Financial Jurisdictions Called Upon to Increase Cross-Border Surveillance

Financial jurisdictions around the globe are being called upon to work closer together so as to increase cross-border surveillance and exchange more information in the wake of the recent global financial crisis.

This statement was made yesterday by the Chief Executive of the Financial Services Commission (FSC), Mauritius, Ms Clairette Ah-Hen, at the official opening of the bi-annual meeting of the Committee of Insurance, Securities and Non-Banking Financial Authorities (CISNA), which is being held from 02 to 05 October 2012 at Long Beach Hotel, Belle Mare.

Ms Ah-Hen listed out some of the compelling scorecards that demand the FSC’s urgent attention as a regulator for the non-banking sector. They include consumer education, the fight against money laundering, capacity building, harmonisation of the laws, adoption of sound corporate governance and risk management frameworks by institutions whilst adhering to best international practices. All these factors, she pointed out, are the core elements of CISNA’s Strategic Plan.

Over 60 local and foreign delegates attended the meeting. The main objective was to discuss and agree on the CISNA Constitution, the implementation of the s strategic plan 2010 – 2015 and the activities of its various sub-committees.

FSC Mauritius as a member regulatory authority of the CISNA is hosting the bi-annual meeting for the third time, the two previous ones were held in 1999 and in 2004. FSC holds the vice-chair  until 2013 and plays an active role in the various committees for the implementation of the strategic plan.

CISNA  which was established in 1998 reports to the Southern African Development Community Committee of Ministers of Finance and Investment. CISNA members comprise the following countries: Angola, Botswana, Democratic Republic of Congo (DRC), Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, Tanzania, Zambia and Zimbabwe.

CISNA aims at contributing to the sound regulation, effective supervision and rapid development of the financial services sectors in the region in line with global best practices as set out by international institutions and standard setting bodies. It brings together the supervisory authorities of capital markets, retirement funds, collective investment schemes, insurance companies and providers of financial intermediary services.