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Zambia Statutory instrument

Zambia legislation

Banking and Financial Services (Bureau de Change) Regulations, 2003

This is the Interpretation section for Part II. The Bank of Zambia has power to call for information. The Bank of Zambia may set maximum or minimum amounts for transactions. Section heading: prohi…

administrative procedureanti-money launderingapplication formapplication formsapplication requirementsbank accountsBanking and financebanking conductbureau de change compliancebureau de change regulationbureau operationsbureaux de changebusiness conductBusiness registrationbusiness location approvalcapital requirementscash transactionscompany disclosurecompliance deadlinesconfidentialitycontact informationcorporate disclosureCompany lawcounterfeit foreign exchangecounterfeit goodscurrency exchangecustomer complaintscustomer noticedelegation of authoritydirector appointmentdirector compliancedirector disclosuredirector disqualificationdirector informationdirector or officer disclosuredisclosuredisclosure questionnairedocument complianceEmployment lawemployment screeningexchange ratesexecutive officer disclosurefeesfiduciary conductfinancial statementsfit and proper informationfit-and-proper inquiryforeign currency transactionsforeign exchangeforeign exchange bureauforeign exchange bureau operationsforeign exchange businessforeign exchange licensingforeign exchange operationsforeign exchange positionsforeign exchange returnsforeign exchange transactionsincorporationinsolvencyinspectioninspection/display of licenceAnti-corruptionlicence applicationlicence compliancelicence revocationlicence surrenderlicence transferlicence validityBusiness registrationlocation disclosuremisconduct disclosuremonetary thresholdsnomineeobstruction offenceoffencesofficer disclosureofficial immunityownership disclosurepenaltiesquestionnaire compliancereceiptsrecord productionrecord updatingrecordkeepingregulatory complianceregulatory conditionsregulatory enforcementregulatory inspectionregulatory investigation historyrelated partyreportingseizureshareholder informationshareholdingsubsidiarytransaction chargestransaction limitstrusteevoting power
Jurisdiction
Zambia
Structure
93 provisions
Citation
SI 38 of 2003
Dates
As at 11 Apr 2003
More statute details
Dates
As at 11 Apr 2003

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01

Purpose and legislative effect

“This is the Interpretation section for Part II.”

This is the Interpretation section for Part II. The Bank of Zambia has power to call for information. The Bank of Zambia may set maximum or minimum amounts for transactions. Section heading: prohibition of unlicensed foreign exchange business. Section 14 is titled “Revocation of licence and right of appeal.”

02

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Interpretation

This is the Interpretation section for Part II.

Section 2

Section 111

This licence is issued under the named regulations and stays valid until it is revoked or surrendered to the Registrar.

Section 111

04

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Source record from zambialii.org · As at 11 Apr 2003

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Showing 93 of 93 provisions

Provision 77Offence 11Amendment 2Commencement 2
§ 2InterpretationInterpretation

This is the Interpretation section for Part II.

2. Interpretation PART II AurnoRITYOFBANKoFZAMB�
Section 2Verify source

Part

PART II

§ 5Power of the Bank of Zambia to call for informationProvision

The Bank of Zambia has power to call for information.

5. Power of the Bank of Zambia to call for information
Section 5Verify source
§ 6Bank of Zambia may prescribe maximum or minimumProvision

The Bank of Zambia may set maximum or minimum amounts for transactions.

6. Bank of Zambia may prescribe maximum or minimum amounts for transactions
Section 6Verify source
§ 8Prohibition of unlicenced foreign exchange businessProvision

Section heading: prohibition of unlicensed foreign exchange business.

8. Prohibition of unlicenced foreign exchange business PART III LICENC!NG
Section 8Verify source
§ 3The Bank of Zambia shall be the regulatory authority Authority ofProvision

The Bank of Zambia is the regulatory authority for these Regulations.

3. The Bank of Zambia shall be the regulatory authority Authority of for the purposes of giving effects to these Regulations. Bank of Zambia 132 Delegation of powers by Registrar Power of Bank of Zambia to call for information Bankof Zambia may prescribe maximum or minimum amount for transactions Sale of excess foreign exchange Statutory Instruments 11th April, 2003
Section 3Verify source
§ 4The Registrar may, to such extent and subject to suchProvision

The Registrar may delegate any of the Registrar’s powers to a person or class of persons, within limits and conditions the Registrar considers proper.

4. The Registrar may, to such extent and subject to such conditions as the Registrar may consider proper, delegate to any person or class of persons the performance of any of the powers conferred upon the Registrar in these Regulations.
Section 4Verify source
§ 5The Bank of Zambia may require a bureau to furnishProvision

The Bank of Zambia may require a bureau to provide foreign exchange transaction details or returns in a format the Bank of Zambia prescribes.

5. The Bank of Zambia may require a bureau to furnish details of any of its foreign exchange transactions or provide returns in a format prescribed by the Bank of Zambia giving details of its foreign exchange transactions. •
Section 5Verify source
§ 6The Bank of Zambia may prescribe the maximum orProvision

The Bank of Zambia may set maximum or minimum amounts for over-the-counter cash transactions a bureau may do.

6. The Bank of Zambia may prescribe the maximum or minimum amount of any over the counter cash transactions a bureau may engage in. •
Section 6Verify source
§ 7Section 7Provision

A bureau must keep its open foreign exchange position within the limit prescribed by the Bank of Zambia and sell any foreign exchange above that limit.

7. (1) The maximum open foreign exchange position, consisting of foreign exchange available at a bureau and the balances in its foreign exchange accounts with any bank or banks, that a bureau may maintain at the close of business on any day shall be no more than a per centum of regulatory capital prescribed by the Bank of Zambia. (2) A bureau shall sell any foreign exchange above the open foreign exchange position prescribed by these Regulations. PARTIIl LICENCING Prohibition of unliccnced foreign exchange business
Section 7Verify source
§ 8(1) Any person other than a bank or a company licencedOffence

Only banks and companies licensed under these Regulations may deal in or conduct business buying or selling foreign exchange.

8. (1) Any person other than a bank or a company licenced under these Regulations shall not deal in or conduct any business of buying or selling any foreign exchange. (2) Any person who contravenes subregulation (1) commits an offence and is liable on conviction to a fine not exceeding fifty thousand penalty units or to imprisonment for a term not exceeding two years, or to both. Application for liocucc
Section 8Verify source
§ 9(1) A company shall apply to the Registrar for a licenceProvision

A company must apply to the Registrar for a licence, use the words “Bureau de Change” in its name, and include a non-refundable fee and listed documents with the application.

9. (1) A company shall apply to the Registrar for a licence in Form I set out in the Schedule to these Regulations. (2) A company applying for a licence shall have in its name the words" Bureau de Change". (3) An application for a licence shall be accompanied by a non-refundable application fee of thirty thousand fee units and the following documents: • • • • • 11th April, 2003 Statutory Instruments 133 (a) memorandum and articles of association of the applicant company; (b) certified copies of directors' passports; (c) lease agreement, where the premises to be used are rented; ( d) a copy of the business plan; (e) a copy of the audited accounts; (/) a copy of the certificate of incorporation; (g) a director's questionnaire in Form III set out in the Schedule to these Regulations; and (h) vital statistics form in Form II set out in the Schedule to these Regulations.
Section 9Verify source

Part

PART III

§ 14Revocation oflicence and right of appealProvision

Section 14 is titled “Revocation of licence and right of appeal.”

14. Revocation oflicence and right of appeal
Section 14Verify source
§ 15Honouring of obligations on revocation of licenceProvision

This section is titled “Honouring of obligations on revocation of licence,” but the provided text does not set out any operative rule.

15. Honouring of obligations on revocation of licence Copies of this Statutory Instrument can be obtained from the Government Printer, P.O. Box 30136, 10100 Lusaka. Price K7,500 each. • • ,... 130 Statutory Instruments II th April, 2003
Section 15Verify source
§ 17Registrar may make enquiryProvision

The Registrar may make an enquiry.

