Circular Bills VM Update 2021 v2

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TO: REGISTERED INSURERS AND REINSURERS, INSURANCE AND REINSURANCE BROKERS AND AGENTS, MEDICAL AID FUNDS, PENSION FUND ORGANIZATIONS, FRIENDLY SOCIETIES, COLLECTIVE INVESTMENT SCHEMES, INVESTMENT MANAGERS, LINKED INVESTMENT SERVICE PROVIDERS, STOCK BROKERS, NAMIBIAN STOCK EXCHANGE AND MICROLENDERS CIRCULAR: NAMFISA/01/07/2021 EFFECTIVE DATE: 02 JULY 2021 SUBJECT: STATUS OF THE BILLS __________________________________________________________________

1. Introduction
   1.1 This circular is issued by virtue of the Namibia Financial Institutions Supervisory
   Authority’s (NAMFISA) functions and powers and those of its Chief Executive Officer, in his capacity as the Registrar of various financial institutions in terms of various applicable legislation, read with the Namibia Financial Institutions Supervisory Authority Act, 2001.
   1.2 The purpose of this circular is to inform the abovementioned industries of the
   current status of the Bills, namely; the Namibia Financial Institutions Supervisory Authority Bill (NAMFISA Bill), the Financial Institutions and Markets Bill (“FIM Bill”) and the Financial Services Adjudicator Bill (FSA Bill). This circular further serves to inform the abovementioned industries of the process of consultations on the Standards under the FIM Bill. This circular supersedes Circular No. NAMFISA/03/09/2020, dated 28 September 2020, pertaining to the status of the Bills.

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2. Status of the Bills
NAMFISA Bill
The NAMFISA Bill was considered and approved by the National Assembly and was signed by the President. FIM Bill The FIM Bill was considered and approved by the National Assembly and was signed by the President. FSA Bill The FSA Bill has been removed from the parliamentary roll as a different approached was counter suggested for implementation in respect of adjudicating complaints. Industry will be kept abreast of key developments on the purported approach at an appropriate juncture.
3. Process of consultations on the Standards under the FIM Bill
Once the FIM Act is published in the Government Gazette, NAMFISA will commence formal consultations on the Standards (following the informal consultations that were already conducted) with the industry. The process of consultations (inclusive of iterations) and finalization of subordinate legislation will be concluded in a period of about 9 months. The FIM Act will then be implemented after the subordinate legislation is issued. Kindly submit all queries for clarity or further information at the following email address:
projectnewdawn@namfisa.com.na.
Sincerely Yours,
Kenneth S. Matomola
CHIEF EXECUTIVE OFFICER pp