[B. 10 - 2018]

REPUBLIC OF NAMIBIA

NATIONAL ASSEMBLY

______________________

FINANCIAL SERvICES AdjUdICATOR BILL

_________________________________

(As read a First Time)_________________________________

(Introduced by the Minister of Finance)

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BILLTo establish the Office of the Financial Services Adjudicator; to provide for its

powers and functions and other matters relating to the Office; to provide for the appointment of the Adjudicator and the powers and functions of the Adjudicator; and to provide for incidental matters.

ARRANGEMENT OF SECTIONS

PART 1PRELIMINARY PROVISIONS

1. Definitions2. Declarationasfinancialserviceslaw3. ObjectofAct

PART 2OFFICE OF FINANCIAL SERVICES ADJUDICATOR

4. EstablishmentofOffice5. FunctionsandpowersofOffice

PART 3BOARD OF OFFICE

6. BoardofOffice7. PowersandfunctionsofBoard8. DisqualificationsforappointmentasmemberofBoard9. TermofofficeofmembersofBoard10. VacationofofficebymembersofBoard11. MeetingsofBoard12. FiduciarydutiesofmembersofBoard13. CommitteesofBoard14. DisclosureofinterestsbymembersofBoardorcommittees15. RemunerationandallowancesofmembersofBoardorcommittees

PART 4PERSONNEL PROVISIONS

16. Adjudicator,DeputyAdjudicator,ad-hocAdjudicatorandemployeesofOffice17. Disqualifications for appointment asAdjudicator,DeputyAdjudicatororad-

hoc Adjudicator18. VacationofofficebyAdjudicator,DeputyAdjudicatororad-hoc Adjudicator

PART 5FINANCIAL PROVISIONS

19. FundsofOffice20. Accountingandauditing21. Annualreport

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PART 6COMPLAINTS

22. SubmissionofcomplaintstoOffice23. Enquiryintocomplaints24. DeterminationbyAdjudicator25. PowersofAdjudicator26. OffencesrelatingtoAdjudicator27. RecusalbyAdjudicator28. Legalrepresentationorotherexpertrepresentation29. Recordkeepingandaccesstorecords30. Reportofcomplaints31. Jurisdictionandprescriptionofcomplaints32. Appealandreview

PART 7GENERAL PROVISIONS

33. WindingupofOffice34. Delegationofpowersandassignmentoffunctions35. Preservationofsecrecy36. Limitationofliability37. RulesbyAdjudicator38. Regulations39. Administrativepenalties40. PowertoamendSchedule41. Conflictorinconsistency42. Shorttitleandcommencement

SCHEDULE FinancialServicesProvidersandestablishinglegislation

BE IT ENACTEd aspassedbytheParliament,andassentedtobythePresident,oftheRepublicofNamibiaasfollows:

PART 1PRELIMINARY PROVISIONS

Definitions

1. InthisAct,unlessthecontextotherwiseindicates-

“ad-hocAdjudicator”meansapersonappointedasanad-hocAdjudicatorundersection16(1)(c);

“Adjudicator”meanstheFinancialServicesAdjudicatorappointedintermsofsection16(1)(a);

“Bank”meanstheBankofNamibiareferredtoinsection2oftheBankofNamibiaAct,1997(ActNo.15of1997);

“bankinginstitution”meansabankinginstitutionasdefinedinsection1oftheBankingInstitutionsAct,1998(ActNo.2of1998);

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“Board”meanstheBoardoftheOfficereferredtoinsection6;

“chiefexecutiveofficer”meanstheFinancialServicesAdjudicatorappointedintermsofsection16(1)(a);

“committee”meansacommitteeoftheBoardestablishedundersection13;

“complainant”meansaperson towhomafinancialservicesproviderhasprovidedafinancialservice,andincludesasuccessorintitleofthatpersonorabeneficiaryofthefinancialservice,whohaslodgedacomplaintwiththeOffice;

“complaint”meansacomplaintrelatingtoafinancialservicemadebyacomplainantagainstafinancialservicesproviderinwhichacomplainantallegesthatasaresultofthefinancialservicesprovider,itsemployee,representativeoragenthaving-

(a) contravenedorfailedtocomplywithaprovisionoftheapplicableestablishinglegislation;

(b) contravenedorfailedtocomplywithaprovisionofanagreementorthelaworacodeofconductsubscribedtobythefinancialservicesprovider;

(c) intentionallyornegligentlyprovidedorfailedtoprovideafinancialservice;

(d) intentionallyornegligentlyprovidedwrongadvice;or

(e) treatedthecomplainantunreasonablyorunfairly,

thecomplainanthassufferedor is likely tosufferfinancialprejudiceordamage, therightsof the complainanthavebeen infringedor adisputeof fact or lawhas arisenbetweenthecomplainantandthefinancialservicesprovider; “day”meansadaywhichisnotaSaturday,SundayorpublicholidayasspecifiedordeclaredasapublicholidayunderthePublicHolidaysAct,1990(ActNo.26of1990);

“DeputyAdjudicator”meansapersonappointedasaDeputyAdjudicatorundersection16(1)(b);

“establishing legislation” means the legislation specified in the Schedule whichestablishesafinancialservicesproviderasspecifiedinthatSchedule;

“financialadvice”meansanadvice,recommendation,guidance,projectionorproposalrelating to a financial product or financial service provided by a financial servicesprovidertoapersonundertheapplicableestablishinglegislationprovidedbyanymeans,irrespectiveofwhetherornot suchadvice, recommendation,guidance,projectionorproposalissoughtbythepersonorwhethersuchadvice,recommendation,guidance,projectionorproposalhasresultedinatransactionbeingeffected;

“financialproduct”meansafinancialproductofferedorprovidedbyafinancialservicesproviderundertheapplicableestablishinglegislation;

“financialservice”meansaserviceofafinancialnatureprovidedbyafinancialservicesprovider under the applicable establishing legislation, and includes the service ofprovidingafinancialproductorfinancialadvice;

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“financialserviceslaw”means-

(a) anestablishinglegislation;

(b) alawthatdeclaresitselftobeafinancialserviceslawforthepurposesofthisAct;and

(c) alawdeclaredbytheMinisterundersection2tobeafinancialserviceslawforthepurposesofthisAct,

andincludesregulationsandothersubordinatelegislationmadeunderanyofthoselaws;

“financialservicesprovider”meansaperson,organisationandinstitutionspecifiedintheSchedule;

“generallyacceptedaccountingpractice”meanstheaccountingframeworksadoptedbytheInstituteofCharteredAccountantsofNamibiareferredtointhePublicAccountants’andAuditors’Act,1951(ActNo.51of1951);

“interestedparty”meansapersonhavinganinterestinthematterandwhohasappliedtotheAdjudicatortobejoinedasapartytoacomplaintandwhoisgrantedpermissiontobejoinedasapartytothecomplaintorapersonhavinganinterestinthematterwhomtheAdjudicatorhasorderedthatthepersonbejoinedasapartytoacomplaint;

“LegalPractitionersAct”meanstheLegalPractitionersAct,1995(ActNo.15of1995);

“legalpractitioner”meansalegalpractitionerasdefinedintheLegalPractitionersAct;

“Minister”meanstheMinisterresponsibleforfinance;

“NAMFISA”meanstheNamibiaFinancialInstitutionsSupervisoryAuthorityreferredtoinsection2oftheNamibiaFinancialInstitutionsSupervisoryAuthorityAct,2018(ActNo.…..of2018);

“Office”meanstheOfficeoftheFinancialServicesAdjudicatorestablishedbysection4;

“party”meansacomplainant,afinancialservicesprovideragainstwhomacomplaintismadeoraninterestedparty;

“PublicEnterprisesGovernanceAct”means thePublicEnterprisesGovernanceAct,2006(ActNo.2of2006);

“regulation”meansaregulationmadeundersection38;

“rule”meansarulemadeundersection37;and

“thisAct”includestheregulations,rulesandnoticesissuedintheGazetteunderthisAct.

Declaration as financial services law

2. TheMinistermaybynoticeintheGazette declarealawtobeafinancialserviceslawforthepurposesofthisAct.

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Object of Act

3. TheobjectofthisActistocreatealegalandinstitutionalframeworkfor theenquiry intoanddeterminationofcomplaints lodgedunder thisAct ina just,procedurallyfair,economicalandexpeditiousmanner.

PART 2OFFICE OF FINANCIAL SERVICES ADJUDICATOR

Establishment of Office

4. ThereisestablishedajuristicpersontobeknownastheOfficeoftheFinancialServicesAdjudicatorwhich,subjecttothisAct,enquiresintoanddeterminescomplaintslodgedwiththeOfficeunderthisAct.

Functions and powers of Office

5. (1) ThefunctionsoftheOfficeareto-

(a) enquire into and determine complaints in a just, procedurally fair,economicalandexpeditiousmannerwithdueregardto-

(i) theveracity,substanceandmeritsofthecomplaint;

(ii) the contractual or any other legal relationship between theparties;

(iii) theprovisionsofthisAct,theapplicableestablishinglegislationandanyotherapplicablelaw,includinganapplicablefinancialserviceslaw;and

(iv) considerationofjustnessandfairness;and

(b) advisetheMinisteronmattersrelatedtothisActortofinancialservicesproviders,whetheronitsownaccordorattherequestoftheMinister.

