Regulatory Alerts2022-11-25
Added · Updated
NAMFISA Standards Under the Financial Institutions and Markets Act 2021 (Preliminary and General)
The Namibia Financial Institutions Supervisory Authority (NAMFISA) has issued preliminary and general standards under the Financial Institutions and Markets Act 2021 to establish operational requirements for financial institutions and intermediaries. These standards designate qualified actuaries and accountants as eligible valuators, mandate strict independence criteria and conflict-of-interest management for directors, auditors, and trustees, and require comprehensive Code of Conduct policies covering ethical conduct, compliance, and proportional sanctions. Additionally, the regulations compel institutional investors to maintain transparent Investment Policy Statements that define fiduciary duties, strategic asset allocation, risk management, and board oversight to ensure prudent investment decision-making.