The Directorate provides support services to the Commission and performs the following functions:
- Legal advisory
- Legal and Regulatory Compliance
- Corporate legal and secretarial services
- Legislation development
- Litigation/Enforcement
- International Relations
- Information Centre
The DELS provides legal advice and support to all technical departments of the Commission as well as to the Board of the Commission.
The DELS ensures that as a financial services regulator, the Commission complies with legal and regulatory requirements that facilitate effectiveness in capital markets regulation. This includes compliance with international regulatory requirements and best practices of International Organisation of Securities Commissions (IOSCO), the Eastern and Southern African Anti-Money Laundering Group (ESAAMLG), the Southern African Development Community (SADC) Committee on Insurance, Securities and Non-bank Administrators (CISNA), the Africa and Middle Eastern Securities Regulatory Committee of IOSCO (AMERC) and other regional and international bodies.
The DELS handles the Commission’s legal and secretarial services to the Board of the Commission.
The Securities Act, No. 41 of 2016, empowers the Commission to enact subsidiary legislation that is permitted or required to operationalise the Securities Act through Statutory Instruments with respect to any matter that the Act requires or permits the Commission to enact. The DELS co-ordinates the development of the legislation that is necessary for the enhancement of the Commission’s supervisory and capital market development mandate.
The DELS is responsible for commencing actions on behalf of the Commission as well as defending the Commission in actions in all courts and administrative Tribunals. It is also responsible for ensuring that there is compliance with then provisions of the Securities Act and the Rules made thereunder. The Securities Act No. 41 of 2016 provides the Commission with a wide range of enforcement powers to take against defaulting capital market operators who breach any of the provisions of the Securities laws that the Commission enforces. These include investigations, criminal and civil litigation as well the administrative sanctions. The Commission has recourse to these options when there are grounds and circumstances meriting the specific action. Not only do the various enforcement actions provide relief by those harmed by a securities law violation, but, more important, the existence of enforcement actions is a powerful incentive for individuals and companies to comply with the securities laws.
The DELS is the contact point for liaison with foreign capital market regulators on information sharing and exchange of information.
The DELS manages the Information Centre. The objective of the Centre is to provide access to capital markets information for the Commission as well as externally to the market and general public. This is done through provision of the following:
- The list of laws administered by the Commission;
- Judgments, Directives and Guidance Notes;
- Policy documents;
- Newspaper and journal articles on capital markets; and
- Other relevant documents and information.