Parliament of Namibia - Banking Institutions Bill, 2013


The Parliament of Namibia's Banking Institutions Bill (2013) seeks to repeal and replace the Banking Institutions Act (1998) and the Banking Institutions Amendment Act (2010). The bill aims to consolidate and amend the laws relating to banking institutions, micro finance (MF) banking institutions and controlling companies. Specifically, the bill updates the repealed Banking Institutions Act (and its amendment) to include provisions governing the operation of micro finance institutions (MFIs) in country, the prohibition and criminalization of illegal financial schemes, and restrictions on foreign shareholder in banking institutions and micro finance (MF) banking institutions. The bill is divided into several parts, and sets forth provisions on the following topics:

1. Authorization to Establish a Banking Institution or Micro Finance Banking Institution
2. Shareholding in Banking Institutions, Micro Finance Banking Institutions, and Controlling Companies
3. Prudential Requirements and Limitations
4. Directors, Principal Officers and Auditors
5. Supervision by Bank
6. Illegal Financial Schemes

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Tuesday, January 1, 2013
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Parliament of Namibia
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