17. Registrar may make enquiry PART IV MODE OF OPERATION
Section 17Verify source

Part

PART IV

§ 19Nature of Bureaux de Change businessProvision

Section title only: Nature of Bureaux de Change business.

19. Nature of Bureaux de Change business
Section 19Verify source
§ 20Prohibition of forward purchases and salesProvision

This provision is titled “Prohibition of forward purchases and sales.”

20. Prohibition of forward purchases and sales
Section 20Verify source
§ 22Bureaux of display rates and commissionsProvision

Section title: Bureaux of display rates and commissions.

22. Bureaux of display rates and commissions
Section 22Verify source
§ 30Submission of returnsProvision

Section heading: “Submission of returns”; the source text also shows the next heading, “Duty to maintain adequate accounting control systems and records.”

30. Submission of returns 31 Duty to maintain adequate accounting control systems and records
Section 30Verify source
§ 33Seizure of counterfeit foreign exchangeProvision

This section is titled “Seizure of counterfeit foreign exchange.”

33. Seizure of counterfeit foreign exchange
Section 33Verify source
§ 34Disqualification of certain persons from management ofProvision

This section is about disqualification of certain persons from management of the Bureau.

34. Disqualification of certain persons from management of • Bureau
Section 34Verify source
§ 36Immunity of Bank of Zambia officials, etcProvision

This section concerns immunity for Bank of Zambia officials and related persons.

36. Immunity of Bank of Zambia officials, etc
Section 36Verify source
§ 37Customer complaintsProvision

The provision heading indicates rules about customer complaints and keeping transactions confidential, but no operative text is provided here.

37. Customer complaints 3 8. Transactions to be in confidence
Section 37Verify source
§ 41Power of Bank of Zambia to amend feesAmendment

The Bank of Zambia has power to amend fees.

41. Power of Bank of Zambia to amend fees
Section 41Verify source
§ 42Savings and transitional provisionsProvision

This section is titled “Savings and transitional provisions” and the text shown does not state a specific operative rule beyond the regulations being made under the Banking and Financial Services Act.

42. Savings and transitional provisions SCHEDULE • 'I ,. : ... . - ' . • • ' • • 11th April, 2003 Statutory Instruments 13 I IN EXERCISE of the powers contained in section one hundred and twenty-four of the Banking and Financial Services Act, the following Regulations are hereby made: PART I PRELIMINARY I. These Regulations may be cited as the Banking and Financial Services (Bureau de Change) Regulations, 2003. In these Regulations, unless the context otherwise
Section 42Verify source
§ 18( 1) The Banlc of Zambia shall prescribe the minimumOffence

The Bank of Zambia may set a bureau’s minimum capital by Gazette notice, and affected bureaus must reach that level within 90 days after the Regulations start.

18. ( 1) The Banlc of Zambia shall prescribe the minimum primary and regulatory capital of a bureau by Gazette notice. • (2) A bureau that is operating at the date of the coming into furce of these Regulations and that does not meet the minimum capital requirement shall build up its capital to the prescribed level by no later than ninety days from the coming into force of these Regulations. (3) Any' bureau which, or person who, contravenes sub­ regulation (2) commits an offence and is liable upon conviction to a fine not exceeding ten thousand penalty units and in the case of a continued contravention, a further fine not exceeding five thousand penalty units for every day that the contravention continues: Provided that the further fine referred to in this subregulation shall not exceed fifty thousand penalty units.
Section 18Verify source
§ 19(!) A bureau shall only engage inProvision

A bureau may only carry on specified foreign-exchange business, must keep a foreign exchange account for day-to-day operations, and must not make customer transfers through its accounts.

19. (!) A bureau shall only engage in- (a) over the counter buying and selling of foreign exchange cash; (b) buying and selling travelers cheques; and (c) buying ';md selling such other instrument as may be prescribed by the Bank of Zambia. (2) A bureau sh�! open and maintain a foreign exchange account with a banlc shall enspre that the account is solely used for the day to day operations of the bureau. (3) A bureau shall 'not in the operation of its accounts remit, receive or make any transfer on behalf of its customer.
Section 19Verify source
§ 20A bureau shall not, nor shall any of its officers or membersProvision

A bureau and its officers or staff must not take Kwacha or foreign exchange from a customer to exchange it for the other currency at a later date.

20. A bureau shall not, nor shall any of its officers or members ofstaff- (a) deposit or accept Kwacha from a customer with intent to obtain or supply the foreign exchange equivalent either wholly or in part at a future date; or (b) deposit or accept foreign exchange from a customer with the intent of obtairiing or supplying the kwacha equivalent either wholly, or in part at a future date.
Section 20Verify source
§ 21(1) A bureau shall, for every sale and purchase of foreignProvision

A bureau must issue an accurate official receipt in Form V for each foreign exchange sale or purchase, and must not use that receipt for any other purpose.

21. (1) A bureau shall, for every sale and purchase of foreign exchange, issue an accurate official receipt in Form V set out in the Schedule to these Regulations. (2) A bureau shall not issue the receipt referred to under mbregulation (I) for a purpose other than to cover an actual purchase or sale of foreign exchange. Nature of bureau business Prnhibiticm of fm;ad c:!:"" hy • • • 1 1th April, 2003 Statutory Instruments 137
Section 21Verify source
§ 22(1) A bureau shall display exchange rates in a conspicuousOffence

A bureau must display exchange rates and transaction charges clearly, and trade foreign currencies only at or within the displayed rates.

22. (1) A bureau shall display exchange rates in a conspicuous place at any premises at which it conducts its business in accordance with guidelines issued by the Bank of Zambia. Bureau to dispaly rates, commis­ sions, etc (2) A bureau shall buy and sell foreign currencies at or within the rates displayed. (3) A bureau shall display the commission to be charged on any transaction or other charges applicable in a clear and prominent manner at all places where it conducts its business. (4) Any bureau which, or person who, contravenes the provisions of this regulatiort commits an offence and is liable, on conviction, to a fine not exceeding fifty thousand penalty units or to imprisonment for a term not exceeding two years, or to both.
Section 22Verify source
§ 23A bureau shallProvision

A bureau must run its business honestly and carefully, deal only in bona fide transactions, and avoid transactions that may involve money laundering.

23. A bureau shall- (a) conduct its business with integrity, prudence and professional skill; (b) engage only in bona fide transactions; (c) exercise care and caution and avoid entering into transactions, that may involve or facilitate money laundering .
Section 23Verify source
§ 24Subject to regulation 23, a bureau shall not refuse to buy orProvision

A bureau must not refuse to buy or sell foreign exchange to a customer at the indicated rates if the foreign exchange is available at the bureau, subject to regulation 23.

24. Subject to regulation 23, a bureau shall not refuse to buy or sell any foreign exchange to any customer at or within the indicatd rates where the foreign exchange required by the customer is available at the bureau.
Section 24Verify source
§ 25( 1) A bureau shall not without the prior written approvalProvision

A bureau must get the Bank of Zambia’s prior written approval before opening a new place of business or changing its business location.

25. ( 1) A bureau shall not without the prior written approval of the Bank of Zambia- (a) open a new place of business; or (b) change its business location. (2) The Bank of Zambia may, in granting its approval under­ sub-regulation ( 1) impose such conditions as it considers fit.
Section 25Verify source
§ 26A bureau shall not, without the Bank of Zambia's priorProvision

A bureau must not change its shareholding, directors, senior management, or name without the Bank of Zambia’s prior approval.

