perks ligoya : co - ordinated regulations for the sadc region address by dr perks ligoya, governor of the reserve bank of malawi, at the conference for the committee of insurance, securities and non - bank financial authorities, lilongwe, 17 september 2009. * * * the chairperson, committee of insurance, securities, and non bank financial authorities, mr patrick mhango the deputy governor, reserve bank of malawi, mrs mary nkosi the general manager, reserve bank of malawi, dr wilson banda distinguished delegates ladies and gentlemen, it gives me pleasure and honour to grace this important occasion. the reserve bank of malawi is honoured to host this year ’ s conference for the committee of insurance, securities, and non bank financial authorities ( cisna ) and in this regard i would like to welcome all delegates particularly those who have travelled from regional member countries to participate in this event. chairperson, ladies and gentlemen, i wish to commend all cisna members for your continued interest and dedication to the sadc mission. your attendance in such large numbers is clear testimony of your desire to achieve economic integration in the sadc region. we in malawi acknowledge benefits of regional integration which, i am glad to say, include systematic growth and development of the financial sector in general, and of insurance, securities, pension and microfinance subsectors, in particular. chairperson, ladies and gentlemen, the financial sector is a catalyst of economic growth and all effort to develop and deepen this sector remains a key public policy challenge. in this regard, i find the role of cisna to be consistent with aspirations of our governments. cisna supports initiatives toward the creation of a strong base of domestic non - bank financial institutions, particularly those specialising in the mobilisation of long - term savings, for example life insurance, pensions and collective investment schemes. in addition, cisna supports measures to increase access to quality insurance and other risk management products by households and entities in the region. cisna also addresses issues pertaining to market infrastructure and liquidity of capital markets in the region. this is a critical function because assurance of liquidity acts as a catalyst for greater participation of investors, both local and foreign. these noble goals are supported by sadc governments through protocols which aim at promoting financial markets. chairperson, ladies and gentlemen, cisna plays a very important role in the improvement and harmonization of regulations for the sadc region. sound and well co - ordinated regulations promote and

entire economy. it is for this reason that sadc must maintain high standards of regulation for our financial markets. the chairperson, ladies and gentlemen, i note from the conference program that you will also reflect on the impact of the financial crisis on the sadc region. this is commendable as it is a subject of interest to everyone. with these remarks, it is now my pleasure and privilege to declare the conference for the committee of insurance, securities and non bank financial authorities officially open. distinguished delegates, ladies and gentlemen, thank you for your attention.