(2) ToenabletheOfficetoachieveitsobjectorperformitsfunctions,theOfficemay-

(a) hire,purchaseorotherwiseacquiremoveableorimmovablepropertyandlet,sellorotherwisedisposeofsuchproperty;

(b) enterintoanagreementwithapersonfortheperformanceofaspecifiedfunction or the rendering of specified services on such terms andconditionsthattheOfficeandthatpersonmayagreeon;

(c) insuretheOfficeagainstloss,damage,riskorliability;

(d) obtainprofessionaladviceasmaybereasonablyrequiredandwhichisnotcontrarytothisActoranyotherlaw;and

(e) dosuch thingsas itmayconsidernecessaryorexpedient inorder toachievetheobjectofthisAct.

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PART 3BOARD OF OFFICE

Board of Office

6. (1) TheOfficemust have aBoardwhich, subject to thisAct, isresponsibleforthepolicy,managementandcontrollingtheaffairsoftheOffice,exceptthattheBoardmaynotmanageorcontroltheAdjudicatorwhenperformingfunctionsorexercisingpowersunderPart6ofthisAct.

(2) Unless a different number is determined in accordancewith section14(1)(a)ofthePublicEnterprisesGovernanceAct,theBoardconsistsofsixmembersappointed by theMinister after consultationwith the relevant industries or businessassociations,expertsorgovernmentoffices,ministriesoragencieswithdueregardtothefunctionsandpowersoftheBoard.

(3) Thechiefexecutiveofficerisanex officio memberoftheBoardwithnovotingrightsandheorshemaynotserveasthechairpersonoftheBoard.

(4) A person appointed under subsection (2) as amember of theBoardmustpossessadequateknowledgeandexperienceingovernance,accounting,financialservices,economics,laworotherrelatedfieldsofexpertisewhicharenecessaryfortheBoardtofunctioneffectively.

(5) Subject to section14(1)(e)(iii)of thePublicEnterprisesGovernanceAct,theMinistermustappointthechairpersonandvice-chairpersonoftheBoardfromamongthemembersoftheBoardandthevice-chairpersonmustperformthefunctionsor exercise the powers of the chairperson during any period that the chairperson isunabletoperformhisorherfunctionsorexercisehisorherpowers.

(6) TheMinistermust,assoonaspossibleafterappointingmembersoftheBoardundersubsection(2),notifyintheGazette-

(a) thenameofeverypersonappointedasamemberoftheBoard;

(b) theperiodforwhichtheappointmentismade;and

(c) thedatefromwhichtheappointmenttakeseffect.

(7) Despitesubsection(6),afailuretopublishthenameofamemberoftheBoardpursuanttothatsubsectiondoesnotinvalidateanappointmentmadeintermsofsubsection(2)oranactionordecisiontakenbytheBoard.

Powers and functions of Board

7. (1) TheBoardmanages,controlsandsupervisestheaffairsoftheOffice, except that theBoardmaynotmanage, control or supervise theAdjudicatorwhenperformingafunctionorexercisingapowerunderPart6ofthisAct. (2) TheBoardmustensurethattheOfficemaintains-

(a) an effective, efficient and transparent system of business process,financial, risk and performance management, good governance,complianceandinternalcontrol,includingasystemofinternalauditing;

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(b) anappropriateandresponsibleprocurementandprovisioningsystemwhichisequitable,transparent,competitiveandcosteffective;

(c) anappropriateorganisationalstructureandadequatestaff;and

(d) sufficientresourcesfortheOfficetoperformitsfunctionseffectively.

(3) TheBoardmustdeterminetheremuneration,termsandconditionsofserviceandotherbenefitsoftheemployeesoftheOffice.

(4) TheBoardmusttakeappropriateandeffectivestepsto-

(a) ensurethecollectionofmoneysduetotheOffice;and

(b) preventirregularorwastefulexpenditureanddeficitsintheOffice.

(5) The Minister may request the Board to provide the Minister withinformationrelatingtotheperformanceoftheOfficeandtheBoardmustcomplywiththerequestbytheMinister.

(6) TheBoardmustensurethatthereisinplaceacodeofconduct,inclusiveofconflictofinterestguidelinesapplicabletotheAdjudicator,DeputyAdjudicator,anad-hocAdjudicator,membersoftheBoardandotheremployeesoftheOffice,andtheBoardmustfurnishtheMinisterwithacopyofsuchcodeofconductforthwithaftersuchcodeofconductisinplace.

(7) TheBoardmustfromtimetotime,butatleastonceeverytwoyears,reviewthecodeofconductreferredtoinsubsection(6).

Disqualifications for appointment as member of Board

8. (1) Aperson isnoteligible forappointmentasamemberof theBoard,ifthatperson-

(a) isnotaNamibiancitizenor isnot lawfullyadmitted toNamibia forpermanentresidence;

(b) isanunrehabilitatedinsolventorbecomesinsolventandtheinsolvencyresultsinthesequestrationofhisorherestate;

(c) is actively engaged in the business of a financial services provider,unlessthatpersonceasesbeingactivelyengagedinthatbusiness;

(d) isanoffice-bearerofapoliticalparty,unlessthatpersonresignsasanoffice-bearer;

(e) isamemberofParliament,regionalcouncilorlocalauthoritycouncil,unlessthatpersonresignsasamember;

(f) during the period of 10 years preceding the date of the proposedappointmentasamemberoftheBoard,oratanytimeafterthatdate,hasbeenconvictedwhether inNamibiaorelsewhereof theft, fraud,forgeryorperjuryoranyotheroffenceunderalawoncorruptionoranyotheroffenceinvolvingdishonesty;

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(g) hasunderanylawbeendeclaredtobeofunsoundmindorunderlegaldisability;

(h) during the period of 10 years preceding the date of proposedappointment,oratanytimeafterthatdate,hasbeenremovedfromanofficeoftrustorhadhisorhermembershipofanystatutoryregulatedprofessionterminatedduetomisconduct;

(i) during the period of 10 years preceding the date of the proposedappointment, or any time after that date, has been sanctioned by anational or international statutory regulatory body for contraveninga law relating to the regulation and supervisionoffinancial servicesprovidersorotherfinancial institutionsorfinancial intermediariesasdefinedinsection1oftheFinancialInstitutionsandMarketsAct,2018(ActNo.…..of2018;

(j) is a boardmember, an employee or an officer ofNAMFISA or theBank,unlessthatpersonresignsasaboardmember,anemployeeoranofficer;

(k) isamemberoftheboardoranofficerofafinancialservicesprovideroractsinacapacitysimilartothatofamemberoftheboardoranofficer,unlessthatpersonresignsasamemberoftheboard,asanofficerornolongeractsinacapacitysimilartothatofthememberoftheboardoranofficerofthefinancialservicesprovider;

(l) is an employee of a financial services provider, unless that personresignsasanemployee;or

(m) during the period of five years preceding the date of the proposedappointment, or any time after that date, acted as an advisor to afinancialservicesproviderorrepresentedafinancialservicesproviderinanycapacity.

(2) Despitesubsection(1)(a)theMinistermayappointaperson,asmemberoftheBoard,whoisnotaNamibiancitizenorapersonlawfullyadmittedtoNamibiaforpermanentresidenceifthereisnoNamibiancitizenorapersonlawfullyadmittedtoNamibiaforpermanentresidencewiththerequiredexpertise.

(3) TheMinistermayonlyappointapersonundersubsection (2) if thatpersonhasthenecessarypermitintermsoftheImmigrationControlAct,1993(ActNo.7of1993),ifapplicable,toallowthepersontoexercisehisorherpowerorperformhisorherfunctionasamemberoftheBoard.

Term of office of members of Board

9. (1) Unless a different determination has been made in termsofsection14(1)(d)of thePublicEnterprisesGovernanceAct, thetermofofficeofamemberoftheBoardisfiveyears.

(2) AmemberoftheBoardwhosetermofofficehasexpiredmaybere-appointedforanotheronetermonly.

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(3) InappointingmembersoftheBoardundersection6,theMinistermustensurethatthetermsofofficeofthemembersoftheBoardarestaggeredinawaythatensurecontinuityofmembersoftheBoard,exceptthatamembermaynotserveasamemberoftheBoardformorethan10yearsintotal.

Vacation of office by members of Board

10. (1) AmemberoftheBoardvacateshisorheroffice,ifheorshe-

(a) becomessubjecttoadisqualificationreferredtoinsection8;

(b) resignsbygivingwrittennoticetotheMinisterandtheBoardatleastthreecalendarmonthsbefore the intendeddateofvacationofoffice,exceptiftheMinisterallowsforashorterperiodofresignation;

(c) hasbeenabsentfromthreeconsecutivemeetingsoftheBoardwithoutleaveoftheBoard,orintheeventthatthechairpersonoftheBoardissoabsent,withoutleaveoftheMinister;or

(d) isremovedfromofficeundersubsection(2).

