The Parliament of Namibia's Banking Institutions Amendment Act (2010) sets forth provisions for consolidated supervision, the registration of controlling companies and cancelation thereof, and the regulation of investment by controlling companies and the restructuring within group of companies. The act also authorizes foreign banking institutions to open branches in Namibia and prohibits banking institutions from converting to branches of foreign banking institutions. In addition, the act also authorizes the Bank of Namibia (BoN) to determine minimum capital funds in respect of banking institutions or banking group, and obliges banking institutions and controlling companies to notify the BoN of the nomination of any person for appointment as director or principal officer 30 days prior to such appointment.
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