Committee of Insurance, Securities
and Non-Banking Financial Authorities




Microfinance and Financial Co-Operatives Subcommittee (MIFFCO)

The mandate of the MIFFCO Subcommittee is to serve Member Authorities from all SADC Member States, with active microfinance, microlending and financial co-operative supervision.

The ambition is to ensure consistency in the application of key principles across the Member States that protect investors and financial consumers in the microfinance, microlending and financial co-operatives markets.

Members of MIFFCO

Insurance Retirement Funds Medical Aid Schemes and Intermediary Subcommittee (IRMIS)

The mandate of the Insurance Retirement Funds Medical Aid Schemes and Financial Intermediaries Sub- Committee (IRMIS) is to promote harmonisation of legislation and supervisory frameworks in the non-bank financial sectors in SADC.

It’s envisioned that a regional harmonised regulatory and supervisory environment will mitigate regulatory arbitrage, enhance compliance with applicable Global standards and promote the free flow of capital in the region.  The other key objectives for the Sub-Committee, include the following to foster liaison, co-operation and exchange of information between CISNA and regional and international bodies and agencies, and to facilitate wider access to non-bank financial products and services.

Members of IRMIS

Capital Markets Subcommittee (CMS)

The mandate of the Capital Market Subcommittee (CMS) focuses on harmonisation of the securities market laws across the region for ultimate regional integration.

Harmonisation is the core of the CMS mandate with all the committee’s initiatives benchmarked against principles and standards set by the International Organization of Securities Commissions (IOSCO).

Members of CMS

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.

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