FIM Bill to be tabled soon

The Financial Institutions and Markets Bill is expected to be tabled in the National Assembly in its first session of the year, bringing to a close a lengthy process that will strengthen the mandate of the Namibia Financial Institutions Supervisory Authority (Namfisa).Its CEO, Kenneth Matomola, said a draft was now also available on the Namfisa website for review to give role players a view of its anticipated impact on the financial services sector.“The legal drafting of the bills was concluded and draft bills submitted to the minister of finance for certification and promulgation process. “It is envisaged that the bills will be tabled in parliament when it resumes in February 2018. “The final draft bills are readily accessible on the Namfisa website,” the head of the financial watchdog said yesterday.Formal consultation will be undertaken in terms of the provisions of the Financial Institutions and Markets Act, when enacted, which allows 30 days for stakeholders to consider and make representations to Namfisa.Matomola also explained that subordinate legislation will only be gazetted upon the promulgation of the Namfisa and FIM bills or when certain sections of these bills are activated.“Provision for this has been made under the FIM Bill. The minister of finance can activate different provisions of the Namfisa and FIM bills by notice in the Government Gazette,” Matomola said.According to him, about 95% of critical subordinate legislation has already undergone informal consultation and industry comments were considered and incorporated where necessary, and submitted to the ministry of finance. “The remaining subordinate legislation is undergoing informal consultations with the industry, and the process is envisaged to be finalised before the bills are promulgated,” he said.Operation frontOn the operational front, he said Namfisa was positioned optimally for the anticipated promulgation of the bill. This would also not bear on the finances of the regulator, which asked for a review of levies last year.“Namfisa is ready to implement the bill once it is passed. To date we have an approved structure and budget to ensure that we fulfil our mandate fully,” he said of the anticipated change.The FIM Bill was not expected to make the Usury Act irrelevant, Matomola had told Market Watch at the release of Namfisa's financial results in September last year.“The Usury Act will not be replaced; however, we will be working on a Consumer Protection Bill over the next three years. The bills have gone through various processes and have been submitted to the ministry of finance. We are confident the bills will be tabled in parliament,” he said.Ogone Tlhage -

FIM Bill to be tabled soon

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Republikein 2025-12-17

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FIM Bill to be tabled soon

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