Rikus Grobler | Oct 18, 2017 | 0
IOSCO membership for NAMFISA
The Namibia Financial Institutions Supervisory Authority (NAMFISA) has announced that it has been accepted as an Associate Member of the International Organisation of Securities Commissions.
The International Organisation of Securities Commissions maintains three 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 is recognized and acknowledged as the premier international body of securities regulators and administrators. IOSCO members regulate over 95% of the world’s securities markets.
The Namibia Financial Institutions Supervisory Authority’s Acting Chief Executive Officer, Kenneth Matomola said attaining IOSCO membership is a significant step in NAMFISA’s quest to become a respected regulator of the financial industry. The International Organisation of Securities Commissions 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 said.
As part of the IOSCO Associate Membership, The Namibia Financial Institutions Supervisory Authority has a seat on the The International Organisation of Securities Commissions Presidents Committee and is eligible to become a member of the IOSCO Growth and Emerging Markets Committee and to participate in the Africa Middle East Regional Committee meetings.