DISCLAIMERGuscora Investments (Pty) Ltd ("Guscora") is a private company and does not market to the public. This website or any other material published or distributed by Guscora Investments does not constitute an invitation to the public to subscribe for shares in Guscora Investments nor does it constitute an offer to the public as defined in section 148 of the Namibian Companies Act, 2004 or section 95(1)(h) of the South African Companies Act, 2008.
REGULATION
The Namibia Financial Institution Supervisory Authority Act 3 of 2001 (the Act) establishes the Namibia Financial Institution Supervisory Authority (NAMFISA) and grants to NAMFISA the authority to exercise supervision, in terms of the Act or any other law, over the business of financial institutions and over financial services.
In section 1 of the Act “
financial services” are defined as:
“any financial service rendered by a
financial institution to the
public or to a juristic person, and includes any service rendered by any other person and
corresponding to a service normally rendered by a financial institution”
Section 1 of the Act also defines a “
financial institution” as:
(a) a person registered in terms of section 23 of the
Public Accountants' and Auditors' Act, 1951 (Act 51 of 1951), and who is a member of the Institute of Chartered Accountants of Namibia referred to in that Act;
(b) a registered
pension fund or provident fund as defined in section 1 of the
Pension Funds Act, 1956 (Act 24 of 1956);
(c) a registered
friendly society as defined in section 1 of the
Friendly Societies Act, 1956 (Act 25 of 1956);
(d) a
moneylender as defined in section 1 of the
Usury Act, 1968 (Act 73 of 1968);
(e) a
unit trust scheme and any registered management
company as defined in section 1 of the
Unit Trusts Control Act, 1981 (Act 54 of 1981);
(f) a
scheme defined in section 1 of the
Participation Bonds Act, 1981 (Act 55 of 1981);
(g) a
manager who, in terms of the
Participation Bonds Act, 1981 (Act 55 of 1981), controls or administers a scheme;
(h) a licensed stock exchange or
stock broker as defined in section 1 of the
Stock Exchanges Control Act, 1985 (Act 1 of 1985), and also any
person contemplated in paragraph (d) , (e) or (f) of section 4(1) of the said Act;
(i) a registered
fund as defined in section 1 of the
Medical Aid Funds Act, 1995 (Act 23 of 1995);
(j) a person registered as a
Lloyd's intermediary in terms of section 40 of the
Short-term Insurance Act, 1998 (Act 4 of 1998);
(k) a registered
insurer or reinsurer as defined in section 1 of the
Short-term Insurance Act, 1998 (Act 4 of 1998), and of the
Long-term Insurance Act, 1998 (Act 5 of 1998);
(l) an
insurance agent, an insurance broker or a reinsurance broker registered in terms of Part VII of the
Short-term Insurance Act, 1998 (Act 4 of 1998), and of the
Long-term Insurance Act, 1998 (Act 5 of 1998);
(m) a board of executors or a trust company or any other company which invests, keeps in safe custody, controls or administers any
trust property; or
any other person who
renders a financial service as a regular feature of the business of that person, but who is
not registered as a financial institution or authorised to render a financial service under a law referred to in paragraph (a) to (l) of this definition;
BUSINESS MODELGuscora is a private company with limited liability in accordance with the Companies Act of Namibia, 2004, with the objective of buying, holding and selling of securities and movable and immovable property and all matters relating thereto.
Guscora does not make offers to the public which means it does not “render services to the public” as contemplated in the definition of “financial services”.
Furthermore, Guscora is not a “financial institution” as defined as its business does not fall within the ambit of any of the entities envisaged by paragraph (a) – (n) of the definition of “financial institution” as described in the Act. Therefore Guscora does not render “financial services” as only “financial institutions” can render financial services.
As Guscora does not
- render services to the public;
- are not a financial institution; and
- do not render financial services
it does not fall under the supervision of NAMFISA as envisaged by section 3(a) of the Act.
