Regulatory Alerts2021-11-11
Added · Updated
GEN.S.10.20 Establish Procedures for Identifying Related Party Transactions and Prohibitions
The Namibia Financial Institutions Supervisory Authority issued Standard GEN.S.10.20 to define related party transactions and establish criteria for identifying those that are prohibited under the Financial Institutions and Markets Act, 2021. The regulation mandates directors of all registered financial institutions and intermediaries to evaluate transaction significance based on reporting obligations to regulators, senior management, and shareholders, alongside shareholding control. Transactions deemed significant with undisclosed conflicts of interest are automatically prohibited, requiring directors to adhere to General Standards 10.8 and 10.9 for compliance.
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