26. A bureau shall not, without the Bank of Zambia's prior approval make any changes in its shareholding, directors, senior management or the name of the bureau. Cmdud of bwaw business Duty lo buy or sell foreign exchange Change of Location Nolioc of cbqes in shmdioldilll!, dircclDm and senior ll1IIDljjOIDCIII
Section 26Verify source
§ 27A person who has de-jure control or de facto control of a OMlcrahipProvision

A person controlling one bureau must not own shares in, or acquire or maintain control of, another bureau.

27. A person who has de-jure control or de facto control of a OMlcrahip bureau shall not own any share in the capital of, or acquire or maintain de-jure or de factor of any other bureau . • • • 138 Statutory Instruments 1 1th April, 2003 PART Y MISCELLANEOUS Power s of inspection
Section 27Verify source

Part

PART I

§ 2Section 2Provision

This section defines key terms used in the Regulations, including bureau, company, foreign exchange, licence, person, and Registrar.

2. require:- " bureau " means a bureau de change licenced under these Regulations to conduct the business of buying and selling foreign exchange; " Company " means a company registered under the Companies Act; " foreign exchange " includes- Title Interprets- tion Cap.388 (a) bank notes and coins other than the currency of Zambia which are legal tender outside Zambia; (b) a unit of account of an international body to which Zambia is a member; (c) any financial instrument denominated in a currency other than that of Zambia; (d) any right to receive foreign bank notes or coins in respect of any balance at a financial institution located within or outside Zambia; (e) travellers cheques, credit cards and other modes of payment; and (I) any other instrument or modes of payment that the Bank of Zambia may prescribe. " licence" means a licence issued under Part III of these Regulations; " person " includes an individual, a company, a partnership, an association and any group of persons acting in concert, whether or not incorporated; and " Registrar " means the person appointed as Registrar of.banks and financial institutions under the Act. PART II AUTHORITY OF BANK OF ZAMBIA
Section 2Verify source

Part

Schedule to these Regulations; and

§ 10(1) The Registrar shall, within one hundred and twentyProvision

The Registrar must consider a complete licence application within 120 days, inspect the proposed business premises before granting a licence, tell the applicant the decision within 7 days after the decision period ends, and issue the licence if approved and the fee is paid.

10. (1) The Registrar shall, within one hundred and twenty days fro111 the date of receipt of a complete application for a licence, consider the application. Dctcnnina� tion of application (2) Where the Registrar is satisfied that the applicant is a fit and proper person to be licenced as a bureau and has complied with the requirements of these Regulations, the Registrar shall approve the application and may refuse to grant a licence where the Registrar is not so satisfied. (3) For the purpose of this regulation, a complete application is one that is verified by the Bank of Zambia as fully meeting all the requirements of these Regulations. (4) The Registrar shall, before granting a licence under -this Part, cause an inspection to be conducted of the proposed place of business. (5) The Registrar shall, within seven days after the expiration of the period prescribed under sub-regulation (1) infQ_rm the applicant of the decision. ( 6) Where the Registrar refuses to grant a licence, the Registrar shall inform the applicant accordingly giving reasons for the refusal. (7) The Registrar shall, where an application is approved by the Registrar, and upon the payment of a fee of sixty thousand fee units by the applicant, issue the applicant with a licence in Form IV set out in the Schedule to these Regulations. (8) A fee of thirty thousand fee units shall be payable for every additional branch of a bureau. 134 Scope of and duration of licence Display of licence Restriction on transfer Revocation of licence and right of appeal Statutory Instruments I Ith April, 2003
Section 10Verify source
§ 11(!) A licence authorises its holder to conduct theProvision

A licence lets its holder run a bureau de change at the licensed business locations.

11. (!) A licence authorises its holder to conduct the business of a bureau de change at the place or places of business specified in the licence. (2) A licence shall remain valid unless it is revoked or surrendered to the Registrar. (3) A fee of sixty thousand fee units shall be payable on the renewal of a licence. ( 4) A licence shall lapse if not renewed in accordance with the provisions of these Regulations. (5) A licence may be issued subject to such terms and conditions as the Bank of Zambia may detennine.
Section 11Verify source
§ 12(!) A bureau shall display or exhibit its licence or aOffence

A bureau must display its licence or a certified true copy at a conspicuous place on its business premises. The Bank of Zambia may fine a bureau that contravenes this rule.

12. (!) A bureau shall display or exhibit its licence or a certified true copy thereof in a conspicuous place on the premises where it conducts its business. (2) The Bank of Zambia shall fine any bureau which contravenes this Regulation an amount of one thousand penalty units and, in the case of a continuing breach, a further fine of five hundred penalty units for every day during which the contravention continues: Provided that the further fine referred to in this subregulation shall not exceed fifty thousand penalty units.
Section 12Verify source
§ 13(!) A licence shall not be transferred, assigned orOffence

A person must not operate or manage a bureau on behalf of another bureau. Breaches are offences punishable on conviction by a fine of up to 1,000 penalty units, imprisonment for up to 2 years, or both.

13. (!) A licence shall not be transferred, assigned or encumbered in any manner. (2) A person shall not operate or manage a bureau on behalf of another bureau. (3) Any person who contravenes this regulation commits an offence and is liable upon conviction to a fine not exceeding one thousand penalty units or to imprisonment for a term not exceeding two years, or to both.
Section 13Verify source
§ 14(!) The Registrar shall revoke a licence whereCommencement

The Registrar must revoke a licence if listed conditions are met, and may require a bureau to show cause before revocation.

14. (!) The Registrar shall revoke a licence where- (a) after the issuance of the licence, the Registrar finds that the information in the application for the licence was false or misleading in a material particular; (b) the licensee has not commenced the operations pennitted under the licence three months after the date of issuance of the licence; (c) the licensee has contravened any provision of these Regulations or any other law applying to the . licence; • • • • • • • 11th April, 2003 Statutory Instruments 135 (d) the licensee has persistently failed to comply with any condition of the licence or instructions issued by the Bank of Zambia; (e) the licensee is placed under receivership or liquidation or is adjudged bankrupt; (I) the licensee has since the issuance of its licence ceased to qualify for the licence; (g) the licensee has engaed in unsafe or unsound practices or in malpractice or irregularities in the management of its affairs; . (h) tl1e licensee's primary and regulatory capital falls below the minimum required by the Bank of Zambia; (i) the licensee has in the course of the renewal of the licence failed to disclose to the Registrar material information of which the licensee was aware, or should, witl1 the exercise of such diligence as could have reasonably been expected in tl1e circumstances, have been aware; or 0) the Registrar considers it appropriate. (2) The Registrar may, by notice in writing, require a bureau to show cause, within seven working days, why the bureau's licence should not be revoked. (3) Where a bureau fails to respond to the notice issued under sub-regulation (2), or if the Registrar is not satisfied with the cause shown, the Registrar may revoke the licence, and shall so inform the bureau in writing.
Section 14Verify source
§ 15The suspension, revocation or expiry of a licence shall notProvision

If a licence is suspended, revoked, or expires, the licensee still remains bound by obligations incurred or assumed while the licence was valid.

15. The suspension, revocation or expiry of a licence shall not relieve the licensee of any obligation incurred or assumed during the period of validity of the licence: Honouring of obligations on revocation of licence
Section 15Verify source
§ 16(!) A bureau may, with the prior written approval of theProvision

A bureau may surrender its licence only with the Registrar’s prior written approval, by hand delivery. It may also give the Registrar three months’ notice before surrendering the licence.

16. (!) A bureau may, with the prior written approval of the Registrar surrender its licence by delivering it by hand to the Registrar. Sum:ndcr of licenc<: by bureau (2) A bureau may, before surrendering its licence, give the Registrar three months notice of its intention to surrender t,h� licence.
Section 16Verify source
§ 17The Registrar may, before exercsing any power under thisProvision

The Registrar may make inquiries or give directions before exercising any power under this Part, if the Registrar considers it fit, to safeguard the public interest.

