An analysis of the role-players in the enforcement of the Zimbabwean insider trading laws

Insider trading is statutorily prohibited in Zimbabwe. This is primarily aimed at promoting public investor confidence, market efficiency and enhancing the integrity of the Zimbabwean financial markets. As a result, some activities that could amount to insider trading in the Zimbabwean financial institutions and financial markets are outlawed in the Securities Act 17 of 2004 [Chapter 24:25] as amended (Securities Act). Despite these comendable efforts, various flaws and gaps in the aforesaid statute have somewhat impeded the role and effectiveness of the anti-insider trading regulatory bodies and enforcement authorities in Zimbabwe to date. Given this background, the article investigates the role of the relevant enforcement authorities and other key role-players in the detection, investigation and prosecution of insider trading activities in Zimbabwe. This is done by discussing the role of the Securities and Exchange Commission of Zimbabwe (SECZ), the Zimbabwe Stock Exchange (ZSE) and the courts.