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Financial Institutions and Markets Act, 2021: A Guide to Key Terms

The Financial Institutions and Markets Act, 2021 (Act No. 2 of 2021) has introduced several key terms that are essential for understanding its provisions.

Essential Definitions

Here is a comprehensive guide to these key terms:

  • Advisory Committee: The advisory committee established under Section 20 of the act.
  • Close Corporation: A corporation incorporated under the Close Corporations Act, 1988 (Act No. 26 of 1988).
  • Collective Investment Scheme: A collective investment scheme as defined in Section 168 of the act.
  • Companies Act: The Companies Act, 2004 (Act No. 28 of 2004).
  • Corporate Body: An incorporated body wherever or however incorporated, including a company and close corporation.
  • Court: Any court or courts of Namibia having jurisdiction in the particular matter or circumstances.
  • Director: A natural person who occupies the position of director, by whatever name called, of a corporate body, or holds a similar position with any juristic person or unincorporated entity.
  • Document or Record: Includes books, accounts, and any information stored or recorded electronically, digitally, photographically, magnetically, mechanically, optically, or in any other form.
  • Entity: A corporate body, any other juristic person, a trust, partnership, fund, association, joint venture, and any other unincorporated organization, the government of any country or any subdivision of that government or country.
  • Exchange: An exchange as defined in Section 78 of the act.
  • Financial Advice: Any financial advice described in subsection (2) of the act.
  • Financial Crime: Any offence involving theft, fraud, forgery, perjury, or an offence under the Anti-Corruption Act, 2003 (Act No. 8 of 2003), crimes relating to market abuse, financing or facilitating an offence, dealing with the proceeds of an offence, or an offence under the Prevention of Organised Crime Act, 2004 (Act No. 29 of 2004) or the Financial Intelligence Act, 2012 (Act No. 13 of 2012).
  • Financial Institution: A registered beneficiary fund, a registered central securities depository, a collective investment scheme of a registered manager, or any other financial institution as defined in Section 3 of the act.
  • Fee: An appropriate fee determined by NAMFISA under Section 415 or Section 33 of the act.

These terms are essential for understanding the provisions of the Financial Institutions and Markets Act, 2021. The act aims to regulate and govern the financial institutions and markets in Namibia, and these terms will be crucial in ensuring compliance with its requirements.