Regulatory Alerts2026-05-08
Added · Updated
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 mandatory valuation criteria and comprehensive fit-and-proper requirements for financial institutions, intermediaries, and their key personnel. These standards mandate that actuaries, accountants, and other approved professionals serve as valuators while requiring directors, trustees, auditors, and key persons to demonstrate competence, integrity, financial soundness, and ethical conduct through documented assessments and electronic submissions via the NAMFISA Electronic Regulatory System. Non-compliant individuals or entities face potential disqualification for up to ten years but may seek early rehabilitation by demonstrating restitution, penalty payment, or corrected practices, thereby ensuring sound management and consumer protection across Namibia’s financial sector.