Financial Institutions and Markets (FIM) Bill tabled in NA
27 Jun 2019 17:00pm
WINDHOEK, 27 JUN (NAMPA) The 404-page Financial Institutions and Markets (FIM) Bill that seeks to consolidate and harmonise laws regulating financial institutions and markets in Namibia was tabled in the National Assembly on Wednesday.
Motivating the Bill, Minister of Finance Calle Schlettwein said it recognises the high degree of interconnectedness across the industry sub-sectors and across the financial and capital markets locally, regionally and internationally.
Schlettwein said the Bill aims to correct market inefficiencies and promote efficient and orderly markets in financial services; protect consumers of financial services and maintain confidence in the financial system.
He noted that the legislation governing the non-banking sector suffers from outdated laws, some as old as 50 years, and the current law does not take into consideration changed circumstances, nor does it encourage innovation and entrepreneurship.
It is necessary not only to propose a modern and harmonised legislation, but also to have a robust legislative framework that is responsive to the demands of market developments, he said.
The Bill will also foster financial soundness of financial institutions and financial intermediaries; stability of financial institutions and markets sector; and fairness, efficiency and orderliness of the financial institutions and markets sector.