17. The Registrar may, before exercsing any power under this. Part, make such inquiry or give such directions as the Registrar considers fit, for the purpose of ensuring that the interests of the public are safeguarded. 136 Statutory Instruments 11th April, 2003 PART IV MODE OF OPERATION Capital requirement
Section 17Verify source

Part

PART Y

§ 28(I) The Registrar, t�e Bank of Zambia or any personOffence

The Registrar, the Bank of Zambia, or an authorised person may inspect any bureau and its books at any time. The bureau must produce its books and accounts and make staff information available. Obstructing an inspection is an offence.

28. (I) The Registrar, t�e Bank of Zambia or any person authorised by the Registrar or the Bank of Zambia, may at any time cause an inspection to be made of any bureau and its books of accounts at any place where the bureau conducts its business. (2) The bureau shall cause its books and accounts to be produced to an inspector appointed in sub-regulation ( ! ) and shall ensure that its staff furnishes such information as the inspector may reasonably require for the purpose of the inspection. (3) A person ·who obstructs, hinders or endeavors to obstruct or hinder any inspection of a bureau or its books and accounts commits an offence. Submission of audited accounts
Section 28Verify source
§ 29(I) A bureau shall, not later than three months after theOffence

A bureau must file audited accounts and several types of foreign-exchange returns with the Bank of Zambia on set schedules, and failures can lead to offences and fines.

29. (I) A bureau shall, not later than three months after the end of its financial year, submit its audited accounts to the Bank of Zambia. (2) Any bureau that contravenes this regulation commits an offence and shall be liable upon conviction to a fine not exceeding one thousand penalty units, and a further fine of five hundred penalty units for every day during which the contravention continues: Provided that the further fine referred to in this su bregulation shall not exceed fifty thousand penalty units. • Submission of returns by bureau 3 0. (I) A bureau shall submit a monthly return of all purchases and sales of foreign exchange in Form VII set out in the Schedule to these Regulations. (2) A bureau shall submit to the Bank of Zambia- (a) a weekly return of the sales and purchases and open foreign exchange position, which shall be submitted not later than the close of business on every first working day of the week after which the return is being made; (b) its quarterly balance sheet, profit and loss account and a cash flow statement within ten working days after the end of every quarter in a form prescribed by the Bank of Zambia; and (c) any other returns as may be required by the Bank of Zambia. • 1 1 th April, 2003 Statutory Instruments 139 (3) Any bureau _that contravenes this regulation commits an offence and shall be liable upon conviction to a fine not exceeding one t housand penalty units, and a further fine of five hundred penalty units for every day during which the breach continues: Provided that the further fine referred to in this subregulation shall not exceed fifty thousand penalty units.
Section 29Verify source
§ 31(1) A bureau shall maintain adequate accounting and controlProvision

A bureau must maintain adequate accounting and control systems, keep complete foreign exchange records, and retain its books and records for at least six years after the related transaction date.

31. (1) A bureau shall maintain adequate accounting and control systems and keep complete records and registers relating ,to its foreign exchange business. (2) A bureau shall keep its books, accounts, records and registers for a period of at least six years from the date on which a transaction to which they relate takes place.
Section 31Verify source
§ 32Any person who issues or takes part in the issuance of aOffence

A person who issues, helps issue, or signs a required document that is false in a material way commits an offence.

32. Any person who issues or takes part in the issuance of a document referred to or required to be furnished under the provisions of these Regulations, which is false in any material particular, or any other person who signed it commits an offence and is liable on conviction to a fine not exceeding fifty thousand penalty units or to imprisonment for a term not exceeding two years or both. Duty to maintain adequate accounting control systems and records False documents
Section 32Verify source
§ 33(1) A bureau shall record any case involving counterfeitOffence

A bureau must record counterfeit foreign exchange cases, report them immediately to the Bank of Zambia and the police, confiscate any counterfeit foreign exchange it receives, and hand it to the police immediately.

33. (1) A bureau shall record any case involving counterfeit foreign exchange and shall immediately the case occurs report the matter to the Bank of Zambia and to the police. Seizure of counterfeit foreign exchange (2) A bureau shall confiscate any counterfeit foreign exchange coming into the possession of the bureau and shall immediately hand it over to the police. 34 A person shall not be appointed as a director, officer or manager of a bureau if that person- (a) is not a fit and proper person to hold the relevant office in relation to intergrity or professional expertise; (b) is not a natural person or above the age of twenty-one years; (c) is an un-discharged bankrupt; (d) has been convicted of a felony or any offence involving dishonesty; (e) has been declared or otherwise adjudged in any official proceedings to be mentally incompetent to manage that person's affairs; Disqualifica­ tion of certain persons from management of bureau 140 Statutory Instruments 11th April, 2003 (/) is under suspension or has been removed by order of the Bank of Zambia under these Regulations; or (g) has been a director, chief executive officer, chief financial officer or manager of a bureau whose licence has been revoked or a comapny which has· been adjudged insolvent, entered into composition, with creditors, gone into liquidation, declared bankrupt or has entered into any other arrangement with creditors or taken any other action with similar effect in Zambia or elsewhere and unless that person shows that the person was not responsible for the insolvency, liquidation, composition with creditors or other action with similar effect in Zambia or elsewhere and unless approval of the Bank of Zambia has been given for that person to act or continue to act as a director or be directly concerned in the management of the bureau. Suspension and ianowl of managers 35 (I) The Bank of Zambia may suspend a director or other officer of a bureau from office for any period for non-compliance with these Regulations by notice in writing addressed to the concerned person. (2) The Bank of Zambia may by notice request a director or officer concerned in the management of a bureau show cause why the director or officer should not be removed from office for breach of these Regulations or any other law affecting the operation of the business or for conducting the business in an unsafe and unsound manner. (3) Where a director or officer fails to comply with a notice given under subregulation (I), or the Bank of Zambia is not satisfied with the casue shown under subregulation (2), the Bank of Zambia may remove the director or officer from ojfice.
Section 33Verify source
§ 36The Bank of Zambia, the Registrar or any person authorisedProvision

The Bank of Zambia, the Registrar, and authorised persons are protected from claims or liability for acts or omissions done in carrying out powers or duties under these Regulations.

36. The Bank of Zambia, the Registrar or any person authorised by the Bank of Zambia or the Registrar wider these Regulations shall not be subject to any action, claim or demand by or liability to any person in respect of anything done or omitted to be done in pursuance or in the execution or intended execution or in connection with the execution or intended execution of any power or duty conferred upon the Bank of Zambia or the Registrar by these Regulations. Immunity of Bank of Zambia officials, etc 1 1 th April, 2003 Statutory Instruments 141
Section 36Verify source
§ 37A bureau shall in legible letters written in the EnglishOffence

A bureau must post an English-language notice at its premises about customer complaints to the Bank of Zambia, and the bureau and its staff must keep transactions strictly confidential.

37. A bureau shall in legible letters written in the English language, dispaly on its pnnises a notice informing customers that any complaints about any foreign exchange transaction may be lodged with the Bank of Zambia. 3 8. A bureau and its members of staff shall conduct and ensure that all transactions conducted by the bureau or any member of staff are done and maintained in the strictest confidence. 3 9. Any person who--- (a) engages in the business of a bureau without a licence issued under these Regulations or buys and sells Foreign exchange contrary to the provisions of these Regulations; (b) obstructs any person in the exercise of any powers conferred upon that person under these Regulations; (c) purchases or sells foreign exchange outside the limits set ( d) engages in forward purchases or sales of foreign exchange; (e) fails to provide information required under these by the Bank of Zambia; Regulations; (I) with intent to evade any provision of these Regulations, destroys, mutilates, secretes or removes any document; or (g) contravenes a restriction or duty imposed by these Regulations or fails to comply with any directive issued by the Registrar, authorised person or the Bank of Zambia; commits an offence and is liable on conviction to a fine not exceeding fifty thousand penalty units or imprisonment for a term not exceeding two years, or to both.
Section 37Verify source
§ 40Where a body corporate is convicted of an offence, or isAmendment

If a body corporate is convicted or fined, its directors or managers are treated as having committed the same offence and may be fined. The Bank of Zambia may also amend fees under the Regulations.

