Regulatory Alerts2021-11-10
Added · Updated
Requirements for Voluntary Termination of a Fund
The Namibia Financial Institutions Supervisory Authority issued Standard No. RF.S.5.6 to establish comprehensive procedural and substantive requirements for the voluntary termination or dissolution of registered retirement funds under the Financial Institutions and Markets Act, 2021. The standard mandates the appointment of a NAMFISA-approved liquidator who must submit preliminary and final accounts, facilitate public inspection periods, address member objections, and ensure full distribution of assets and liabilities to beneficiaries. It also introduces targeted exemptions for small funds with fewer than 50 members and assets under N$5 million, streamlining the dissolution process while preserving member rights and regulatory oversight.