Regulatory Alerts2014-12-08
Added
Conflict of Interest Directive for Financial Institutions
The directive prohibits financial services providers and their representatives from soliciting or receiving gifts, hospitality, or entertainment that could influence client recommendations or business channeling. It establishes a N$500 annual aggregate threshold for immaterial financial interests, requiring providers to maintain logs and disclose any personal interests to clients. Providers must implement conflict of interest management policies, including staff training and reporting procedures, to ensure fair treatment and prevent material risks to client interests.
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