(2) Subject to subsection (3), the Minister, after consultation with theBoard,may removeamember fromofficebefore theexpiryofhisorher termas amemberoftheBoard,ifsuchmemberisguiltyofanymisconductortheMinisterissatisfiedthatsuchmember-

(a) isbyreasonofhisorherphysicalormentalconditionorforanyotherreasonunabletoeffectivelyperformhisorherfunctionasamemberoftheBoard;

(b) neglectshisorherfunctionsasamemberoftheBoard;

(c) hasdivulgedconfidentialinformationcontrarytosection35;or

(d) actsinamannerthatprejudicesorisinconflictwiththefunctionsoftheBoard.

(3) TheMinistermayonlysoremoveamemberoftheBoardfromofficeundersubsection(2)aftergivingnoticetosuchmemberandafteraffordinghimorherareasonableopportunitytobeheard.

(4) TheMinistermust,assoonaspossibleafterremovingamemberoftheBoardundersubsection(2),notifyintheGazettethe-

(a) nameofthememberremovedfromtheoffice;

(b) reasonfortheremovalofthemember;and

(c) datefromwhichtheremovaltakeseffect.

(5) If a member of the Board dies or vacates his or her office undersubsection(1)or(2)beforetheexpirationofhisorhertermofoffice,theMinistermustappointapersontofillthevacancyfortheremainderofsuchterminaccordancewithsection6.

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Meetings of Board

11. (1) ThefirstmeetingoftheBoardtakesplaceatatimeandplacedeterminedbytheMinisterandsubsequentmeetingsoftheBoardmustbeheldatsuchtimesandplacesastheBoarddetermines,butatleastfourmeetingsmustbeheldeachyear.

(2) Despitesubsection(1),thechairpersonoftheBoard-

(a) may, on his or her own initiative, convene a specialmeeting of theBoardbygivingatleast14days’noticetootherBoardmembers;or

(b) ifrequestedinwritingbytheMinisterorbythemajorityofmembersoftheBoard,mustconveneaspecialmeetingoftheBoardwithin14daysafterthedateofreceiptoftherequesttoholdthespecialmeeting,

andthenoticeofthespecialmeetingmustclearlystatethepurposeforwhichthemeetingistobeconvened,theplaceandtheagendaofthemeeting.

(3) ThemajorityofallthevotingmembersoftheBoardformaquorumatameetingoftheBoard.

(4) ThechairpersonoftheBoardpresidesatmeetingsoftheBoardorinhisorherabsencethevice-chairpersonandintheabsenceofboththechairpersonandthevice-chairpersonthemembersoftheBoardpresentatameetingmustelectfromtheirnumberamembertopresideatthemeeting.

(5) Adecisionof themajorityof themembersof theBoardpresentandvotingatameetingoftheBoardconstitutesadecisionoftheBoardandintheeventofanequalityofvotesthememberpresidingatthemeetinghasacastingvoteinadditiontohisorherdeliberativevote.

(6) AdecisionoftheBoardoranactperformedundertheauthorityoftheBoardisnotinvalidbyreasonof-

(a) avacancyinthemembershipoftheBoard;or

(b) thefactthatapersonwhoisnotentitledtoattendameetingoftheBoardwasinattendancewhenthedecisionwastakenoractwasauthorised,

ifthedecisionwastakenoractwasauthorisedbytherequiredmajorityofthemembersof theBoardpresent and entitled to sit asmembersof theBoard and tovote at themeetingoftheBoard.

(7) SubjecttothisAct,theBoarddeterminestheproceduresthatmustbefollowedatmeetingsoftheBoard.

(8) TheBoardmustcauseproperminutesoftheproceedingsofitsmeetingstobekept.

(9) The Board may invite a person to attend and participate in thedeliberationsofameetingoftheBoard,butsuchpersonhasnorighttovote.

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(10) Despite subsection (5), awritten resolution not passed at ameetingoftheBoardbutsignedbyallthemembersoftheBoardisasvalidandeffectualasifithadbeenpassedatameetingoftheBoarddulyconvenedandconstituted,andsuchresolutionmustberecordedintheminutesofthenextmeetingoftheBoard.

Fiduciary duties of members of Board

12. (1) EachmemberoftheBoardmust-

(a) exercisethedutyofutmostcare,skillanddiligencetoensurereasonableprotectionoftheassetsandrecordsoftheOffice;and

(b) actwithfidelity,honesty,integrityandinthebestinterestoftheOffice.

(2) AmemberoftheBoardmaynot-

(a) actinawaythatisinconsistentwiththefunctionsoftheBoardintermsofthisAct;

(b) actinawaythatisinconsistentwiththeconductexpectedofadirectorofacompany;or

(c) forpersonalgainor to improperlybenefitanotherperson,usehisorherpositionasamemberoftheBoardoruseprivilegedorconfidentialinformationoftheOffice.

Committees of Board

13. (1) SubjecttosuchtermsofreferencethattheBoardmaydetermine,theBoard-

(a) mustestablishafinanceandauditcommittee;and

(b) mayestablishoneormoreothercommitteesto-

(i) advise theBoard on suchmatters relating to its powers andfunctionsasitmayrefertothecommittee;or

(ii) assisttheBoardintheexerciseandperformanceofitspowersor functions as the Board may delegate or assign to thecommittee.

(2) TheBoardmayappointapersonwhoisnotamemberoftheBoardasamemberofacommitteebutatleastonememberofthecommitteemustbeamemberoftheBoardandthecommitteemustconsistofatleastthreemembers.

(3) TheBoardmustdesignateamemberoftheBoardwhoisamemberofacommitteeaschairpersonofthatcommittee.

(4) Thechairpersonofacommitteepresidesatmeetingsofacommitteeandinhisorherabsencethemembersofthecommitteepresentatameetingmustelectfromtheirnumberamembertopresideatthemeetingofthecommittee.

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(5) A person presiding at ameeting of a committeemust cause properrecordoftheproceedingsofthemeetingtobekeptandmustcauseareportcontaininganexecutivesummaryoftheproceedingsaswellasrecommendationsandresolutionsbythecommitteetobesubmittedtotheBoardassoonaspossibleafterthemeetingofthecommittee.

(6) TheBoardisnotabsolvedfromperformingafunctionorexercisingapowerassignedordelegatedtoacommitteeunderthissection.

(7) TheBoardmayatanytimedissolveorreconstituteacommittee.

(8) Sections8and11(3),(6),(7)and(9)and12applywiththenecessarychangestothissection.

Disclosure of interests by members of Board or committees

14. (1) Amemberof theBoardor a committeewhohas adirectorindirectfinancialorpersonal interest inamatterbeingconsideredorproposed tobeconsideredbytheBoardoracommitteemust,assoonasispracticableaftertherelevantfactshavecometohisorherattention,disclosethenatureoftheinterestatameetingoftheBoardorcommittee.

(2) Subjecttosubsection(3),amemberoftheBoardoracommitteewhomakesadisclosureundersubsection(1)-

(a) maynotdeliberateorvoteinthematterreferredtoinsubsection(1);

(b) may not be counted for the purposes of a quorum in respect of thematterrefferedtoinparagraph(a);and

(c) must absent himself or herself from the proceedings concerning thematterinwhichheorshehasaninterest.

(3) The remaining members must discuss the nature of the interest onwhich themember hasmade a disclosure under subsection (1) andmust determinewhetherthememberisprohibitedfromparticipatingintheproceedingsconcerningthematter,andiftheinterestislikelytoimpairthemember’sobjectivityintheexerciseorperformanceofhisorherpowersorfunctionsasamemberoftheBoardorcommittee,thenthemembermaynotbeallowedtoparticipateintheproceedingsconcerningthatmatter.

(4) Adisclosuremadeundersubsection(1)mustberecordedintheminutesofthemeetingatwhichthedisclosureismade.

(5) A member of the Board or a committee who fails to comply withsubsection (1) or (2) commits an offence and on conviction is liable to a fine notexceedingN$200000ortoimprisonmentforaperiodnotexceedingtwoyearsortobothsuchfineandsuchimprisonment.

Remuneration and allowances of members of Board or committees

15. (1) Amember of theBoard or a committee,who is not in full-time employment of the State, is entitled to be paid out of the funds of theOfficesuch remuneration and allowances, including subsistence and travel allowances as

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theMinistermay,subject tosection22(1)of thePublicEnterprisesGovernanceAct,determine.

(2) TheBoardmayreimburseamemberof theBoardoramemberofacommitteeforsubsistenceandtravellingexpensesreasonablyincurredbyhimorherwhileattendingameetingoftheBoardoracommitteeorwhileperformingorexercisinganyfunctionorpoweroftheBoardorcommittee.

PART 4PERSONNEL PROVISIONS

Adjudicator, Deputy Adjudicator, ad-hoc Adjudicator and employees of Office

16. (1) Subject to this Act, the Board, with the approval of the Minister-

(a) mustappointalegalpractitionerhavingatleast10yearsofexperienceas a legal practitioner and who possesses adequate knowledge offinancialserviceslawandfinancialservices,astheAdjudicator;

(b) mayappointoneormorepersonshavingatleasteightyearsofrelevantexperienceandwhopossessesadequateknowledgeoffinancialserviceslawandfinancialservices,asDeputyAdjudicator;

(c) mayappointaperson,includinganemployeeoftheOffice,havingatleast eight years of relevant experience andwhopossesses adequateknowledgeoffinancialserviceslawandfinancialservices,asanad-hoc Adjudicator;and

(d) mustdeterminetheremuneration,termsandconditionsofserviceandotherbenefitsof theAdjudicator,DeputyAdjudicatorandanad-hoc Adjudicator.