40. Where a body corporate is convicted of an offence, or is fined under these Regualtions, any person who is a director of, or who is concerned in the management of, that body corporate shall be deemed to have committed the same offence and is liable to be fined as if the person authorised or permitted the act or omission constituting the offence. 4 1 . The Bank of Zmabia may amend any fees payable under these Regulations. Customer complaints Transactions to be in confidence Offences Offence by bodies corporate Power of Bank of Zambia to amend fees 142 Savings and transitional provisions S.I. No. 44 of 1994 Statutory Instruments 11th April, 2003
Section 40Verify source
§ 42(1) Any bureau operating or in existence before the comingCommencement

Bureaux already operating when these Regulations start must take steps within 30 days to comply, and a bureau may surrender its licence by giving it to the registrar with written notice.

42. (1) Any bureau operating or in existence before the coming into force of these Regulations shall within thirty days of coming into force of these Regulations, take necessary steps required to make it comply with the requirements of these Regulations. (2) Notwithstanding the repeal of the Bank of Zambia (Foreign Currency) Regulations, 1994. (a) a bureau to which sub-regulation (1) applies shall be deemed to hold a licence under these Regulations until the date when the licence last issued to it would, under the former Regulations, have expired; (b) any application pending under the repealed Regulations shall be deemed to have been made under the corresponding provisions of these Regulations; (c) any right or benefit accruing, or liability incurred, under the repealed Regulations shall continue in accordance with and subject to these Regulations; (d) any regulation, order, notice or direction made or given and in force, immediately before the commencement of these Regulations, shall, unless contrary to these Regulations, continue in force until revoked, as if made or given under these Regulations. (3) A bureau to which this regulation applies may surrender its licence by delivering the licence to the registrar together with a notice in writing stating that it does not intend to continue trading as a bureau before expiry of its licence. • 11th April 2003 Statutory Instruments 143 Form ! SCHEDULE (Regulations 9, JO, 21) BANK OF ZAMBIA THE 8ANICTNG AND FINANCIAL SERVICES (BUREAU DE CHANGE) REGULATIONS 2003 APPLICATION FOR A BUREAU DE CHANGE LICENCE
Section 42Verify source

Part

SCHEDULE

§ 46Full name of applicant (block letters)Provision

The form asks for the applicant’s full name in block letters.

46. Full name of applicant (block letters) ......................................................................................... .
Section 46Verify source
§ 47Postal address of applicant (block letters)Provision

The applicant’s postal address is to be given in block letters.

47. Postal address of applicant (block letters) .................................................................................. .
Section 47Verify source
§ 49Section 49Provision

This section is a form-style prompt for providing a registered address, contact details, and location information for a proposed Bureau de Change, including branch locations if any.

49. • Registered Address ····································· ............................ ___ ..................................................................... . Telephone number ................................................ ·----·············· ..................................... . Cell Phone number ........................................... Email address .................................................. . I..ocation of proposed Bureau de Change .................................................................................... . City/Town .................................................... . District. ............................................. Physical Address .............................................................................................................. . Other information on location (if any) ............................................................................ . (b) ( a) (c) ( d) (e) location of branches ............... ___ ......................................................................... . ___ ................................................................................................................ ___ _ ___ .................................... ___ ............................................ ____ _
Section 49Verify source
§ 50(i) Applicant's bankers .............. ____Provision

The provision is a form item for listing the applicant's bankers.

50. (i) Applicant's bankers .............. ____ ........................................................................... . (ii) ................................................ ·----······ ................................................................ ..
Section 50Verify source
§ 51(i) Number of Certificate of IncorporationProvision

This section refers to the number and date of the certificate of incorporation.

51. (i) Number of Certificate of Incorporation ............................................................................... . (ii) Date of certificate of incorporation .................................................................................. .
Section 51Verify source
§ 52Full names and physical addresses of directors and shareholders of the applicant CompanyProvision

The form asks for the full names and physical addresses of the applicant company’s directors, shareholders, and bankers, and for details from people who are holding or seeking director or executive officer roles in a bureau de change.

52. Full names and physical addresses of directors and shareholders of the applicant Company and their bankers: Name Address ................... ___ _ Name of Bank ·> • 144 Statutory Instruments l lthApril, 2003 BANKOFZAMBIA 'fHEBANKINGANDFlNANClALSERVICE; (BUREAU DECHANGE) RB3ULATIONS 2003 VITAL STAnSTICS FoRM roR SHARaJOU>FRS AND DIRECrOR FormII • PART A(This Part applies to Zambian citizens only) Name: .... ---------- DateofBirth ..................................... , ____ ........... PlaceofBirth .................................................. . Passport No.lNRC No ..................... &.piry date (if passport No-:1rufrcated) ........... . ResidentialAddress .................................... ____ Telephone No ................................................ . . ............. Tf\lephone NO ................................................. . BusinessAddress............................. . / C. Marita!Status................ Name of Spouse........................ Next of kin�---................................................... Name of Parents .............................................. . .. ................... Identity card number ................... __ _ ... Nt/children ............. ____ ...... . PART B (This Part applies to Non-Zambians only) Name:................... .. ..................... ResidentiaIAddres.�--- Irnrnigralion Permit No . ................................................. Passport No . .................................................. . Wolle Permit No . .......................................................... Valid from ................................... to ................... . Passport Expiry Dat ............................. Entry Date into Zambia. ........................................ .. PARTC (Applies to both Zambian and Non-Zambians ) Educational background: .................................... ---······ .. ·· ........ ___ .................................. .. • Employment Record ........................................ , _____ _ ·---.................................... ,------···· .. ·· .. · .... · ...................... ______ _ --------------·--- ................ _______ _ ................................. , _______ ............................................................... , ___ _ ................................................ _______ ........................................ , ______ _ ______ ...................................................................................................... ____ _ ·-----......................... ______ ....................................... . ___ _____ ......................... .. Lastemployerwhere applicable ........................ ____________ ....................... .. Employer'sreferen,=---- · ........................... , ______________ _ Signature ............................... _____ _ Date .. ------------- • 145 Fonnill PthApril 2003 Statutory Instruments BANK OF ZAMBIA Thi! BANKINOAND fiNANaALSERv!cm (BUREAU Dl!CHANGE) Rfouu.DONS 2003 DmECIORSQuBmoNNAnu, SfAlEMENTBY fNDMDUAUi WHO ARE H0lDJNG. OR AREPROf'OSING10H0ID 'fHEOfFJCE OP A DIRECIOROR AN EXECUTIVE OFFICER OF A BUREAU DBCIJANGE ( if insufficient space provided, please attach a separate sheet) (Confidential and not available for inspection by the public) I. Name of institution in connection with which this questionnaire is being completed (" the institution") ----.. ······ ................................................................................. -----················· ······························································································································---
Section 52Verify source

Part

PART B (This Part applies to Non-Zambians only)

§ 4Fonner surname (s) and Or forename (s) by which you may have been knownProvision

This section asks for any former surnames and other forenames you may have used.

4. Fonner surname (s) and Or forename (s) by which you may have been known: ·······························---································································-----···················
Section 4Verify source
§ 5Please state in what capacity you are completing this questionnaire, i.e. as a current or prospectiveProvision

The person filling in the questionnaire must say what capacity they are completing it in, give their full title, describe their duties and responsibilities, say whether a director has executive responsibility, and provide a CV unless already provided.

