FINANCE Minister Ipumbu Shiimi has postponed the implementation of the Financial Institutions and Markets Act (FIMA).
This is to allow sufficient time for broader consultations on the draft regulations.
FIMA was expected to take effect on 1 October.
“Following wide consultations with stakeholders, the Minister of Finance, Hon. Ipumbu Shiimi, hereby announces the postponement of the implementation of the draft Regulation RF.R.5.10 which was contemplated to be issued under the Financial Institutions and Markets Act, (Act No. 2 of 2021), to allow adequate time for broader consultations on the envisaged regulation for compulsory preservation of the retirement benefits,” the Ministry of Finance announced on Friday.
The modalities of how the consultations will be undertaken will be announced in due course, the Ministry said.
FIMA POSTPONED: Finance Minister Ipumbu Shiimi. Photo: File