Committee of Insurance, Securities and
Non-Banking Financial Authorities
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About CISNA
The Committee of Insurance, Securities and Non-banking Financial Authorities (CISNA) was established in June 1998, pursuant to Article 2 of Annexure 10 of the Protocol on Finance and Investment (FIP) of Southern African Development Community (SADC) 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. The main mandate of CISNA is to ensure that the non-bank financial services regulatory frameworks within SADC member states are harmonised and comply with best international practices, standards and principles as set by the relevant international standard setting bodies.
CISNA Vision and Mission
Vision
“A financially stable region with a harmonised regulatory and supervisory framework for Non-Banking Financial Institutions.”Mission
“To promote financial stability by effectively and efficiently championing a process of collaboration, engagement and co-ordination between the NBFI regulators and stakeholders through policy research, capacity building and market development initiatives”
CISNA’S Institutional Arrangements
The FIP establishes a number of structures of direct relevance to CISNA. These are:
- The Committee of Ministers responsible for Finance and Investment;
- The Committee of Central Bank Governors in SADC;
- The Peer Review Panel; and
- The Committee of Senior Treasury Officials (CSTO).
Other relevant FIP Structures are:
- The Development Finance Resource Centre (DFRC) – FIP Annex 9
- The Committee of SADC Securities Exchanges (COSSE) – FIP Annex 11
CISNA Mandate
CISNA was established out of the willingness and determination of the SADC Governments to promote effective exchange of experiences and cooperation in the supervision and regulation of the insurance and pension sectors, capital markets and other non-banking financial institutions, so as to achieve the objectives of the SADC region. Thus, CISNA has an integral role in contributing to a better regulation and increased cooperation amongst the Member States, covering areas that include market infrastructure and liquidity of markets in the region, prudential and financial system stability policies, risk assessment in the regional financial systems, training initiatives and development within the region.
CISNA’s mandate is elaborated in the Annex 10 of the FIP. Since the FIP lies at the heart of the SADC vision to create a common market, changes within the finance and investment sectors potentially have a great catalytic value to realise that vision. CISNA’s role, therefore is to strive to ensure that all regulatory frameworks within SADC are harmonised and comply with best international practices, standards and principles as set by the relevant international standard setting bodies. CISNA is a Committee of SADC and is mandated by the MMoUs and Protocols. CISNA meets on an annual basis and acts to support the implementation of SADC’s strategy.
In the SADC Region, there exist diversity between regulatory frameworks for NBFIs which are at different stages and levels of development. Based on the variations in the regulatory frameworks of the Authorities, Article 6 of Annex 10 of the FIP provides for the Authorities to comply with international standards including International Association of Insurance Supervisors (IAIS), International Organisation for Pension Supervisors (IOPS), International Organization of Securities Commissions (IOSCO). In addition to the international bodies (IOSCO, IOPS and IAIS) referred to in Article 6 and 7 of the FIP, CISNA recognises the principles, standards and guidance of the following bodies:
- The Consultative Group to Assist the Poor (CGAP);
- International Network on Financial Education (INFE);
- Alliance for Financial Inclusion (AFI);
- International Credit Union Regulatory Network (ICURN);
- Financial Action Task Force (FATF) and Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG); and
- any other relevant international standard setting body that sets standards for NBFIs.
Furthermore, Article 9 of Annex 10 to the FIP provides for the Authorities to work towards the harmonisation of their respective laws and regulatory policy frameworks with the aim of preventing or reducing regulatory arbitrage. Thus, CISNA may determine principles, standards and guidance for the regulation and supervision of NBFIs in order to promote a harmonised financial regulatory and supervisory regime that are aligned to the principles, standards and guidance of the international bodies referred above.
The objects of CISNA are to:
- promote harmonisation of regulatory and supervisory regimes by –
- developing principles, standards and guidance for the regulation and supervision of NBFIs;
- supporting the implementation and practical application of its principles and standards;
- developing methodologies for the assessment of the compliance of its principles and standards, and facilitate assessment processes;
- promote development of financial products and services;
- promote access to financial products and services by the majority of the population of Member States;
- encourage cross-border cooperation, exchange of information and experience sharing among regulatory authorities;
- promote sound corporate governance of NBFIs;
- promote relationship with international bodies and compliance with international standards;
- enhance capacity building, through training and education of regulatory authorities staff;
- promote AML/CFT/CFP supervision of financial institutions in compliance with international standards on combatting money laundering and the financing of terrorism and proliferation; and
- promote consumer financial education and protection.
- promote harmonisation of regulatory and supervisory regimes by –
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.