Regulatory Alerts2021-11-11
Added · Updated
Standard GEN 10-2 – Fit and Proper Requirements
NAMFISA has issued Standard GEN 10-2 to establish comprehensive fit and proper requirements for registered financial institutions, intermediaries, and key personnel under the Financial Institutions and Markets Act, 2021. The standard mandates rigorous assessments of individuals based on education, experience, competence, integrity, and financial soundness, while requiring entities to maintain adequate capital, liquid assets, and documented fit-and-proper policies. It further outlines specific submission requirements, continuing education obligations, and the regulatory consequences of non-compliance for both initial registration and ongoing authorization.
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