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Revision and harmonisation of the listings requirements of the Lusaka Securities Exchange (LuSE) and upgrade of various rules of the exchange
Details
Application deadline: Feb 26, 2026
Location:Zambia
Category:Consulting services
Status:Open
Sectors:Financial Services & Audit
Languages:English
Quick summary
Objectives: Revise and harmonise LuSE’s Listing Requirements and upgrade multiple exchange rules (Tradin...
Eligibility criteria: Eligible applicants: consulting firms or individual consultants with demonstrated expertise in sustainable finance and capital markets regulation, including securities exchange rule-making. Location: firms may be international but must demonstrate capacity to conduct in-person stakeholder engagements in Zambia and liaise with Zambian regulators. Sector/skills: p...
Description
Revision and harmonisation of the listings requirements of the Lusaka Securities Exchange (LuSE) and upgrade of various rules of the exchange
Deadline: 26-Feb-26 @ 12:00pm (EAT)
The Lusaka Securities Exchange (LuSE) operates within the regulatory framework established by the Securities Act No. 41 of 2016. Specifically, Section 67(1) empowers securities exchanges to develop and amend their rules, subject to approval by the Securities and Exchange Commission of Zambia (SEC), while Section 71 requires that all proposed amendments be submitted to the SEC for review and approval.
Zambia is a member of the Southern Africa Development Community (SADC), an economic bloc of 14 member countries that seeks to promote regional economic integration. Accordingly, the Committee of SADC Stock Exchanges (COSSE) was formed in 1996 to promote regional integration of the stock exchanges, promote cross-border investments via dual listings to deepen the regional capital markets by harmonisation of listing requirements with the Johannesburg Securities Exchange in South Africa (JSE) for modernisation and international best practice and support with capacity building
The current LuSE listing Requirements and continuing obligations rules have not been reviewed or updated to keep pace with the upgrades and revisions undertaken by the JSE over the past ten years.
Consequently, the current LuSE Listing Requirements are not harmonised with the JSE Listing Requirements and contain outdated and restrictive provisions that limit market efficiency, constrain growth, and prevent alignment with evolving global market practices.
In addition, at its inception in 1994, the LuSE emerged with a modern, state-of-the-art architecture and operating platform, as well as rules and procedures for trading, clearing, and settlement of securities, in line with the G30 recommendations. The rules underpinning this architecture have not been updated and require review and upgrade to align with current international best practices and to make LuSE attractive to both domestic and international portfolio investors.
Recommended for this tender
International experts
Experience:15 years
Citizenships:Uganda
Ed. Degree:MBA
Experience:33 years
Citizenships:Pakistan
Ed. Degree:Masters
Local experts
Experience:26 years
Citizenships:Zambia
Ed.Degree:MBA
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tender Background
About the Funding Agency
Created in 2012, FSD Africa is a £30 million financial sector development programme or ‘FSD’ based in Nairobi. It is funded by UK aid from the UK Government. FSD Africa aims to reduce poverty across sub-Saharan Africa by building financial markets that are efficient, robust and inclusive.
FSD Africa is a market facilitator or catalyst. It applies a combination of resources, expertise and research to address financial market failures and deliver a lasting impact. FSD Africa has a mandate to work across sub-Saharan Africa on issues that relate to both ‘financial inclusion’ and ‘finance for growth.’
FSD Africa is also a regional platform. It fosters collaboration, best practice transfer, economies of scale and coherence between development agencies, donors, financial institutions, practitioners and government entities with a role in financial market development in sub-Saharan Africa.
All FSD Africa opportunities are posted under FCDO
About the Sectors
Financial Services & Audit
Covers financial, banking, insurance, investment, and audit services related to the management, transfer, and oversight of financial resources.
Key areas:
- Financial services, banking, and insurance
- Accounting, auditing, and financial reporting
- Investment, capital markets, and financial inclusion