5. Please state in what capacity you are completing this questionnaire, i.e. as a current or prospective director, executive officer or combination of these. Please state your full title and describe the Particular duties and responsibilities attaching to the position(s) that you hold or will hold. If you are completing this form in the capacity of director, indicate whether, in your position as director, you have or will have executive responsibility for the management of the institution's business. In addition, pl�e provide a copy of your curriculum vitae, unless it has already been provided: .................................................................................................................. ·---····· ................. ..
Section 5Verify source
§ 6Residential addressProvision

6. Residential address: ·······························································--- --- ---····························

6. Residential address: ·······························································--- --- ---····························
Section 6Verify source
§ 7Any previous residential address (es) during the past IO yearsProvision

This section refers to any previous residential address(es) during the past 10 years.

7. Any previous residential address (es) during the past IO years: ··················································································································---···························
Section 7Verify source
§ 8Dale and place of your birth (including town or city)Provision

Section heading for “Dale and place of your birth (including town or city)”.

8. Dale and place of your birth (including town or city): ·············································································---·································································
Section 8Verify source
§ 9Your nationality and liow it was acquired (birth, naturalisation or marriage)Provision

This section asks for the person's nationality and how it was acquired, plus banking and professional qualification details.

9. Your nationality and liow it was acquired (birth, naturalisation or marriage): ---·································································································································· JO. Name(s) and address (es)ofyour bankers during the past IO years: ··················································---························································································· II. Your professional qualifications and year in which they were obtained: ·····························································--------···························································
Section 9Verify source
§ 12Your occupational and employment now and during the past IO years including the name of yourProvision

This section asks for your occupational and employment history for the current period and the past 10 years, including employer names, business nature, positions held, and relevant dates.

12. Your occupational and employment now and during the past IO years including the name of your • employer in each case, the nature of the business, the position held and relevant dates: ---··················----- ----··························· 146 Statutory Instruments 11th April �003
Section 12Verify source
§ 13Of what bodies corporate (other than the institution) are you a director or an executive officer andProvision

This provision asks which other bodies corporate you are a director or executive officer of, and since when.

13. Of what bodies corporate (other than the institution) are you a director or an executive officer and since when? ······· .. · .............................................................. __ _
Section 13Verify source
§ 14Do you have any director indirect interest representing 15 percent or more of the issued capitalProvision

This provision asks whether a director has any indirect interest of 15% or more in the issued capital of a body corporate other than the institution, registered or applying for authorisation under the Act.

14. Do you have any director indirect interest representing 15 percent or more of the issued capital of any body corporate (other than the mstitution) that is now registered, or has applied for authorisation, under the Act? If so give particulars: ..................... · ....................................................................................................................................... .
Section 14Verify source
§ 15Of what bodies corporate other than the institution and those listed in reply to Question 13 haveProvision

It asks you to name any bodies corporate, other than the institution and those already listed, where you have served as a director or executive officer in the past 10 years, and to give the relevant date.

15. Of what bodies corporate other than the institution and those listed in reply to Question 13 have you been a director or an executive officer at any time during the past 10 years?. Give relevant date:
Section 15Verify source
§ 16Do any of the bodies corporate listed in reply to Question 12, 13, 14 and 15 maintain a businessProvision

Asks whether any listed bodies corporate maintain a business relationship with the institution, and if so, to give particulars.

16. Do any of the bodies corporate listed in reply to Question 12, 13, 14 and 15 maintain a business ............................................... , ____ ................... ·---············· ........................................ . ----............................................................................................... ---········· .. ·· ........... . relationship wiih 'the institution? If so, give particulars:
Section 16Verify source
§ 17Do you hold or have you ever held or applied for a licence or equivalent authorisation to carry onProvision

It asks whether you have ever held or applied for a licence or similar authorisation to carry on a business activity in Zambia or elsewhere, and if so to provide details.

17. Do you hold or have you ever held or applied for a licence or equivalent authorisation to carry on any business activity in the Republic of Zambia (" the Republic ") or elsewhere? If so, give particulars, if any such application was refused or withdrawn after it was made or any authorisation was revoked, give particulars: ............................................................................................................................................................
Section 17Verify source
§ 18Does any institution with which you are, or have been associated as director or executive officeProvision

If an institution you are or were associated with as a director or executive officer has a licence, has ever held one, or applied for one, you must give particulars; the same applies if an application was refused, withdrawn, or an authorisation was revoked.

18. Does any institution with which you are, or have been associated as director or executive office hold, or has it ever held or applied for, a licence or equivalent authorisation to carry on any ,. business activity? If so, give particulars. If any such application was refused, or was withdrawn after it was made or an authorisation revoked, give particulars: .............................................................................................................................................................
Section 18Verify source
§ 19Have you at any time been convicted of any offence, excludingOffence

You are asked whether you have ever been convicted of an offence, with some offences excluded.

19. Have you at any time been convicted of any offence, excluding (i) any offence committed when you were under 18 years, unless the same was committed within the last 10 years: ____ .................................................................. . (ii) any road traffic offence: ........................................................................................................ or (iii) any political offence: ............................................................................................................... .
Section 19Verify source
§ 20Have you, in Zambia or elsewhere, been censured, disciplined, warned against some conduct, orProvision

This item asks whether you have ever been censured, disciplined, warned, made subject to a court order, or held a practising certificate with conditions, and if so to provide details.

20. Have you, in Zambia or elsewhere, been censured, disciplined, warned against some conduct, or made the subject of a court order at ti\.: instigation of a regulatory authority or any professional body to which you belong or belonged, have you ever held a practising certificate subject to conditions? If so, give particulars: ..............................................................................................................................................................
Section 20Verify source
§ 21Have you, or has any body corporate, partnership or unincorporated institution which you are, orProvision

This asks whether you, or an associated body corporate, partnership, or unincorporated institution, have been investigated and to give details if so.

21. Have you, or has any body corporate, partnership or unincorporated institution which you are, or have been, associated with a director or,executive officer, been the subject of an investigation, in Zambia or elsewhere, by or at the instigatio� of a government department or agency, professional association or other regulatory body if so, give particulars: ............................................................................................................................................................ 11th April 2003 Statutory Instruments 147
Section 21Verify source
§ 22Have you. in 'Zambiaorelsewherc. been dismissed from any office or employment, or�ubject toProvision

The form asks whether you have ever been dismissed, disciplined by an employer, or barred from a profession, and asks you to give particulars if so.

22. Have you. in 'Zambiaorelsewherc. been dismissed from any office or employment, or�ubject to disciplinaly.,,.,_vnp hy youremployerorlwTed fromentty to any profession or occupation? If so, give poniculars: ......................................................... ---··················································································
Section 22Verify source
§ 23Hove you ever been declared insolvent (either provisionally or finally)by a court in 2'ambia orProvision

You are asked whether you have ever been declared insolvent or found liable for fraud, misfeasance, or other misconduct, and to give particulars if so.

23. Hove you ever been declared insolvent (either provisionally or finally)by a court in 2'ambia or elsewhere. liable for any fraud, misfeasance or other misconduct towards any pcmon? If so, give particulan: •
Section 23Verify source
§ 24Have you. in connection with the formation or management of any body corporate, partnership orProvision

You are asked whether you have ever been found civilly liable by a court, in Zambia or elsewhere, for fraud, misfeasance, or similar misconduct linked to managing certain organizations; if yes, give details.

24. Have you. in connection with the formation or management of any body corporate, partnership or unincorporated institution; been adjudged by a court in Zambia or elsewhere, civilly liable for any fraud, misfeasance or other misconduct towards any members thereof? If so give particulars: ····························································································----··············································
Section 24Verify source
§ 25Have you, in connection with the fonnation or management of any body corporate, partnershipProvision

The form asks whether you have been found civilly liable in Zambia or elsewhere for fraud, misfeasance, or other misconduct in connection with forming or managing a body corporate, partnership, or unincorporated institution.

