ANNEX10 CO-OPERATION ON NON-BANKING FINANCIAL INSTITUTIONS AND SERVICES PREAMBLE The High Contracting Parties: RECALLING that the Committee of Insurance, Securities and Non-Banking financial Authorities of SADC ("CISNA") was established in June 1998 by the Insurance, Securities and Non-Banking Financial Authorities in the SADC Region ("the Authorities"); NOTING that a strategy was developed to give direction to the activities Of CISNA and to contribute to the sound regulation, effective supervision and rapid development of the financial services industries; REALISING that financial institutions supervised by the Authorities are critical for mobilising savings which are important for the expansion of productive capacity and that such institutions require a supporting regulatory framework: (a) which will attract the investments required for creating economic development within the Region; (b) for managing the financial risks faced by the financial institutions and users of financial products and services in the Region; and (c) which must not only be efficient but also properly enforced; AWARE that there should be close co-operation between the Authorities for the purpose of carrying out CISNA's objectives in the pursuit of complementary goals to achieve an integrated and credible SADC capital market; NOTING the increasing need for internationalization, and harmonisation of financial institutions and the interdependence of the activities of financial institutions due to the use of modern technology and closer co-operation between financial institutions; RECOGNISING the need to mobilise savings that can be used to expand SADC's productive capacity; FURTHER NOTING that broad objectives have been set in the CISNA Strategic Plan to achieve the successful regulation and supervision of nonbanking financial institutions and the need to share information. CONSCIOUS that the achievement of the objectives referred to in the CISNA Strategic Plan will be accomplished at different times and in different phases; NOTING the establishment of CISNA, the adoption of the CISNA MOU and 100