The Namibia Financial Institutions Supervisory Authority has published a grandfathering list for subordinate legislation and other measures that will continue to apply under the Financial Institutions and Markets Act where they have not yet been replaced by standards or regulations issued under that Act. Under Schedule 3 of the Act, subordinate legislation made under repealed laws remains in force unless it conflicts with the Act and is treated as if made under the new framework until superseded. The identified measures span long-term insurance, short-term insurance, medical aid funds, retirement funds, financial markets and collective investment schemes. The list covers legacy rules on matters such as premiums, non-payment reports, grace periods, policy benefits, claims handling, investment limits, medical aid claim conditions, pension fund asset investment including unlisted investments, and administrative penalties. It also preserves the Namibia Stock Exchange financial markets rules and listing requirements, existing trust deeds and supplemental deeds for unit trust schemes, declarations of undesirable practices, and all directives and circulars issued to date. No regulations or rules were identified for grandfathering under the general chapter of the Act. Schedule 3 also provides that a financial institution's rules that were in force immediately before the effective date may continue if they are not inconsistent with the Act, but the institution must amend or replace those rules within six months from the effective date to comply with the new requirements.

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