Regulatory Alerts2019-11-21
Regulations on Qualifications and Procedures for the Appeal Board Under the Banking Institutions Act, 1998
The Namibian Minister of Finance, acting on the Bank of Namibia’s recommendation, has promulgated regulations establishing the qualifications, appointment criteria, and operational framework for the Appeal Board under the Banking Institutions Act, 1998. The rules mandate that board members possess relevant professional experience, disclose conflicts of interest or face fines and imprisonment, and adhere to strict disqualification criteria while receiving ministerially determined allowances. Furthermore, the regulations standardize appeal procedures by requiring a N$10 000 non-refundable fee, a 14-day filing window, written hearings with expert assistance, and prompt delivery of signed decisions to all parties.
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