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Competition and financial regulatory bodies collaborate

(L-R) Mr Phillip Shiimi, CEO of NAMFISA and Mr Mihe GaomabII, CEO of NaCC signing a MOA which cements the regulatory mandated of the two institutions. (Photograph by Mandisa Rasmeni)

(L-R) Mr Phillip Shiimi, CEO of NAMFISA and Mr Mihe GaomabII, CEO of NaCC signing a MOA which cements the regulatory mandated of the two institutions. (Photograph by Mandisa Rasmeni)

The Namibian Competition Commission (NaCC) and Namibia Financial Institution supervisory Authority (NAMFISA) signed a Memorandum of Agreement earlier this week at the NaCC Offices.
The MoA was signed by Mihe Gaomab II, Chief Executive Officer of NaCC and Phillip Shiimi, Chief Executive Officer of NAMFISA.
Shiimi said,NAMFISA recognised the evolutionary nature of the financial industry which compels them to adjust and innovate and to closely collaborate with sister regulators such as the NaCC.
“This will help us to jointly ensure continued stability of the financial sector, in terms of the manner in which we execute our mandate of supervising the financial sector which includes, among others guarding against improper market conduct and setting prudential limits,” said Shiimi.
Shiimi added that the agreement will take both companies a step closer to promoting, maintaining and developing a competitive financial market, dealing with anti-competitive behaviour as well as working together on matter related to mergers, acquisitions, amalgamations and transfers within the financial sector.

“We look forward to building on this vitally important step toward greater collaboration as we continue to work together on new and better ways to protect our economy and consumers of financial services and products against ever evolving threats both from within and outside the boundaries of Namibia,” he said.
Meanwhile Gaomab II added that, “NaCC is honoured to mark the signing of the MOA with NAMFISA, thus cementing the regulatory mandates of the two institutions. He also said that the NaCC has also entered into memorandum of understanding with the Electricity Control Board, Namibia Ports Authority, Bank of Namibia and the Anti-Corruption Commission since its inauguration on 9 December 2009.”
The MoA establishes a framework in terms of which both the NaCC and NAMFISA will seek to promote and maintain fair competition and a stable environment within the non-banking financial industry, to promote the development of competitive markets in the non-banking financial industry and the MoA is entered into on the basis of mutual respect and in a spirit of goodwill and does not affect the independence or limit the powers of the authorities and does not effect a delegation of authority in any form or manner by an authority.

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