(2) TheAdjudicatoristhechiefexecutiveofficeroftheOffice.

(3) Apersonappointedasanad-hocAdjudicatorundersubsection(1)(c)doesnotbecomeanemployeeoftheOfficebyvirtueofhisorherappointmentasanad-hocAdjudicatorandhisorherappointmentisnotsubjecttothelabourlawsofNamibiaunlesssuchanad-hoc AdjudicatorisanemployeeoftheOfficeappointedasanad-hoc Adjudicator.

(4) TheAdjudicator,DeputyAdjudicatorandanad-hocAdjudicatormust-

(a) atall timesbeimpartialandindependentfromanyinterferencefromanypersonincludingtheBoardwhenperforminghisorherfunctionsorexercisinghisorherpowersunderPart6ofthisAct;and

(b) recusehimselforherselffromenquiringintoordeterminingacomplaintifthereisanactualorperceivedconflictofinterest.

(5) TheAdjudicator, DeputyAdjudicator or an employee of the Officeappointedasanad-hoc AdjudicatormaynotacceptorholdanyotherofficeforprofitorreceiveremunerationotherthantheremunerationcontemplatedinthisAct,unlessauthorisedbytheBoard.

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(6) TheAdjudicatororaDeputyAdjudicatorholdsofficeforatermoffiveyearsandiseligibleforreappointment.

(7) Subject to the general control and supervision of the Board, theAdjudicatorandDeputyAdjudicatorareresponsibleforcarryingoutthefunctionsoftheOfficeanddecisionsoftheBoard,butarefreefrominterferenceindischargingoftheirfunctionsorexercisingtheirpowersunderPart6ofthisAct.

(8) Subject to section 22(3) of the PublicEnterprisesGovernanceAct,thechiefexecutiveofficermayappointemployeesof theOffice,asapprovedon theorganisationalstructurereferredtoinsection7(2)(c),toassisttheAdjudicator,DeputyAdjudicator and theOffice in the performance or exercising of powers or functionsunderthisAct.

Disqualifications for appointment as Adjudicator, Deputy Adjudicator or ad-hoc Adjudicator

17. (1) Exceptforparagraph(m)ofsubsection(1)ofsection8, thatsubsectionapplieswiththenecessarychangestoapersonappointedasanAdjudicator,aDeputyAdjudicatororanad-hoc Adjudicator.

(2) Despitesection8(1)(a),theBoardmayintermsofsection16appointapersonastheAdjudicator,aDeputyAdjudicatororanad-hocAdjudicatorwhoisnotaNamibiancitizenorlawfullyadmittedtoNamibiaforpermanentresidenceifthereisnoNamibiancitizenorapersonlawfullyadmittedtoNamibiaforpermanentresidencewiththerequiredexpertise.

(3) The Board may only appoint a person as an Adjudicator, DeputyAdjudicator or an ad-hoc Adjudicator under subsection (2) if that person has thenecessarypermitintermsoftheImmigrationControlAct,1993(ActNo.7of1993),if applicable, toallow theperson toexercisehisorherpowerorperformhisorherfunctionasanAdjudicator,DeputyAdjudicatororanad-hocAdjudicator.

Vacation of office by Adjudicator, Deputy Adjudicator or ad-hoc Adjudicator

18. (1) AnAdjudicatororDeputyAdjudicatorvacateshisorheroffice,ifheorshe-

(a) becomessubject toadisqualification referred to in subsection (1)ofsection8,exceptforadisqualificationreferredtoinparagraph(m)ofthatsubsection;

(b) resigns by givingwritten notice to theBoard at least three calendarmonths before the intended date of vacation of office, except if theBoardallowsforashorterperiodofresignation;or

(c) isremovedfromofficeundersubsection(3).

(2) Anad-hocAdjudicatorvacateshisorherofficeinaccordancewiththetermsandconditionsofacontractonwhichsuchanad-hoc Adjudicatorisappointedorisremovedfromofficeundersubsection(3).

(3) Subjecttosubsection(4),theBoard,withtheapprovaloftheMinister,mayremovetheAdjudicator,aDeputyAdjudicatororanad-hoc Adjudicatorfromoffice

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beforetheexpiryofhisorherterm,iftheAdjudicator,DeputyAdjudicatororanad-hoc AdjudicatorisguiltyofanymisconductortheBoardissatisfiedthattheAdjudicator,DeputyAdjudicatororanad-hoc Adjudicator-

(a) isbyreasonofhisorherphysicalormentalconditionorforanyotherreasonunabletoeffectivelyperformhisorherfunction;

(b) neglectshisorherfunctions;

(c) hasdivulgedconfidentialinformationcontrarytosection35;

(d) actsinamannerthatprejudicesorisinconflictwiththefunctionsoftheBoardorOffice;or

(e) isinbreachofthetermsofthecontractintermsofwhichheorsheisappointed.

(4) TheBoardmayonlysoremovetheAdjudicator,DeputyAdjudicatoror anad-hoc Adjudicator fromofficeunder subsection (3) aftergivingnotice to theAdjudicator,DeputyAdjudicatororanad-hoc Adjudicatorandafteraffordinghimorherareasonableopportunitytobeheard.

(5) TheBoardmust,assoonaspossibleafterremovingtheAdjudicator,aDeputyAdjudicatororanad-hoc Adjudicatorundersubsection(3),notifyintheGazette the-

(a) nameoftheAdjudicator,DeputyAdjudicatororanad-hoc Adjudicatorremovedfromtheoffice;

(b) reasonfor the removalof theAdjudicator,DeputyAdjudicatororanad-hoc Adjudicator;and

(c) datefromwhichtheremovaltakeseffect.

(6) IntheeventthattheofficeoftheAdjudicatorbecomesvacantasaresultoftheAdjudicatorvacatinghisorherofficeundersubsection(1)or(3),theBoard,withtheapprovaloftheMinister,mustappointaDeputyAdjudicatortoactasanAdjudicatorforaperiodofnotmorethansixmonths,unlesssuchperiodhasbeenextendedbytheBoardinacasewheretheAdjudicatorisnotappointedwithinthatperiod.

PART 5FINANCIAL PROVISIONS

Funds of Office

19. (1) ThefundsoftheOfficeconsistof-

(a) moneys which may be provided by NAMFISA and the Bank asdeterminedbytheMinisterafterconsultationwithNAMFISAandtheBank;

(b) moneys from cost orders and interest that may accrue to such costordersthatmaybeawardedtotheOfficepursuanttosection24(3);

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(c) punitivemonetarypenaltiesandinterestthatmayaccruetothepunitivemonetarypenaltiespayabletotheOfficepursuanttosection24(4);

(d) anyadministrativepenaltiesandinterestaccruingtosuchadministrativepenaltiespayabletotheOffice;

(e) prescribedfeesandleviespayablebyfinancialservicesproviders;

(f) feespaidbypersonsundersection29(2);and

(g) moneysaccruingtotheOfficefromanyothersource,

andthefundsoftheOfficeareexemptedfromanytax,dutyorlevyimposedunderanylaw.

(2) Notlaterthan90daysbeforetheendofthefinancialyearoftheOffice,the chief executive officermust prepare a budget for the ensuing financial year forapprovalbytheBoard,andtheBoardmustsubmitthebudgettotheMinister.

(3) TheMinistermaymakechangestothebudgetsubmittedtohimorherintermsofsubsection(2)asheorshemayconsidernecessaryorexpedientandmustapprovethebudget.

(4) ThechiefexecutiveofficeristheaccountingofficerforthefundsoftheOffice,and-

(a) mustdepositallmoneyreceivedbyoronbehalfof theOfficeintoabankingaccountoftheOfficeopenedundersubsection(11);and

(b) mustensurethatpaymentbyoronbehalfoftheOfficeismadefromabankingaccountreferredtoinparagraph(a).

(5) The Office must utilise its funds to defray costs and expendituresincurredintheperformanceofitspowersandfunctionsunderthisAct.

(6) ThefinancialyearoftheOfficeendson31Marcheachyear.

(7) MoneysstandingtothecreditoftheOfficeinabankingaccountopenedintermsofsubsection(11)attheendofthefinancialyearorinvestedundersubsection(8)arecarriedforwardtothenextfinancialyear.

(8) Moneysdepositedundersubsection(4)(a)whicharenotrequiredforimmediateusemaybeinvestedbytheOfficeinaccordancewiththeinvestmentpolicy,standardsandproceduresoftheOfficedevelopedintermsofsubsection(12),exceptthattheOfficemustestablishareserveaccountundersubsection(11)anddepositintothereserveaccountfromtimetotimesuchsufficientmoneysforthepurposesofsubsection(9).

(9) Thereserveaccountopenedpursuanttosubsection(11)isused-

(a) to defray unforeseen costs and expenditure referred to in subsection(5);and

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(b) to defray other unforeseen costs and expenditure of the Office notreferredtoinsubsection(5)whichmayarise.

