IN EXERCISE of the powers contained in Parts III, V and VI and section 221 of the Securities Act, 2016 the following Regulations are hereby made:
In these Regulations, unless the context otherwise requires –“applicant” means an individual, group of persons or
promoter who submits a complete application for a license, variation of a license or amendment of an
application for a license, as the case may be, in accordance with the Act and these Regulations, and
the word “application” shall be construed accordingly; “banking laws” means the requirements set out in the
Banking and Financial Services Act and the Bank of Zambia Act;