Regional Cooperation

The FSC is an active member of the International Organisation of Securities Commission (IOSCO) through Africa Middle East Regional Committee (AMERC) and the Emerging Market Committee. The FSC also participates in the Committee for Insurance,Securities and Non-Bank Financial Authorities (CISNA) set up under the Finance and Investment Protocol of the Southern African Development Community (SADC).  

The FSB RCG for Sub-Saharan Africa is co-chaired by the Deputy Governor of the South African Reserve Bank, Lesetja Kganyago, and the Governor of the Central Bank of Kenya, Njuguna Ndung'u. The FSC Mauritius along with other key stakeholders of the financial services sector represent Mauritius on the FSB RCG for Sub-Saharan Africa. Other members of the RCG are financial authorities from Angola, Botswana, Ghana, Namibia, Nigeria, and Tanzania.

The inaugural meeting of the RCG was held on 03 Feb 2012. For more information, please click here.     

The IOSCO EMC is one of the two specialised working Committees of the IOSCO Executive Committees. The EMC has as broad functions:

• to promote and improve the development of emerging securities and futures markets;
• to focus on the implementation of IOSCO principles and minimum standards;
• to prepare training programs for member countries;
• to facilitate the exchange of information;and
• to provide assistance in terms of the transfer technology and expertise.

The EMC consists of various working groups to address different functional areas such as : Disclosure and Accounting, Regulation of Secondary Markets, Regulation of Market Intermediaries, Enforcement and the Exchange of Information and Investment Management. 

Established in 1992, AMERC is one of the four regional committees of the IOSCO which regroups the Capital Markets community within Africa and the Middle East under the same platform.

The FSC hosted the 26^th IOSCO Africa Middle East Regional Committee Meeting from 09 to 11 February 2011. The AMERC Meeting was followed by a Conference on "Regulatory Cooperation and New Challenges" and an IOSCO workshop on "Handling Investor Complaints in Emerging Markets and Investor Education".

The 26^th IOSCO AMERC Meeting was an opportunity for member countries to reflect on the 18 years of cooperation within AMERC and the challenges faced by Securities Regulators in the wake of the financial crisis. The event also marked the celebration of AMERC's Silver Jubilee Meeting and its commitment to reinforce regional cooperation. 

CISNA was established in 1998 and forms part of the Trade, Industry, Finance and Investment Directorate within the SADC. It reports to the SADC Committee of Ministers of Finance and Investment through the Committee for Senior Treasury Officials. It comprises the non-banking financial institution authorities, namely, capital markets, collective investment schemes, insurance companies, retirement funds and providers of intermediary services in the SADC.

Annex 10 of the Finance and Investment Protocol (FIP) on Cooperation on Non-Banking Financial Institutions and Services sets out the framework for the establishment of CISNA, the regional committee for regulatory bodies for the non-banking sector.

CISNA's Vision is "to facilitate the development and implementation of a harmonised, risk based regulatory framework for member states in SADC that enables market growth and development, reduces the potential for systemic risk, informs and protects consumers, mobilises capital flows and contributes to prosperity in the region."

CISNA's Mission is "to achieve its vision through a process of co-operation, exchange of information and engagement between regional regulators."

The FSC was part of the Strategic Task Team set up to review the CISNA Strategic Plan 2011-2015. The Strategic Plan was adopted at the CISNA Plenary Meeting held on 03-05 August 2011 in Swaziland.

For more information, click here.