Insurance Regional financial regulatory bodies face challenging times

THE Southern African Development Community committee on insurance, securities and non-banking financial authorities (CISNA) met in Malawi recently to discuss issues affecting financial regulatory bodies in the region.

The main purpose of the two-day meeting was to critically review progress on the implementation of the CISNA strategic plan, agree on practical action to ensure member commitment to its implementation and revise the CISNA strategic plan for adoption by all members. It emerged at the meeting that the role of regulators had become increasingly challenging due to unethical market players crossing borderlines; requiring authorities to frequently review their legal frameworks and refocus their strategies.Opening the 12th CISNA meeting Malawi’s Minister of Finance, Goodall Gondwe said it in light of challenges, it was vital that regional regulatory authorities to come together and establish a common standard for their markets, so as to reduce regulatory arbitrage market players often took advantage of.Local regulator, Namibia Financial Institutions Supervisory Authority (Namfisa), was represented by General Manager: Investment Institutions, Boni Pualino who in an interview yesterday said the meeting were necessary for Namibia to be a part of such events as it helped Namfisa compare itself with the rest of the regulatory bodies in the region and at the same benefit from agreements signed between member countries.CISNA, which meets twice yearly, seeks to establish sound regulatory frameworks with the aim of promoting and maintaining confidence in the financial systems in the SADC region.It emerged at the meeting that the role of regulators had become increasingly challenging due to unethical market players crossing borderlines; requiring authorities to frequently review their legal frameworks and refocus their strategies. Opening the 12th CISNA meeting Malawi’s Minister of Finance, Goodall Gondwe said it in light of challenges, it was vital that regional regulatory authorities to come together and establish a common standard for their markets, so as to reduce regulatory arbitrage market players often took advantage of.Local regulator, Namibia Financial Institutions Supervisory Authority (Namfisa), was represented by General Manager: Investment Institutions, Boni Pualino who in an interview yesterday said the meeting were necessary for Namibia to be a part of such events as it helped Namfisa compare itself with the rest of the regulatory bodies in the region and at the same benefit from agreements signed between member countries. CISNA, which meets twice yearly, seeks to establish sound regulatory frameworks with the aim of promoting and maintaining confidence in the financial systems in the SADC region.