Namfisa and FIM Bills to be tabled in Parliament soon
15 Sep 2014 15:40pm
WINDHOEK, 15 SEP (NAMPA) The Namibia Financial Institutions Supervisory Authority (Namfisa) and Financial Institutions and Markets (FIM) Bills are expected to be tabled in Parliament before the end of this year.
Namfisa's Chief Executive Officer (CEO) Phillip Shiimi announced this on Monday when he released the authority's 2014 annual report in Windhoek.
Shiimi indicated that the drafting of the Bills started a few years ago and has undergone several rounds of consultation with stakeholders, including regulated entities and Cabinet Committee Legislation.
The Bills are now with the legal drafters in the Ministry of Justice for finalisation, he said, adding that once promulgated, the new law will provide Namfisa with adequate regulatory and supervisory powers.
The promulgation of the FIM Bill will play a major role in the deepening and development of financial markets, he stated.
Shiimi noted that this new legislative instrument allows for flexibility and a swift response to industry development which will lead to greater innovation in offering financial products and services for the benefit of both consumers and financial institutions.
He said the authority has completed 79 subordinate legislations to accompany the FIM bill. These regulations and standards are in layman's draft format and will be converted into legal drafts. Once finalised, the standards and regulations will undergo industry review and consultations.
Namifisa supervises the business of financial institutions and financial services.
The authority also advises the Minister of Finance on matters related to financial institutions and services.