(10) TheBoardmustauthorisethedefrayalofcostsandexpenditurefromthereserveaccount.

(11) For the purposes of subsection (4) or (8), theOfficemust open andmaintainsuchbankaccountsandreserveaccountsatoneormorebankinginstitutions.

(12) The Board must, with the approval of the Minister, develop aninvestmentpolicy, standardsandprocedures thatmustbeadhered towhen investingmoneysundersubsection(8).

(13) Any proposed changes to the investment policy, standards andproceduresdevelopedintermsofsubsection(12)mustbeapprovedbytheMinister.

(14) TheBoardmusttakereasonablestepstoensurethattheprovisionsoftheinvestmentpolicy,standardsandproceduresdevelopedundersubsection(12)areobservedwheninvestingmoneyoftheOfficeundersubsection(8).

Accounting and auditing

20. Thechiefexecutiveofficermust-

(a) keeporcausetobekeptfullandcorrectaccountsandrecordsofmoneysreceivedandpaymentsmadebytheOfficeduringafinancialyear;

(b) keeporcausetobekeptrecordsofassetsandliabilitiesoftheOfficeandotherfinancialtransactionsoftheOfficeduringthefinancialyear;

(c) prepareorcausetobepreparedtheannualfinancialstatementsfortheOfficeinaccordancewithgenerallyacceptedaccountingpractice;and

(d) cause the accounts and records referred to in subparagraphs (a) and(b)tobeauditedannuallybyapersonregisteredasanaccountantandauditorundersection23ofthePublicAccountants’andAuditors’Act,1951(ActNo.51of1951).

Annual report

21. (1) Assoonaspracticablebutnotlaterthan120daysaftertheendofthefinancialyearoftheOffice,theBoardmustapproveandsubmittotheMinister-

(a) theauditedfinancialstatementspursuanttosection20(d)andareportoftheauditoronthestatementsinrespectofthatfinancialyear;and

(b) areportontheactivitiesoftheOfficeduringthatfinancialyear.

(2) Theannualreportandfinancialstatementsreferredtoinsubsection(1)must-

(a) fairlypresent thestateofaffairsof theOffice, itsbusiness,financialresults,performanceagainstpredeterminedobjectivesanditsfinancialpositionattheendofthefinancialyear;and

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(b) includeparticularsof-

(i) anymateriallossesthroughcriminalconductoranyirregularor wasteful expenditure that occurred during that financialyear;

(ii) anycriminalordisciplinary steps takenasaconsequenceofsuchlosses,orirregularorwastefulexpenditure;

(iii) anylossesrecoveredorwrittenoff;and

(iv) anyothermatterthatmayberequiredintermsofaccountingpractice.

(3) Afterreceiptoftheannualreportandfinancialstatementsreferredtoinsubsection(1), theMinistermust table theannual reportand theauditedfinancialstatementsintheNationalAssembly-

(a) within30daysofreceiptoftheannualreportandfinancialstatementiftheNationalAssemblyisinsession;or

(b) if the NationalAssembly is not in session within 30 days after thecommencementofitsnextsession.

PART 6COMPLAINTS

Submission of complaints to Office

22. (1) A person who has a complaint against a financial servicesprovidermaylodgesuchcomplaintwiththeOffice.

(2) Acomplaintlodgedundersubsection(1)mustcontain-

(a) thenameandcontactdetailsofthecomplainant;

(b) thenameofthefinancialservicesprovideragainstwhomthecomplaintismade;and

(c) adescriptionofthecomplaint.

(3) Acomplaintreferredtoinsubsection(1)mustbelodgedwiththeOfficeinamannerandformdeterminedbytherules.

(4) Onreceiptofacomplaint lodgedbyacomplainantundersubsection(1),theAdjudicatormust-

(a) determine whether the requirements of subsection (2) are compliedwithbythepersonlodgingthecomplaint;and

(b) iftherequirementsofsubsection(2)aresatisfied,acknowledgereceiptofthecomplaintinwritingtothecomplainant.

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(5) Thecomplainantmust,onreceiptofanacknowledgmentofreceiptbytheAdjudicatorpursuanttosubsection(4)(b),serveanoticeofthecomplaint,ontheprescribedform,oneverypartytothecomplaintandfilewiththeOfficethereturnofserviceintheprescribedform.

(6) Ifaperson lodgingacomplaintundersubsection(1)fails tocomplywith subsection (2), the Adjudicator must advise the complainant to comply withsubsection(2).

(7) Subject toanycostsorderwhich theAdjudicatormay imposeundersection24(3),anenquiryintoandadeterminationofacomplaintunderthisActisfreeofanychargestoacomplainant.

(8) Forthepurposesofthissectionandsections6(1),7(1),23,24,25,26,27,28,29,31,32,38and39,areferencetotheAdjudicatorincludesareferencetoaDeputyAdjudicatororanad-hocAdjudicator.

Enquiry into complaints

23. (1) The Adjudicator may not enquire into and determine acomplaintlodgedundersection22,unlesstheAdjudicator-

(a) issatisfiedthateachpartywhohasaninterestinthecomplaintisjoinedtothecomplaintbytheadjudicatororbyapartytothecomplaintandsuchpartyisnotifiedinwritingofthecomplaintlodgedwiththeOfficeinamannerprovidedforbythisAct;and

(b) hasaffordedthepartiestothecomplaintanopportunitytorespondtothecomplaintinamannerdeterminedbytherules.

(2) TheAdjudicatormay-

(a) whenheor sheenquires intoanddeterminesa complaintunder thisActfollowandimplementaprocedurewhichtheAdjudicatorconsidersjust and fair, including procedures of an inquisitorial nature and theAdjudicatormustdealwiththemeritsofacomplaintwithminimumlegalformalities;

(b) in a manner that the Adjudicator considers just and fair, delineatethe scope of the enquiry into or determination to be made by theAdjudicator;or

(c) summonapersonasanassessorwhohas,inhisorheropinion,expertiserelevanttoacomplainttoadvisetheAdjudicator,atanystageduringtheadjudicationofacomplaint.

(3) A person summoned under subsection (2)(c)who is not in the full-timeemploymentoftheStateisentitledtosuchcompensationinrespectofhisorherservicesrenderedunderthatsubsection,astheAdjudicator,withapprovaloftheBoard,maydetermine.

(4) TheAdjudicatormay,onapplicationbyaparty,excludeamemberofthepublic fromattending theproceedingsofanenquiry intoanddeterminationofa

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complaintwhere confidential informationmay not be disclosed or in circumstanceswhereitisjustandfairtodoso.

(5) ForthepurposesofanenquiryintoanddeterminationofacomplaintbytheAdjudicator,theAdjudicatormay-

(a) summonapersonasawitnessandsuchpersonmaybeexaminedbytheAdjudicatororbythepartiestothecomplaint;

(b) administeranoathorsolemnaffirmationonapersonsummonedasawitness;

(c) call for theproductionofbooks,documentsandobjectsbyapersonsummoned.

(6) Apersonsummonedtoattendandgiveevidenceortoproduceabook,documentorobjectbeforetheAdjudicatorwho,withoutsufficientcause-

(a) failstoattendtheenquiryatatimeandplacespecifiedinthesummon;

(b) fails to remain inattendanceuntil theconclusionof theenquiry intoanddeterminationofacomplaintoruntilthepersonisexcusedbytheAdjudicator;

(c) refusestobeswornortomakeanaffirmationasawitnessafterheorshehasbeenrequiredbytheAdjudicatortodoso;

(d) failstoanswerfullyandsatisfactorilyanyquestionlawfullyputtohimorherafterhavingbeensworninorhavingmadeanaffirmation;or

(e) fails to produce a book, document or object in his or her control,possessionorcustodywhichheorsheissummonedtoproduce,

commitsanoffenceandonconvictionisliabletoafinenotexceedingN$100000orto imprisonment for a period not exceeding one year or to both suchfine and suchimprisonment.

(7) A person who after having been sworn or havingmade affirmationgivesfalseevidencebeforetheAdjudicatoronanymatterknowingsuchevidencetobefalsecommitsanoffenceandonconvictionisliabletoafinenotexceedingN$100000ortoimprisonmentforaperiodnotexceedingoneyearorbothsuchfineandsuchimprisonment.

Determination by Adjudicator

24. (1) Forthepurposeofthissection“monetaryaward”means-

(a) a determination by theAdjudicator amounting to amonetary awardmadepursuanttosubsection(2)(b)(i);

(b) anycostawardmadepursuanttosubsection(3);

(c) apunitivemonetarypenaltymadepursuanttosubsection(4);or

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(d) anyinterestpayableinrespectofanamountreferredtoinparagraph(a),(b)or(c).

(2) TheAdjudicatormust,whereacomplainthasnotbeenwithdrawnorsettledbytheparties,makeadeterminationwhichmay-

(a) dismissthecomplaint;or

(b) upholdthecomplaint,whollyorinpart,inwhichcase-

(i) an awardmay be given in favour of the complainant of anamountofmoneyasfaircompensationbyapartyforfinancialprejudiceordamagesufferedbythecomplainant;or

(ii) adirectivemaybe issued thataparty takesor refrains fromtakingsuchstepsorperformsorrefrainsfromperformingsuchactionsinrelationtothecomplaintastheAdjudicatorconsidersjustandfair.

