Regulatory Alerts2021-11-11
Added · Updated
Standard GEN.S.10.8 on Independence
Issued by NAMFISA under the Financial Institutions and Markets Act, 2021, Standard GEN.S.10.8 establishes the independence requirements for directors, trustees, custodians, auditors and valuators of financial institutions. The standard disqualifies individuals who are associates, affiliates or key persons of the institution, receive external benefits from client services or hold recent employment with the entity or its affiliates. It further mandates cross-independence checks between auditors and valuators, while requiring ongoing disclosure of any potential conflicts before and during appointment.
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