Source: Bank of Mozambique (2011:125) 223. Since there were alterations in the regulatory framework for the capital markets it can be said that the recommendation was observed. However, this alteration did not have the desired impact in as far as development of the capital markets is concerned, which is still fairly weak in terms of activity. Another point that also needs to be improved to fully comply with the recommendation of The APR Panel is the fact that the supervision of the capital markets continues to be done by the Bank of Mozambique, and not by any another separate regulator, as had been recommended. The APR Panel recommended that there should be a separation stock exchange from the apparent direct control of the Ministry of Finance, so that it could be truly independent. 224. Although the Mozambican Stock Exchange does not operate within the structures of the Ministry of Finance, the fact that there is a provision whereby part of its directors are appointed by the Minister of Finance it leads to the perception that the Stock Exchange is still not independent from that Government body. Thus, this recommendation is still a huge challenge for the country. The APR Panel also recommended that Mozambique should provide technical assistance to the Insurance Inspector in order to strengthen compliance with the IFRS20. 225. The use of IFRS in Mozambique is already mandatory for all sectors of activity and, as such, new sectoral accounting plans which include a large part of the international financial reporting standards were implemented. 226. The International Financial Reporting Standards are included in the country’s legal system. However, because of their complexity and the need for specialised training for those dealing with these activities, there is still a huge challenge in terms of their implementation by enterprises and their proper oversight by the respective regulators/ supervisory entity. 227. The general insurance framework was improved significantly between 2010 and 2012, and involved essentially the approval of a Legal Regime for Insurance and the new Chart of Accounts for insurance companies. 20 International Financial Reporting Standards 79