(3) Inadditiontoadeterminationthatmaybemadeundersubsection(2),theAdjudicatormaymakeanawardagainstapartyinrespectofcostsofaprescribedamountofmoneyinfavourofapartyortheOffice,ifintheopinionoftheAdjudicator-

(a) theconductofapartyagainstwhomthecostawardismade,inrelationtothesubmission,opposition,defenceorcontinuationofacomplaint,wasfrivolousorvexatious;or

(b) the party againstwhom the cost award ismadewas responsible foran unreasonable delay in the finalisation of the enquiry into anddeterminationofthecomplaint.

(4) Inadditiontoadeterminationthatmaybemadeundersubsection(2)(b),theAdjudicatormayimposeapunitivemonetarypenaltyagainstafinancialservicesproviderinfavouroftheOfficeinsuchanamountofmoneyandforsuchaparticularkindoffinancialprejudiceordamagecausedtoacomplainantoraparticularkindofactionoromissionbyafinancialservicesprovider,asmaybeprescribedbytheMinister.

(5) TheAdjudicatormay-

(a) whenmakingamonetaryawardpursuanttosubsection(2)(b)(i);

(b) anycostawardpursuanttosubsection(3);or

(c) anypunitivemonetarypenaltypursuanttosubsection(4),

orderthatapartymustpayinterestontheamounttobepaidwhichinterestistobepaidataratenotexceedingtheratespecifiedunderthePrescribedRateofInterestAct,1975(ActNo.55of1975)payablefromadatedeterminedbytheAdjudicator.

(6) AdeterminationbytheAdjudicatormust-

(a) beinwriting;

(b) providereasonsforthedetermination;and

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(c) besignedbytheAdjudicator.

(7) TheAdjudicatormustensurethatacopyofthedeterminationreferredtoinsubsection(6)issenttothepartiesandanyotherpersonwhichregulatesorsupervisesthefinancialservicesproviderundertheapplicablelegislationorofwhichthefinancialservices provider is amember in respect of the financial services provided by suchfinancialservicesprovider.

(8) If a determination amounting to a monetary award is made by theAdjudicatorinfavourofapartyortheOffice,thepartyortheOfficemayenforcesuchdeterminationintheHighCourtormagistrate’scourthavingjurisdictionbylodgingacertifiedcopyofsuchdeterminationandanaffidavitoraffirmationinsupportofsuchdeterminationwiththeregistraroftheHighCourtortheclerkofthemagistrate’scourtwhomustregistersuchdeterminationintheprescribedmanner.

(9) Adeterminationregisteredundersubsection(8)hastheeffectofaciviljudgmentgiveninthecourtatwhichsuchdeterminationisregisteredforaliquiddebtintheamountspecifiedinthedetermination.

(10) OnrequestbytheOfficeorapartyinwhosefavouramonetaryawardismade,theregistraroftheHighCourtortheclerkofthemagistrate’scourtwherethedeterminationisregisteredmay,aftertheexpirationof14daysfromthedateonwhichsuchdeterminationisregisteredwiththecourt,issueawritofexecution.

(11) Awrit of execution referred to in subsection (10)may be executedby the deputy sheriff of theHighCourt or amessenger of themagistrate’s court inaccordancewiththerulesofsuchcourt.

(12) AmonetaryawardmadeinfavouroftheOfficeandnotpaidbyapartyagainstwhomanorderismadeisadebtduetotheOfficeandtheOfficemayenforcesuchorderpursuancetothissection.

(13) TheAdjudicatormay,ongoodcauseshown,onapplicationbyapartyaffectedbyadeterminationmadebytheAdjudicatororonhisorherownaccordinacasereferredtoinparagraph(c)-

(a) rescindorvarythedeterminationgrantedagainstthepartywhowasnotpresentduringanenquiryintoordeterminationofacomplaint;

(b) rescind or vary the determination which is ambiguous, contains anobviouserrororomissionorwasobtainedbyfraudormistakecommontotheparties;or

(c) correct a patent or obvious error or omission or ambiguity in thedeterminationinrespectofwhichanappealorreviewisnotpending.

Powers of Adjudicator

25. InrelationtoacomplaintlodgedwiththeOfficeundersection22,theAdjudicatorisempoweredto-

(a) enquire into and determine that complaint in accordance with theprovisionsofthisAct;

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(b) considerandmakeanorderinrelationtoanyapplicationmadetotheAdjudicatorduringtheenquiryordeterminationunderthisAct;

(c) grant urgent interim relief in respect of an application referred to inparagraph(b)untilafinalorderismadeintermsofthatparagraph;

(d) issueadeclaratoryorderinrelationtoanapplicationorinterpretationofaprovisionofafinancialservices law,anagreementoracodeofconductsubscribedtobythefinancialservicesprovider;or

(e) makeanorderwhichacourtoflawisentitledtomakeincivilmattersorwhichheorsheisauthorisedtomakeunderaprovisionofthisActinordertogiveeffecttotheobjectofthisAct.

Offences relating to Adjudicator

26. Apersonwho-

(a) interfereswith theAdjudicatorwhenperforminghisorherfunctionsunderthisPart;

(b) conductshimselforherselfinamannercalculatedtoundulyinfluencethedeterminationoftheAdjudicator;

(c) wilfully interrupts or disrupts proceedings before theAdjudicator ormisbehaveshimselforherselfinanymannerduringthecourseoftheproceedingsbytheAdjudicator;or

(d) inconnectionwithacomplaintdoesanythingwhichifdonebeforeacourtoflawwouldhaveconstitutedcontemptofcourt,

commitsanoffenceandonconvictionisliabletoafinenotexceedingN$100000orto imprisonment for a period not exceeding one year or to both suchfine and suchimprisonment.

Recusal by Adjudicator

27. (1) If before or during the enquiry into or determination of acomplaintbytheAdjudicator,itbecomesapparentthattheAdjudicatorhasadirectorindirectinterestinthematterbeingenquiredintoordetermined,theAdjudicatormust-

(a) immediatelyandfullydisclosetheinteresttotheparties;and

(b) recusehimselforherselffromenquiryintoordeterminingthecomplaint.

(2) In the event that the Adjudicator recuses himself or herself ascontemplatedinsubsection(1),aDeputyAdjudicatororanad hoc Adjudicatormust,subjecttosubsection(3),enquireintoordeterminethecomplaint.

(3) SubjecttotheprovisionsoftherulesrelatingtothecontinuationofapartlyheardcomplaintwheretheAdjudicatorrecuseshimselforherselfundersubsection(1),theDeputyAdjudicatororanad-hoc Adjudicatortoenquireintoordeterminethecomplaintundersubsection(2)mustdecidewhethertheenquiryintoordeterminationofthecomplaintmuststartafreshwithdueconsiderationoftheobjectoftheAct.

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Legal representation or other expert representation

28. (1) A party is not entitled to legal or any other relevant expertrepresentationatproceedingsbeforetheAdjudicator,exceptfortherepresentationofajuristicpersonbyanofficerorpermanentemployeeofthejuristicpersonandsuchofficeroremployeemaynotbealegalorotherrelevantexpert.

(2) Despitesubsection(1)andsubjecttoconsiderationoftheobjectofthisAct,theAdjudicatormaypermitalegalorotherrelevantexpertforrepresentativetorepresentapartyif-

(a) thepartiestoacomplaintagree;or

(b) on application of a party, the Adjudicator is satisfied that thecircumstancesrequire,oracomplaintisofsuchcomplexity,thatitisappropriate foraparty toberepresentedbya legalorother relevantexpertrepresentative,andapartywhichisnotrepresentedisnotundulyprejudiced.

Record keeping and access to records

29. (1) The Adjudicator must keep proper files and records ofcomplaints lodgedwith theOffice andmust keep or cause to be kept by electronicmeansoranyothermeansarecordoftheproceedingsrelatingtotheenquiryintoanddeterminationofthecomplaintandevidencegivenorreceived.

(2) Subjecttosection35 andthediscretionoftheAdjudicatorpertainingtoconfidentialinformation,theAdjudicatormay,atnocost,giveapersonreasonableaccesstothefilesandrecordsreferredtoinsubsection(1),andonpaymentofafeedeterminedby theAdjudicator, a personmayobtain copies of thefiles and records,includingelectronicordigitalcopies,printsortranscriptsofsuchfilesandrecords.

(3) WhentherecordoftheproceedingsofenquiryintoandadeterminationbytheAdjudicatorisrequiredtobeproven,inspectedorreferredtoinanymanner,acopyoftherecordordeterminationdulycertifiedbytheAdjudicatorunderthesealoftheOfficeisprima facieevidencewithoutproofoftheauthenticityofthesignatureoftheAdjudicator.

Report of complaints

30. (1) WithinonemonthaftertheendofeachquarterofafinancialyearoftheOffice,theAdjudicatormustsubmitareporttotheMinister,NAMFISAandtheBankcontainingalistofcomplaints-

(a) receivedbytheOfficeduringthequarterinquestion;

(b) determinedandfinalisedbytheOffice;and

(c) pendingbeforetheOfficeandnotfinalised.

