Regulatory Alerts2021-11-11
Added · Updated
GEN.S.10.16 – Imposition of Penalties on List Applicants
NAMFISA promulgates Standard GEN.S.10.16 to impose financial and operational penalties on list applicants, authorised users, and designated representatives for specified regulatory breaches. List applicants face monetary penalties capped at two percent of their preceding financial year revenues or a business suspension lasting up to one month. Authorised and designated representatives incur monetary penalties capped at one percent of their preceding financial year revenues or face a three-month suspension of their registered business activities.
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