

    16.    Prohibition against use of certain titles

PART IV
LICENSING OF BROKERS, DEALERS, INVESTMENT ADVISERS, PORTFOLIO MANAGERS, SECURITIES REPRESENTATIVES OR SECURITIES MARKET INTERMEDIARIES

    17.    Prohibition against carrying on business as a broker, etc., without licence

    18.    Prohibition against acting as a securities representative without licence

    19.    Applications for licences

    20.    Refusal of licence

    21.    Validity period of licences

    22.    Revocation or suspension of licences

    23.    Records to be kept by licensees

    24.    Information to be supplied by licensees

    25.    Renewal of Licence

    26.    Deposits by brokers, etc.

PART V
REGISTRATION OF SECURITIES

    27.    Securities to be registered

    28.    Prospectus

    29.    Registration statement

    30.    Reports of issuers

    31.    Reporting of information by issuer

    32.    Acquisition of beneficial ownership of publicly-traded securities

    33.    Regulation of proxy solicitation and tender offers

    34.    Compliance with the Companies Act

PART VI
CONDUCT OF SECURITIES BUSINESS

    35.    Unlawful transactions

    36.    Capital and financial requirements

    37.    Code of conduct regarding securities business

    38.    Contract notes

    39.    Compliance with directives of the Registrar

    40.    Short sales

    41.    Trading outside stock exchange prohibited

    42.    Depositories, clearance and settlement

    43.    Accounts to be kept by licensees

    44.    Investment advisory contracts

PART VII
IMPROPER TRADING PRACTICES

    45.    False trading and manipulations

    46.    Use of deceptive statements, etc., as inducements

    47.    Fraudulent transactions

    48.    False or misleading statements in connexion with sale of securities

    49.    Insider trading

PART VIII
SECURITIES STABILIZATION FUND

    50.    Establishment of the Securities Stabilization Fund

    51.    Establishment of the Stabilization Fund Committee

    52.    Purpose of the Stabilization Fund

    53.    Disbursement from the Stabilization Fund

    54.    Directives on management of Stabilization Fund

    55.    Liability of the Stabilization Fund to be limited

    56.    Recovery of fund disbursements from defaulters

PART IX
COLLECTIVE INVESTMENT SCHEMES

    57.    Prohibition against operating as a collective investment scheme operator without licence

    58.    Application for licence under this part

    59.    Revocation or suspension of licence under this part

    60.    Approval of schemes

    61.    Transitional provisions in respect of schemes

    62.    Directives on collective investment schemes

    63.    Restrictions on promotions

PART X
POWERS OF INTERVENTION

    64.    Administrative and monetary penalties

    65.    Restrictions on assets

    66.    Maintenance of assets in Malawi

PART XI
MISCELLANEOUS PROVISIONS

    67.    Registrar’s powers to issue directives

    68.    Guidance notes, etc.

    69.    General offences and penalties

    70.    Repeal and savings

        Schedule

20 of 2010
G.N. 14/2010

    An Act to provide for the regulation of capital and securities markets, and persons transacting business in or through capital and securities markets; to promote internal and external confidence in the integrity and proper functioning of the capital and securities markets; and to make provision for matters connected therewith or incidental thereto

PART I
PRELIMINARY

1.    Short title

    This Act may be cited as the Securities Act.

2.    Interpretation

    (1) In this Act, unless the context otherwise requires—

    “associated person” means any person who is—

    (a)    an officer or director of a broker, dealer, investment adviser, portfolio manager or operator of a collective investment scheme;

    (b)    any person controlling, controlled by, or under common control with, a broker, dealer, investment adviser or portfolio manager; or

    (c)    any securities representative or other employee of a broker, dealer, investment adviser or portfolio manager, other than employees engaged solely in clerical or ministerial functions for such broker, dealer, investment adviser or portfolio manager;

    “beneficial owner” means a person who, directly or indirectly, possesses or shares investment or voting power with respect to a security;

    “broker” means any person engaged in the business of buying or selling securities for the account of others, but does not include an employee acting within the scope of his duties;

    “collective investment scheme” means any arrangement made with respect to securities or property of any description under which—

    (…