(2) InthecaseofcomplaintspendingandnotfinalisedbytheOffice,theAdjudicatormustspecifythereasonswhythecomplaintsarependingandnotfinalised,andmustprovidesuchotherinformationasmayberequiredbytheMinister,NAMFISAorBank.

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Jurisdiction and prescription of complaints

31. (1) The Adjudicator has jurisdiction to enquire into and determine-

(a) anymatteremanatingfromanylaworagreementwhich-

(i) qualifiesasacomplaintintermsofthisAct;

(ii) maybeadjudicatedbyacourtoflaw;and

(iii) occurredbeforeorafterthecommencementofthisAct;or

(b) anymatteremanating fromany lawwhichhasbeen repealedby theFinancialInstitutionsandMarketsAct,2018(ActNo.…..of2018)orbyanyotherlawwhich-

(i) qualifiesasacomplaintintermsofthisAct;

(ii) could have been adjudicated by a court of law under therepealedlaw;and

(iii) occurredbeforethecommencementoftheAct.

(2) Despite subsection (1), a party to a complaint is not entitled to anydefence,rightorprivilegewhichsuchpartycouldnothavebeenotherwiseentitledtoifsuchcomplaintwasoristobeadjudicatedbyacourtoflaw.

(3) TheAdjudicatormustdeclinetoenquireintoanddetermineacomplaintlodgedwiththeOfficeundersection22,if-

(a) proceedingsareinstitutedbythecomplainantinacivilcourtinrespectofamatterwhichconstitutesthesubjectorcauseofthecomplaintandsuchproceedingsarependingbeforethecourt;or

(b) a final judgment or final order has been granted in respect of suchproceedings.

(4) Theserviceofanoticeofcomplaintonapartytoacomplaintpursuantto section 22(5) of the Act interrupts the running of prescription in terms of thePrescriptionAct,1969(ActNo.68of1969)andsection15ofthatActapplieswiththenecessarychangestotherunningofprescriptionunderthisAct.

(5) NothinginthisActmustlimitordiminisharightofacomplainantfromapproachingacompetentcivilcourtforreliefheorshemaybeentitledtoinrespectofacauseofactionwhichqualifiesasacomplaint.

Appeal and review

32. (1) Apartymayappeal to theHighCourt ofNamibia against adeterminationoranordermadebytheAdjudicatorandmustciteasrespondentstotheappealtheAdjudicatorandanyotherpersonwhowasapartytoacomplaint.

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(2) Apartydoesnotprejudicehisorherrighttoappealundersubsection(1),ifthepartyhascompliedwiththeordergiveninadeterminationorifthepartyhasacceptedabenefitfromthedetermination.

(3) Whereapartyappealsundersubsection(1),theHighCourtmay-

(a) confirm,amendorsetasideadeterminationwhichisbeingappealedagainstandgiveajudgmentormakeanorderwhichintheopinionofthecourtisjustandfairinthecircumstances;

(b) iftherecordoftheproceedingsofthedeterminationdoesnotfurnishsufficientevidenceorinformationforthedeterminationoftheappeal,remitthemattertotheAdjudicatorwithsuchinstructionsasthecourtmayconsidernecessary;

(c) orderapartytoproduceintheHighCourtsuchfurtherevidenceastheHighCourtmayconsidernecessary;or

(d) take any other course which may lead to the just, speedy and costeffectivesettlementordisposalofthecase.

(4) TheHighCourtmaymakesuchorderas tocostsas itmayconsidernecessaryonanyappeallodgedundersubsection(1).

(5) ApartymayapproachtheHighCourtforthereviewofadeterminationoranordermadebytheAdjudicatorunderthisActonthegroundsof-

(a) absenceofjurisdictiononthepartoftheAdjudicator;

(b) interest in the cause, bias, malice or corruption on the part of theAdjudicator;

(c) grossirregularityintheproceedingsofenquiryintoordeterminationofacomplaint;or

(d) anyothergroundsonwhichadecisionofanadministrativebodymaybereviewed.

(6) Where a party has approached the High Court for review undersubsection(5),theHighCourtmay-

(a) confirm,review,correctorsetasideadeterminationororderwhichisthesubjectofthereview;

(b) makeanyorderwhichthecircumstancesmayrequire;or

(c) take any other course which may lead to the just, speedy and costeffectivesettlementordisposalofthecaseandwhichtheHighCourtmayconsiderappropriateinthecircumstances.

(7) Anappealorreviewunderthissectionmustbemadewithintheperiodandinthemannerprescribedbytherules,buttheHighCourtmaycondone,ongoodcauseshown,thelatenotingofanappealorreviewapplicationunderthissection.

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(8) Ifanappealisnotedundersubsection(1)oranapplicationforreviewismadeundersubsection(5),theappealorreview-

(a) operatestosuspendanypartofthedeterminationororderthatisadversetotheinterestofacomplainant;and

(b) doesnotoperatetosuspendanypartofthedeterminationororderthatisfavourabletotheinterestofacomplainant.

(9) AfinancialservicesprovideragainstwhomanadversedeterminationororderhasbeenmademayapplytotheHighCourtforanordervaryingtheeffectofsubsection(8),andtheHighCourtmaymakeanappropriateorder.

(10) Whenconsideringanapplicationintermsofsubsection(9),theHighCourt-

(a) must consider any irreparable harm that a complainant or financialservicesprovidermaysufferifthedeterminationororder,oranypartofit,issuspendedornotsuspended;

(b) ifthebalanceofirreparableharmfavoursneitherthecomplainantnorthefinancialservicesproviderconclusively,mustdeterminethematterinfavourofthecomplainant;or

(c) mayorderthatthedeterminationororderoranypartofthedeterminationororder,besuspendedandattachconditionstoitsorder,includingbutnotlimitedto,conditionsrequiringthepaymentofsecurityintoCourt.

(11) When an appeal ismade under subsection (1) or an application forreviewismadeundersubsection(5)andtheappealorreviewinvolvestheinterpretation,implementationorapplicationofthisAct,theMinistermayinterveneintheproceedingsonbehalfoftheStateiftheMinisterconsidersitnecessaryfortheeffectiveadministrationofthisAct.

PART 7GENERAL PROVISIONS

Winding up of Office

33. (1) The Office may not be wound up except by or under theauthorityofanActofParliament.

(2) In the event of winding up of the Office under subsection (1), anysurplusassetsoftheOffice,ifany,accruetoNAMFISAandtheBankasdeterminedbytheActofParliamentreferredtointhatsubsection.

Delegation of powers and assignment of functions

34. (1) TheMinistermay,inwritingandonsuchconditionsasitmaydetermine,delegateapowerorassignafunctionconferredorimposedontheMinistertothechairpersonoftheBoard,otherthanthepowerto-

(a) declarealawtobeafinancialserviceslawundersection2;

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(b) appointmembersoftheBoardintermsofsection6andtonotifyintheGazette thenamesofpersonsappointedasmembersof theBoard intermsofthatsection;

(c) removeamemberoftheBoardfromtheOfficeundersection10;

(d) table the annual and audited financial statement in the NationalAssemblyintermsofsection21(3);

(e) interveneintheproceedingundersection32(11);

(f) makeregulationsundersection38;

(g) amendtheScheduleundersection40;or

(h) determinethecommencementdateofthisActintermsofsection42.

(2) TheBoardmay,inwritingandonsuchconditionsastheBoardmaydetermine,delegateapowerorassignafunctionconferredorimposedontheBoardorOfficebyorunderthisActtotheAdjudicator,otherthanthepowerto-

(a) appointtheAdjudicator,DeputyAdjudicatororanad-hoc Adjudicatorintermsoforundersection16;or

(b) removefromofficetheAdjudicator,DeputyAdjudicatororanad-hoc AdjudicatorfromOfficeundersection18.

(3) TheAdjudicatormay,inwritingandonsuchconditionsastheBoardmay determine, delegate a power or assign a function conferred or imposed on theAdjudicatorbyorunderthisActto-

(a) aDeputyAdjudicator;or

(b) anemployeeoftheOffice,exceptpowertoenquireintoanddeterminecomplaintsunderPart6ofthisAct.

(4) TheMinister,theBoardortheAdjudicator-

(a) isnotdivestedof apowerdelegatedor functionassignedunder thissection;

(b) mayatanytimewithdraworamendsuchdelegationorassignment;and

(c) maywithoutprejudiceofanyright,setasideorvaryadecisionmadeintheexerciseofsuchpowerorperformanceofsuchfunction.

Preservation of secrecy

35. AmemberoftheBoard,theAdjudicator,DeputyAdjudicator,anad-hoc Adjudicator,anemployeeoftheOfficeoranyotherpersonperformingafunctionorexercisingapowerunderthisActmaynotdisclosetoapersoninformationrelatingtotheaffairsoftheOfficeortheBoard,except-

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(a) forthepurposeofexercisingapowerorperformingafunctionunderthisActoranyotherlaw;

(b) whenrequiredtodisclosetheinformationbyacourtoflaw;or

(c) whenauthorisedbytheMinisterincasesofpublicinterest.

