Regulatory Alerts2024-10-11
Added · Updated
Retirement Funds Industry Comments on the FIMA General Standard 10.10-2024 for Outsourcing
The Namibian retirement funds industry submitted formal comments to the Financial Institution Market Authority regarding General Standard 10.10-2024, which mandates the outsourcing framework for financial institutions and intermediaries. The submissions propose clarifying critical definitions, confirming that ancillary and investment management functions remain permissible for fund administrators, and advocating for a proportional application of outsourcing principles tailored to entity size and complexity. Furthermore, the industry requests explicit guidance on board governance responsibilities, sub-outsourcing permissions, auditor data access rights, and orderly termination procedures to ensure operational resilience without imposing undue administrative burdens.