FIM Bill process nears Parliament
The Financial Institutions and Markets Bill is set to be tabled in Parliament during the September period. This is the hope of acting Namibia Institutions Supervisory Authority spokesperson Christopher Swart, who spoke to the Economist this week.
This will bring the bill to its final stretch as parliamentarians in both houses of parliament will debate on the bill, bringing the almost four-year process to completion.
However, the bill has been marked by delays and its technical nature may encounter further obstruction in the law-making houses.
Speaking to Swart via telephone, he said, “the bill is anticipated to be discussed during the September parliamentary session. It is beyond our control now.”
Chief of Legislative Drafting, Gabriel Nepaya in January released a list of bills which are expected to be tabled in parliament this year, which included the FIM Bill as well as adjustments to the Namibia Financial Institutions Supervisory Authority Bill.
The Namibia Financial Institutions Supervisory Authority has also in the meantime done its best to keep stakeholders abreast of the latest developments surrounding the formalisation of the bill.
An excerpt taken out of its Financial Report for 2014 stated, “the level of the Namibia Financial Institutions Supervisory Authority’s operations has reached a point where its cost exceeds its funding, which necessitates a review of its levy structures.
This review will be done in line with a Funding Model and Reserves Policy to be formalised during the 2015/16 financial year. Stakeholders will be consulted in this process.” Other important Namibia Financial Institutions Supervisory Authority developments included the long awaited FIM , Financial Adjudicator and Microlending Bills.