Among the many ways the  Securities and  Exchange Commission protects investors in the capital markets is through the authorization of Collective Investment Schemes. in other parts of the world , these are known as Mutual Funds. Section 121 of the Securities Act requires a CIS to be authorized by the Commission before being offered to the public and it is an offence under the Securities Act to offer a CIS to the public that is not authorized by the Commission. CISs to be established in Zambia or established elsewhere must comply with the  Securities subsidiary legislation, the Securities (Collective Investment Schemes) Rules, commonly referred to as the “CIS Rules”.  The CIS rules prescribe among others rules pertaining to the establishment of the CIS, operation, investment restrictions, reporting requirements, how meetings of members are to be conducted etc. Rule 5 of the CIS Rules prescribes the documentation to be submitted when an applicant makes and application for authorization of a CIS. The documents are as required are as follows;