On 1st July 2019, the Commission issued the Directive on the submission of returns and payments for the secondary market bond trades, Directive No.1 of 2019 which came into effect on the same day. The Directive brought into implementation the provisions of section 9(2)(j) of the Securities Act No. 41 of 2016 which requires the SEC to regulate margin requirements, capital adequacy requirements, disclosure and reporting requirements and clearing and settlement requirements, as may be prescribed.