Regulatory Alerts2024-10-11
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Capital Markets Industry Comments on FIMA General Standard 10.10 -2024
The Namibia Financial Institutions Supervision Authority issued a draft outsourcing standard requiring financial institutions and intermediaries to govern the outsourcing of principal and material business functions. Industry stakeholders recommend adopting a risk-based approach that permits the outsourcing of principal functions, clarifies materiality and in-sourcing definitions, and grants a twelve-month transitional period for existing agreements. The framework mandates board oversight of outsourced risks, robust data protection measures, and flexible record-keeping to foster local capacity building while ensuring regulatory compliance.
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