Bill 10 2020 - SECURITIES (AMENDMENT) BILL

[28th February 2020] Supplement to Official Gazette i SECURITIES (AMENDMENT) BILL, 2020 (Bill No. 10 of 2020) OBJECTS AND REASONS The Beneficial Ownership Bill, 2020 (Bill No. 3 of 2020) was published in the Official Gazette on 4th February, 2020 and laid before this August House for consideration. In view of the enactment of the said legislation, certain consequential amendments are required to be made in the Securities Act (Cap. 208). This Bill seeks to amend section 2 of the Securities Act (Cap. 208) to define the term “recognized jurisdiction” and to repeal Schedule 2 of the said Act. Dated this 28th day of February, 2020. FRANK D.R. ALLY ATTORNEY-GENERAL ——————— [28th February 2020] Supplement to Official Gazette iii SECURITIES (AMENDMENT) BILL, 2020 (Bill No. 10 of 2020) A BILL OF AN ACT to amend the Securities Act (Cap. 208). ENACTED by the President and the National Assembly. 1. This Act may be cited as the Securities Short title and (Amendment) Act, 2020 and shall come into operation on such commencement date as the Minister responsible for Finance may appoint, by Notice published in the Gazette. iv Supplement to Official Gazette [28th February 2020] 2. The Securities Act is hereby amended as follows: — Cap 208 (a) in section 2(1), by repealing the definition of “recognized jurisdiction” and substituting therefor the following new definition: — “recognized jurisdiction” means a jurisdiction in which a regulatory authority for securities market is an ordinary member of the International Organisation of Securities Commissions;”; (b) by repealing Schedule 2.