25. Have you, in connection with the fonnation or management of any body corporate, partnership . or unincorporated instib.ltion, been adjudged by a court in Zambia or elsewhere. civilly liable for any fraud, min� or other misconduct towards any members thereof/ If so, give particulars: ......................................................... ·-------···· .. ··••·······•·•••·······•······•··•······••··· .. ······-
Section 25Verify source
§ 26Has any bcxly corporate, partnership or unincorporated institution with which you wen, associatedProvision

This question asks whether any company, partnership, or other institution you were associated with as a director or executive officer has been wound up, put into administration, settled with creditors, ceased trading, or had a similar event.

26. Has any bcxly corporate, partnership or unincorporated institution with which you wen, associated as a director or executive officer, in Zambia or elsewhere, been .wound up, made subject to an administration otdei, otherwise made any compromise or arrangement with its creditors or ceased tnding, either while you were associated with it or within one year after you ceased to be associated with it, or has anything analogous to any of these events occurred under the laws of any other jurisdiction? If so, give particulars: ............................ ____ _ _______ , ...................... ..
Section 26Verify source
§ 27Hove yoo been concerned with the manageme�t or conduct of.the affairs of any institution thatProvision

If this applies to you, you must give particulars about it.

27. Hove yoo been concerned with the manageme�t or conduct of.the affairs of any institution that. by reason of any matter relating to a time when you were so concerned, has been censured, warned as to furu� conduct, discipline or made the subject of a coun. order at the instigation of any regulatory authority in 2.ambia or elsewhere? If so, give particulars: ···•·•·•·· .. ····------·················------- --------
Section 27Verify source
§ 28In carrying out your duties, will you be acting on the airectors or instructions of any other individualProvision

This item asks whether, while carrying out your duties, you will be acting on the directions of another individual or institution, and if so, to give particulars.

28. In carrying out your duties, will you be acting on the airectors or instructions of any other individual or institution? If so, give particulars: ............. ·············--------····························----··--········--······--··· ........ ..
Section 28Verify source
§ 29Do you,ordoes any related party of whom you ore aware, undertake business with this inslitution?Provision

It asks whether you or any related party you know about do business with this institution, and if so, to provide particulars.

29. Do you,ordoes any related party of whom you ore aware, undertake business with this inslitution? If so, give particuhirs:
Section 29Verify source
§ 30How many slwes in the institution are registered in yournamcorthenameof a r.Jat,d pony) ifProvision

This text asks how many shares are registered in your name and, if applicable, the names and class of shares.

30. How many slwes in the institution are registered in yournamcorthenameof a r.Jat,d pony) if applicable, give name (s) in which r.gislerodllld class ofshan,s: ,
Section 30Verify source
§ 31How many shaJes in the institution regisleffil in your name or that of n related party an, relaledProvision

Section heading asking how many shares in the institution are registered in your name or a related party’s name.

31. How many shaJes in the institution regisleffil in your name or that of n related party an, relaled parties beneficially interested? ·························-----·····················--------···································- 148 Statutory Instruments 11th April 2003
Section 31Verify source
§ 32Do you, or does any related party, hold any shares in the institution as trustee or nominee? If so,Provision

It asks whether you or a related party hold any shares in the institution as trustee or nominee.

32. Do you, or does any related party, hold any shares in the institution as trustee or nominee? If so,
Section 32Verify source
§ 33Are any of the shares in the institution mentioned in reply to questions 30, 31 and 32Provision

This provision asks whether any shares in the institution are held, and requests particulars if so.

33. Are any of the shares in the institution mentioned in reply to questions 30, 31 and 32 give particulars: .................................................................................... · ----................................................. .. ----·---..................................................................................................................... .. ___ ..................................................................... ---- ---·············· .. ···
Section 33Verify source
§ 34Equitably or legally charged or pledged to any party? If so, give particularsProvision

States a question asking whether the property is equitably or legally charged or pledged to any party, and if so, to give particulars.

34. Equitably or legally charged or pledged to any party? If so, give particulars:
Section 34Verify source
§ 3SWhat propotion of the voting power at any general meeting of the institution (or of another bodyProvision

This section asks what proportion of the voting power at a general meeting you or a related party may exercise or control.

3S. What propotion of the voting power at any general meeting of the institution (or of another body corporate of which it is a subsidiary) are you or.any related party entitled to exercise or control the exercise ofl ............................................................................................................................................................. I the exercise of the voting power at any general meeting Of the institution, or of another body
Section 3SVerify source
§ 36Section 36Provision

A corporate must provide the proportion of voting power controlled and the identity of each associate where the corporate is a subsidiary and is or may be controlled by associates or a related party.

36. corporate of which it is a subsidiary, is or may be controlled by one or more of your associates, or any related party, give the proportion of the voting power so controlled in each case and the identity of each associate, ........................... ·---.............................................................................................................. .
Section 36Verify source
§ 37Am you currently, or do you, other than in a professional capacity, expect to be engaged in anyProvision

The form asks whether you are currently, or expect to be within the next 12 months, involved in any litigation in Zambia or elsewhere, and to give details if yes.

37. Am you currently, or do you, other than in a professional capacity, expect to be engaged in any litigation inbmbiaorelsewherein the next 12 montb?If so, give particulars:
Section 37Verify source
§ 38Do you have a basic knowledge �d understanding of the risks to which financial institutions areProvision

This provision is a question asking whether you have basic knowledge and understanding of the risks financial institutions are exposed to.

38. Do you have a basic knowledge �d understanding of the risks to which financial institutions are ' expo.sed? ..................... ____ ................................................................................................................... ..
Section 38Verify source
§ 39Have you acquainted yourself with, and do you understand, the extent of the rights and powers,Provision

Directors or prospective directors must complete the declaration, and directors/executive officers must notify the Registrar of material changes within 21 days and follow stated conduct duties.

39. Have you acquainted yourself with, and do you understand, the extent of the rights and powers, as well as your responsibilities and duties as a director of the institution, as contained in the applicable law? (Tobe completed only by directors or prospective directors.) ·•••·······•••········••· .......................................... ____ ................................... ---- 11th April 2003 Statutory Instruments 149 � I, .............................................................................................. hereby declare the foUo�ng: This slalement consists of .................................................... pages, each signed by me. The content of this declaration is true to the best of my knowledge and belief. lam aware that should it be submitted as evidence and I know that something appears therein that I know to be false or believe not to be true, I may be liable to prosecution. • I undertake that for as long as I continue to be a director or executive officer of the institution, I will notify the Registrar of any material changes to, or affecting the completeness or accuracy of, the information supplied by me in item 1-38 as soon as possible, but in any event not later than 21 days from the day that the changes come to my attention. I will ensure that at all times while acting in my capacity as a director or executive officer of the institution, undenake to: - act in good faith towards the financial fostitution(s) in the group; - avoid conflict between other interests and the interest of the financial institution(s) in the group; and - place the interest of the financial institution(s) in the group above all other interests? I know and understand the content of this declaration. I have */do not have * objections to taking the prescribed oath. I consider the prescribed oath to be binding */not binding• on my conscience. Signature of Deponent ----······ .......................................... . Date I certify that the above statement was taken by me aod that the deponent has acknowledged that he•/ she knows and understands the content of this statement. This statement was sworn to*/affinned before and the deponent's signature was pJace thereon in my presence at ............................. on this .................................. day of ................................................... 1\vo Thousand and ...................................... . ......................... ___ _ Commissioner of Oaths , Full Names: ............. ----···· ................. _______ _ Ex officio· ........................................................................................................... . Area: ..................................................................................................................... . Address· ............................................................................................................... . • Delete whichever is not applicable 150 Stalulory /nstnonenlS 11th April 2003 Fonn!V Serial Number ......................... .. Licence No .............................. .. BANKOFZAMBIA T!mBANKiNoANDFINAN<JALSERvKE! (BUREAuDECIIANGs) RE<luu.noNs 2003 LICENCE roR OPERAnciN OP A BURE.Au De CHANGE This is to certify > that .......................................................................................................................................................... . ................................................................................................................................................................ is licenced to carry on the b�siness of buying and selling foreign exchange as a Bureau de change
Section 39Verify source
§ 111Section 111Provision

This licence is issued under the named regulations and stays valid until it is revoked or surrendered to the Registrar.

