The Namibia Financial Institutions Supervisory Authority (NAMFISA), the regulator of Namibia’s stock exchange and many other organizations, has been accepted as an associate member of the International Organization of Securities Commissions (IOSCO). IOSCO is the leading international body of securities regulators and administrators and its members regulate over 95% of world securities markets.
IOSCO is having increasing impact on African regulators, helping them to work together to advance standards in the national securities markets, including working through African regional associations of regulators such as the Committee of Insurance, Securities and Non-Banking Financial Authorities (CISNA) of the Southern African Development Community (SADC).
NAMFISA’s acting CEO, Kenneth Matomola, said attaining IOSCO membership is a significant step in NAMFISA’s quest to become a respected regulator of the financial industry. IOSCO associate membership enables NAMFISA to gain wider exposure and exchange best practices with fellow regulators from all over the world. “This newly-acquired membership sends a strong message that the authority is respected for its ability to regulate the securities market locally. It indeed speaks volumes of NAMFISA’s place in the global securities community,” he observed.
IOSCO has 3 types of membership. Ordinary membership is open to securities commissions and other governmental agencies. Associate membership is available to other agencies that regulate in an environment where there is an existing national regulatory body. Affiliate membership is available to entities which carry out self-regulatory functions, such as stock exchanges.
IOSCO associate membership gives NAMFISA a seat on the IOSCO Presidents Committee. It is also eligible to become a member of IOSCO Growth and Emerging Markets Committee and to participate in the Africa Middle East Regional Committee meetings.
IOSCO ordinary members listed on IOSCO’s website which are based in Africa are: Algeria’s Commission d’Organisation et de Surveillance des Opérations de Bourse; Central Africa regulator Commission de Surveillance du Marché Financier de l’Afrique Centrale (Securities and Exchanges Commission of Central Africa) based in Gabon; Egyptian Financial Supervisory Authority; Ghana’s Securities and Exchanges Commission; Kenya’s Capital Markets Authority; Reserve Bank of Malawi; Mauritius’ Financial Services Commission; Morocco’s Conseil déontologique des valeurs mobilières; Nigeria’s Securities and Exchanges Commission; South Africa’s Financial Services Board; Tanzania’s Capital Markets and Securities Authority; Tunisia’s Conseil du marché financier; Uganda’s Capital Markets Authority; the Conseil regional de l’épargne publique et des marches financiers of the West African Monetary Union, based in Abidjan Côte d’Ivoire; and Zambia’s Securities and Exchange Commission.
The associate African members are: Angola’s Comissao do Mercado de Capitais; Botswana Non-Bank Financial Institutions Regulatory Authority; Namfisa; and Rwanda’s Capital Market Authority.
IOSCO’s objectives are to cooperate to promote high standards of regulation to maintain just, efficient and sound markets; to exchange information on their respective experiences to promote the development of domestic markets; to unite efforts to establish standards and an effective surveillance of international securities transactions; and to provide mutual assistance to promote the integrity of the markets by a rigorous application of the standards and by effective enforcement against offences.