Regulatory Alerts2021-11-10
Added · Updated
CIS.S.4.7 Requirements for Trustees and Custodians of Collective Investment Schemes
The Namibia Financial Institutions Supervisory Authority issued Standard CIS.S.4.7 to establish mandatory operational, financial, and governance requirements for trustees and custodians of collective investment schemes. The standard mandates a minimum N$5,000,000 in capital and reserves while requiring these entities to maintain adequate resources, robust control systems for asset segregation, manager independence, and the capacity to cover thirteen weeks of operating expenses. Additionally, it stipulates that all functionaries must possess relevant experience, demonstrate fiduciary compliance and decision-making independence, and apply sound business principles to ensure the financial soundness of the schemes they oversee.