Regulatory Alerts2022-11-25
Added · Updated
Breakdown of Industry Comments on Chapter 10 General Provisions (FIMA 2021)
NAMFISA finalized Chapter 10 General Provisions under the Financial Institutions Markets Act 2021 by incorporating industry feedback on board independence and conduct standards. The regulator clarified that independence requirements for directors, officers, and valuators apply across extended group structures, permitted non-Namibian non-executive directors to serve during a transition period, and relaxed strict valuator independence rules through a principle-based approach with targeted exemptions. Furthermore, the standard mandates that financial institutions maintain a Code of Conduct policy capable of cross-referencing existing internal documents to eliminate duplication, while explicitly extending compliance obligations to sole proprietors and individual financial intermediaries.