Regulatory Alerts2024-10-11
Added · Updated
FIMA General Standard 10.10-2024 on Outsourcing by Financial Institutions and Intermediaries
The Namibia Financial Institutions Supervision Authority issued General Standard 10.10-2024 to regulate the outsourcing of material business functions by financial institutions and intermediaries, particularly retirement funds and fund administrators. The standard clarifies that insourcing and ancillary IT functions remain permissible, confirms that board-designated employees must manage risk reporting, and mandates prompt data access for regulators and auditors. Maintaining a principle-based framework, the regulation ensures proportional application across varying entity sizes while preserving board accountability and orderly termination protocols.
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