PRESS NOTICE

Financial Services Commission signs Memorandum of Understanding with its SADC counterparts.

The Financial Services Commission responsible for the regulation of the non-bank financial services sector has on the 3rd of April signed a Multilateral Memorandum Of understanding (MMOU) with the Committee of Insurance, Securities and Non-bank Authorities) CISNA to deliver an enhanced supervisory regime across the SADC.

CISNA is a sub committee of the finance and investment sector coordination unit - FISCU of the SADC comprising regulators of capital markets, retirement funds, collective investment schemes and insurance companies in the Southern African Development Community SADC. Its objectives are to ensure the coordinated development of non-banking regulatory activities in the region.

CISNA members have resolved to cooperate together to harmonize and promote better standards of regulation and supervision to ensure the integrity of the markets on the domestic as well as on the regional level.

In other areas the CISNA continues to strengthen cooperation with its counterparts through information exchange and technical cooperation.

CISNA is currently chaired by the Financial Services Commission.

The MOU reinforces the FSC’s ability as well as that of each of its SADC counterpart financial regulator to:

better supervise cross border transaction

prevent financial fraud and other prohibited practices in the territories of SADC countries

facilitate mutual assistance and exchange information and

together ensure compliance with laws, regulations

Financial Services Commission

17th April 2003.