Limitation of liability

36. The Minister, a member of the Board, the Adjudicator, DeputyAdjudicator, anad-hoc Adjudicator, an employee of theOffice or any other personperformingafunctionorexercisingapowerunderthisActisnotpersonallyliablefordamageorlossinrespectofanactoromissiondoneingoodfaithintheexerciseofapowerortheperformanceofafunctionunderthisActoranyotherfinancialserviceslaw.

Rules by Adjudicator

37. (1) TheAdjudicator,withtheapprovaloftheMinister,maymakerulesnotinconsistentwithaprovisionofthisActoranyestablishinglegislationrelatingto-

(a) theformandmanneroflodgingcomplaintstotheOffice;

(b) theform,mannerandthetimewithinwhichanapplicationunderPart6ofthisActistobemade;

(c) theformandmannerofjoiningapartytoacomplaint;

(d) theform,mannerandthetimewithinwhichtofileadefence,oppositionorreplytoacomplaintortoanapplicationmadeintermsofPart6ofthisAct;

(e) the formandmannerofdiscoveryofdocumentsprior to the inquiryintoacomplaint;

(f) the conduct of proceedings of an equiry into and determination ofcomplaints,includingamatterrelatingtotheadmissibilityofevidence;

(g) thecontinuationoftheenquiryintoanddeterminationofapartlyheardcomplaint;

(h) thehoursduringwhichtheOfficeisopenforthelodgingofcomplaintsortheenquiryintoanddeterminationofcomplaints;

(i) theperiodwithinwhichandthemannerinwhichanappealagainstadeterminationoranordermaybebroughtbeforetheHighCourt;

(j) theperiodwithinwhichandthemannerinwhichareviewapplicationmaybebroughtbeforetheHighCourt;

(k) theperiodwithinwhichapartymayapplyforrescission,varyingorcorrectionofadeterminationundersection24(13);

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(l) thefeespayablebyapersonforobtainingcopies,includingelectronicordigitalcopies,printsortranscriptsoffilesandrecords;

(m) the manner in which a complaint, application, defence, oppositionor reply to a complaint or other documents, including documentspertainingtosummoningofwitnessesaredeliveredorservedtopartiesunderthisAct;or

(n) generally anymatterwhichmay be necessary or expedient in ordertoensure theproperdispatchandconductof theproceedingsby theAdjudicator.

(2) TheAdjudicatormust-

(a) ensurethatarulemadeundersubsection(1)doesnotdetractfromoraffecttheindependenceoftheAdjudicatorinanyway;and

(b) publishtherulesmadeundersubsection(1)intheGazette.

(3) Beforemakingaruleundersubsection(1),theAdjudicatormust-

(a) publishadraftoftheproposedrulesintheGazette;

(b) givetheaffectedpersonsatleast30daysfromthedateofpublicationoftheproposedrulestomakerepresentationsinwritingtotheAdjudicatorwithrespecttotheproposedrules;and

(c) takeanysuchrepresentationsintoaccountindeterminingwhethertoissuetherulesasoriginallypublishedorinamodifiedform.

Regulations

38. (1) TheMinister,afterconsultingtheBoard,maymakeregulationsnotinconsistentwiththisActrelatingto-

(a) thetypeofcomplaintdeterminablebytheAdjudicator;

(b) the minimum monetary value of a complaint determinable by theAdjudicator;

(c) thefeesandleviespayabletotheOfficebyfinancialservicesprovidersforpurposesofsection19(1)(e);

(d) theamountofmoneypayableundersection24(3);

(e) the particular kinds of financial prejudice or damage caused to acomplainant or particular kinds of action or omission by a financialservicesproviderwhichmayattractpunitivemonetarypenalties andthe amount of punitive monetary penalties which may be imposedundersection24(4);

(f) theadministrativepenaltiestobeimposedonapartybytheAdjudicatorforcontraveningorfailuretocomplywiththerules;

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(g) anyothermatterwhich is requiredorpermittedunder thisAct tobeprescribed;and

(h) generally any matter in respect of which the Minister considers itnecessary or expedient to make regulations in order to achieve theobjectsofthisAct.

(2) Aregulationmadeundersubsection(1)mayprescribeanadministrativepenalty that theOfficemay impose for contravening or failing to complywith thatregulationand interest thatmaybechargedon theadministrativepenalty that isnotpaid.

(3) Aregulationmadeunderthissectionmayprovideforthecreationofoffencesandforpenaltiesoncontraventionof,orafailuretocomplywith,aregulationnotexceedingafineofN$100000orimprisonmentforaperiodnotexceedingoneyearorbothsuchfineandsuchimprisonment.

Administrative penalties

39. (1) IftheAdjudicatoronreasonablegroundsbelievesthatapartyhascontravenedorfailedtocomplywithaprovisionofaruleissuedpursuanttosection37,theAdjudicatormayimposeaprescribedadministrativepenaltyandmayimposesuch administrative penalty for every day during which the contravention or non-compliancecontinues.

(2) Before imposing the administrative penalty, theAdjudicatormust inwriting-

(a) inform the party of his or her intention to impose an administrativepenalty;

(b) specifytheparticularsoftheallegedcontraventionornon-compliancewiththerules;

(c) specifytheamountandtheperiodinrespectofwhichtheadministrativepenaltyisintendedtobeimposed;and

(d) inviteapartytomakewrittenrepresentationswithin10daysofreceiptof the invitation and to show cause why the administrative penaltyshouldnotbeimposed.

(3) If the Adjudicator, after consideration of the representations madeundersubsection(2)(d),decidestoimposeanadministrativepenalty,heorshemustbywrittennoticeinformthepartytopaythepenaltywithin10daysofreceiptofthenotice.

(4) An administrative penalty payable pursuant to subsection (3) bearsinterestataratenotexceedingtheratespecifiedunderthePrescribedRateofInterestAct,1975(ActNo.55of1975)andispayablefromadatedeterminedbytheAdjudicator.

(5) An administrative penalty payable under this section accrues to theOfficeandisadebtduetotheOffice,andintheeventthatapartyfails topaysuchadministrative penalty or any interest on the administrative penalty, theOfficemaylodgewiththeregistraroftheHighCourtoraclerkofamagistrate’scourtastatement

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certifiedbytheAdjudicatorstatingthecorrectamountoftheadministrativepenaltyandtheinterestontheadministrativepenalty.

(6) TheregistraroftheHighCourtoraclerkofthemagistrate’scourtmust,intheprescribedmannerregisterthestatementlodgedpursuanttosubsection(5)andsuchstatementhastheeffectofaciviljudgmentgiveninthatcourtforaliquiddebtintheamountspecifiedinthestatementandmaybeenforcedbytheOffice.

(7) Aparty aggrievedby a decisionof theAdjudicatormadeunder thissectionmay,withintheperioddeterminedbytherules,applytotheHighCourtforthereviewofthedecision.

Power to amend Schedule

40. TheMinistermayfromtimeto timebynotice in theGazetteamendtheSchedule to thisActby includingor adding thenameof aperson, organisation,institutionorotherbodiesestablished in termsofany legislationwhich theMinisterdeterminestobeafinancialserviceproviderforthepurposesofthisAct.

Conflict or inconsistency

41. IntheeventofaconflictorinconsistencybetweenaprovisionofthisActandaprovisionofanyotherlaw,theprovisionofthisActprevailstotheextentoftheconflictorinconsistency.

Short title and commencement

42. (1) ThisActiscalledtheFinancialServicesAdjudicatorAct,2018andcomesintooperationonadatedeterminedbytheMinisterbynoticeintheGazette.

(2) TheMinistermay,under subsection (1),determinedifferentdates inrespectofdifferentprovisionsorPartsofthisAct.

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SCHEDULE FINANCIAL SERVICES PROVIDERS AND ESTABLISHING LEGISLATION

Thefollowingpersons,organisationsandinstitutionsarethefinancialservicesprovidersand,whereapplicable, theestablishing legislationunderwhich thefinancialservicesprovidersareestablished:

(a) theAgriculturalBankofNamibiaasreferredtoinsection3oftheAgriculturalBankofNamibia,2003(ActNo.5of2003);

(b) abanking institutionasdefined in section1of theBanking InstitutionsAct,1998(ActNo.2of1998);

(c) abuildingsocietyasdefinedinsection1oftheBuildingSocietiesAct,1986(ActNo.82of1986);

(d) theDevelopmentBankofNamibiaestablishedbysection2oftheDevelopmentBankofNamibiaAct,2002(ActNo.8of2002);

(e) afinancialinstitutionasdefinedinsection1oftheFinancialInstitutionsandMarketsAct,2018(ActNo.…of2018);

(f) afinancialintermediaryasdefinedinsection1oftheFinancialInstitutionsandMarketsAct,2018(ActNo.…of2018);

(g) amicrolenderasdefinedinsection1oftheMicrolendingAct,2018(ActNo.7of2018);

(h) theNationalHousingEnterprisereferredtoinsection2oftheNationalHousingEnterpriseAct1993(ActNo.5of1993);

(i) theSavingsBankasdefinedinsection1ofthePostsandTelecommunicationsAct1992(ActNo.19of1992);

(j) aperson,organisationorinstitutioncategorisedassuchinanAct,regulationorotherlaw;and

(k) aperson,organisationorinstitutionprovidingfinancialserviceswithoutbeingdulyregistered,licensedorauthorisedtoprovidesuchfinancialservices.

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