The Namibia Financial Institutions Supervisory Authority (NAMFISA) yesterday announced that it has been accepted as an associate member of the International Organisation of Securities Commissions (IOSCO).
IOSCO 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.
NAMFISA’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. 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.
As part of the IOSCO associate membership, NAMFISA has a seat on the IOSCO 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.
These platforms provide an opportunity to make substantive and constructive input into the regulatory initiatives that IOSCO focuses on, which in turn benefits the organisation’s membership.
IOSCO is recognised as the premier international body of securities regulators and administrators. IOSCO members regulate over 95 percent of the world’s securities markets.
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.