Source: Harmonisation of Sadc financial market laws on the cards – NewsDay Zimbabwe November 7, 2017
THE Securities and Exchange Commission of Zimbabwe (SECZ) chief executive officer Tafadzwa Chinamo says the Committee of Insurance, Securities and Non-banking Financial Authorities (CISNA) conference will discuss the harmonisation of financial market laws in Sadc.
BY BUSINESS REPORTER
This will allow regional investors to come into Zimbabwe.
Chinamo is the current chairperson of CISNA with his term expected to end on Friday, but will be eligible for another term should he be re-elected at the 39th bi-annual conference that will be hosted in Zimbabwe starting tomorrow ending on Friday. The conference will be officially opened on Friday in Harare.
“One of the issues on the agenda is the harmonisation of laws so that any investor in the region wanting to make an investment in Zimbabwe can be able to do so. An investor wishing to invest in Zimbabwe should be able to find the same laws that are in South Africa, in the country,” he said at a press conference over the CISNA annual event yesterday in Harare.
Chinamo said such laws would give investors assurances that their investments would be safe in the country.
He said such harmonisation of financial market laws includes having the same stock exchange listing requirements where applicable, insurance and micro-insurance laws among others, in the Sadc region.
Apart from harmonisation, issues on the agenda at this year’s CISNA event include funding for the establishment of a permanent CISNA secretariat, capacity building and the participation of authorities that regulate and supervise micro finance and financial co-operatives.
Others include training on how to conduct peer reviews, address budget concerns in participating in CISNA activities and elections of key positions within the body.
The CISNA event will be attended by 80 foreign delegates and officiated by Finance minister Ignatius Chombo.
The harmonisation of laws is meant to enhance regional financial regulatory and supervisory frameworks according to international best practices and is also part of CISNA broader five-year strategic focus that began in 2016 ending 2020.
Harmonisation of financial market laws is one in four of the strategic focus areas with the other three being capacity building and cooperation, financial market development and consumer protection and education.
CISNA was established in 2006 and falls under the Sadc Directorate of Trade, Industry, Finance and Investment which is mandated with regional co-ordination of trade and financial liberalisation.
CISNA consists of “supervisory authorities of capital markets, retirement funds, collective investment schemes, insurance companies and providers of financial intermediary services in the Sadc region”.