111. ............................................................................................................................................ .. .................................................................................................................................................................. This licence has been issued under the Banking and Financial Services (Bureau de Change Regulations) 2003 and shall be valid from until revoked or surrendered to the Registrar ............................................... · .................... to ......................................................................................... . subject to the provisions of the said Regulations ................................................................................... and to the following tenns and conditions ............................................................................................... .. ........................ · ...................................................................................................................................... .. ................................................................................................................................................................. Registrar Date llthApril 2003 Statutory Instruments 151 ForrnV Serial No .......................... . • BANK OF ZAMBIA THE BANKING AND FINANCIALS1,w1CES (BUREAU DE CHANGE) RooUlAT!ONS 20()3 i'uRCHASE OF FOREIGN Curuua,ey REcE!Yr (CASH) Name and Stamp of Bureau: Currency Amom1t Rate Zambian KwachaEquivalent Date· ............ · .............................. .. Use of foreign currency (tick as appropriate)] ] Tourism [ ·] Export proceeds Education [ J Bank/Bureau J other(specify) ·································································································--- Name of seller ........................................................................................................................... . Nationality .............................................................................................................................. . ID/Passport No ........................................................................................................................ . Permanent Residential Adib-es.._, ____ ···································································--- .............................. . Signatwc. ................................................................................................................................. . Signature of bureau official ......................................................................................... , .. , ....... .. 152 Statulory Instruments 11th April 2003 FonnVI BANK OF ZAMBIA Th:EBANKINOANDFINANCTALSERVICES(BUREAUDECHANOE) REGULATIONS 2003 SAIJ!OFRloEioNCUruu!NCY(CAsH) Nrune and Stmnp of Bureau: Date: ........... _____ _ Amount Serio!No. Rate Zambian Kwacha Equivalent US$1ZAR Name of� ..... ·---··· .. ·•·•· ...... _. ___ , Nationality.a, ••.•••••• , ____ .••••••••••.•••••.•••••••.•• ·-----······································ ID/Pt,apc,ltNo. ... : ........................ -------················---- Pamw:d Pesidrmri-J Addma ..................................................................................................................................... . ··················----··································--- ----·························· Siglllllllle .••••.••..••••••••••••••••••••••.••.........•.•.•.•.••.•.•.•.•.•.•.••••••••••••.•.••••••••••••••.••••••••••••••.•••.•••••.........• Siglllllllleofbulauofficial .• ____ •••..•..•.•.•.••••.•••••..•••••.•••••••••.••..•••••••..• ___ _ • • llthApril 2003 Statutory Instruments 153 FonnVII BANK OF ZAMBIA 1imBANKING AND FINANCIAL SERVICES (BUREAU DBCHANo•) REGuumoNS 2003 • SALE OFFOREIONCURRENCYR.EcEIPr Name and Stamp ofBureau: Date· ............................................ . Currency Amount TC/draft number Issuer Thomas Cook, Barclays etc Rate ZambianKwacha Equivalent ., Nrune of buyer .................................................... r ................................................................. .. ............................................................................................................... : ........... . Nationality ID/PassportNo ................. ----····················································································· Signature ................................................................................................................................... . Residential Address ..................................................................................................................................... . ·····················································································································--- Signature of bureau official ...................................... ., ............................................................. . 154 Statutory lnstmments llthApril 2003 BANK OF ZAMBIA 1imBANKINo AND FINANCIAL Sm VICES (BUREAU DE CHANGE) REoUIATIONS 2003 Pl.rP.aJAsEOF FoREIGN CuAAENCY RF.CE1Pr (Travellers Cheques and Bank Drafts) Name and Stamp of Bureau RxmVIII • Currency Amount TC/draft nwnber Issuer Thomas Cook, Barclays etc Date· ................. , .......................... . Rate Zambian Kwacha Equivalent Source (tick as appropriate) [ J ]Tourism J Others (specify) ] Export proceeds [ ] Bank/Bureau Name of buyer ............................................ ___ ........................ ____ ................... . Nationality ................................... ---........................................... ___ _ ID/Passport No ......................................................................................................................... . Signature ........................................... ___ ...................................................................... .. Residential Address .................................................................................................. ___ ................. .. 1 1th April, 2003 Statutory lnstnunents 155 FormIX DEa..ARAnoNevOu.lRMAN'oPAFINANCJAL!Nrnn.mONORAUDITOR. IN CASE OP A NEW FINANCJAL INsmunoN I, the undersigned .......................................................... , ...................................................... . being Chairman of the board of creditors*/auditor• of ............... , confirm that I-have carefully studied all informatiol1'�supplied in this statement and, after discusion with the dcpoaent. ...................................................... and all other members of the board, and after hav- ing i�ken into account any other information at my disposal or that has come to my attention, I.1mof the opinion that the deponent. ........................................................................................ . is ,fit and proper. to t:ike up office in this institution. In the case of appointmenl of a director I confirm that the appropriate conditions of the articles of association of the company have been co.nwlied with. Similarly, in the case of the appointment of an executive officer, I �nfirm that company ,policy has been compiled with. �ed: ........................... . Date: .............................. . * Delete which ever ls not applicable .. • 156 Statutory Instruments l lthApril, 2003 BUREAU De CHANOB CAPITAL CoMPt.TTATION FoRM Fonn X Bmeauoe\.,;nange I. CAPfFALCOMPUTATJONSCHEDULE Paid-up Capital Share Premium Retained earnings Other Reserves Total Reserves (b+c+d) Sub-total (ate) Deduct: Adjustments Sub total (h) TOTAL PRIMARY CAPITALS (f-i) MINIMUM REQUIRED (Minimum capital requirement) EXCESS (DEFICIENCY) (J+I) K'million 0 0 0 0 0 0 0 0 0 0 0 0 n SECONDARY(TIER2J CAPfFAL Eligible loan stock/capital / Other (ie Computers, fax machines, notes detecting and counting machines etc) / TOTAL SECONDARY CAPITALS (Il(a)+Il(b) ELIGIBLE SECONDARY CAPITAL (up to 100% of Primary Capital) 0 o-: _,/4 '·. �; . - -.:-·· 0 (a) (b) (c) (d) (e) (f) (g) (/,) (i) (j) (k) (/) (m) (a) (b) (c) (d) ELIGIBLETOTALCAPITAL(Regulatory Capital (lj +Ild) (e) (f) MINIMUM CAPITALREQUIREMENT 0 0 Source: Bank of Zambia. Non-Bank financial System supervision LUSAKA 26th March, 2003 Minister of Finance and National planning E. G KASONDE, •. • •
Section 111Verify source

Legislative relationships

8 referenced instruments

Names are derived from the stored provision headings and citation-enrichment layer. Treat this as a research index and verify each relationship against the source text.

A–F

3 instruments

  • Bank of Zambia (Foreign Currency) Regulations, 1994

    Section 42

  • Bank of Zambia under these Regulations

    Section 33

  • Banking and Financial Services Act

    Section 42

T–Z

5 instruments

  • Zambia as fully meeting all the requirements of these Regulations

    Section 10

  • Zambia may also amend fees under the Regulations

    Section 40

  • Zambia or the Registrar wider these Regulations

    Section 36

  • Zambia shall be the regulatory authority Authority of The Bank of Zambia is the regulatory authority for these Regulations

    Section 3

  • Zambia shall fine any bureau which contravenes this Regulation

    Section 12

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  • 11 Apr 2003 · currentEnglish

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