Regulatory Alerts2021-11-11
Added · Updated
Fiduciary Responsibilities of Financial Institutions and Intermediaries
Issued by NAMFISA under the Financial Institutions and Markets Act, 2021, Standard GEN. 10-18 establishes comprehensive fiduciary duties for all financial institutions, intermediaries, and their functionaries. The regulation mandates that these entities and personnel consistently act in the best interests of clients and investors, fully disclose material information, and proactively avoid or manage conflicts of interest. Furthermore, it requires the maintenance of detailed records of material dealings to demonstrate compliance and obligates functionaries to exercise diligence, skill, care, and lawful governance in executing client affairs.
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