Committee of Insurance, Securities and
Non-Banking Financial Authorities
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Strategy
CISNA Strategic Plans
The primary purpose of the CISNA Strategic Plan is to develop a comprehensive ‘roadmap’ setting the future direction and pace of CISNA work for the next five years in a co-ordinated and focused manner. The first CISNA Strategic Plan was devised in 2001
First Strategic Plan 2001-2005
The first strategic plan focused on nine critical action areas which spanned from the diagnostic of capital markets, insurance, and retirement funds; harmonisation of financial legislation and regulatory practice; cross-border cooperation between regulators; promotion of investor awareness; and market development.
Over the period 2001 to 2003, the SADC MS, excluding the Democratic Republic of Congo and Madagascar, signed the CISNA Multilateral Memorandum of Understanding (MMoU) on Exchange of Information and Surveillance of Securities, Insurance, and Retirement Activities.
This MMoU sets forth a statement of intent to establish a framework of mutual assistance and to facilitate the exchange of information between regulators to enforce governing laws, regulations, and rules in their respective jurisdictions. The MMoU also establishes a general framework for co-operation and consultation between CISNA Authorities in order to facilitate the increased effectiveness of regulatory and supervisory activities in the region.
Second Strategic Plan 2005-2010
In 2004, CISNA members met to develop a Strategic Plan for the period 2005 – 2010.
The strategic plan 2005-2010 focused on eight priority action points which included market development; Harmonisation of financial legislation and regulatory practice; facilitator of training and development of regulatory staff and consumers; cross-border cooperation between regulators; promotion of consumer and investor awareness; and pro-active risk based assessment and regulation.
Third Strategic Plan 2011-2015
A CISNA Strategic Planning Task Team, comprising Botswana, Mauritius, Malawi, Namibia, Mozambique, and South Africa, worked on the CISNA Strategic Plan 2011-2015. A consultant was also appointed by SADC to assist CISNA in developing the Strategic Plan for the period 2011 -2015. The Strategic Plan 2011-2015 was approved at the CISNA bi-annual meeting held in Swaziland in August 2011.
The Strategic Plan 2011-2015 focused on ten key strategic goals:
- To harmonise and enhance the effectiveness of regional financial regulatory frameworks
- To ensure regional adoption and adherence to applicable global NBFI regulatory principles, standards, and best practices
- To build the internal capability to ensure that CISNA is able to successfully execute its mandate
- To foster liaison, co- operation and exchange of information between regional and international bodies and agencies;
- To facilitate the development of competent and professional regulatory capacity
- To facilitate wider access to non-banking financial products and services
- To facilitate the development of well-informed investors and consumers
- To proactively identify and mitigate regional systemic risk
- To promote and facilitate the free flow of non-banking financial services
- To promote adherence to rigorous best practice corporate governance
Fourth Strategic Plan 2016-2020
The FSC Mauritius offered to lead the drafting of the Strategic Plan 2016-2020 at the SPPRC meeting in February 2015 in Angola. With the support of the SPPRC, the FSC Mauritius proceeded with the drafting of the CISNA Strategic Plan 2016-2020 which was approved in.
The Strategic Plan 2016 – 2020 focused on addressing issues affecting the member states as well as consumer, investors and industry players. Four strategic themes have been identified which are as follows:
- Harmonisation
- Adoption of minimum standards for all NBFI sectors
- Development of policies for free access to markets and free flow of NBFI services within the region
- Capacity Building and Cooperation;
- Reinforce Cooperation and Exchange of Information
- Development of regulatory capacity
- Efficient Internal Capacity, policies and procedures
- Market Development
- Implementation of policies for development and deepening of NBFI services and products
- SADC wide policy on financial inclusion and access
- Consumer Protection and Education
- Comprehensive education and awareness strategies
- Best practice consumer protection standards and guidelines
- Implementation, monitoring and evaluation of national consumer education strategies
- Harmonisation
Fifth Strategic Plan 2022-2026
The SADC Secretariat provided assistance to CISNA for the development of the Strategic Plan 2022-2026 which was drafted by a Short Term Expert. The Strategic Plan was approved by the General Council in April 2022 and covers the following themes:
- Harmonization of the Legal and Regulatory Framework
- Adherence to International Standards
- Response to International Trends
- Harmonization of the Legal and Regulatory Framework
- Capacity Building
- Building Internal Capacity
- Building Institutional Capacity
- Building Professionals Capacity
- Capacity Building
- Market Development
- Domestication
- Expansion
- Market Development
Add Your Heading Text Here
The Committee of Insurance, Securities and Non-Banking Financial Authorities (CISNA) was established in 1998, pursuant to Annexure 10 of the SADC Protocol on Finance and Investment as a committee of authorities responsible for the supervision of insurance, securities, and non-banking financial institutions (NBFI) in SADC Member States. CISNA is part of the Directorate of Finance, Investment and Customs of the SADC Secretariat and reports to the SADC Committee of Ministers of Finance and Investment through the Committee of Senior Treasury Officials.