About Us
The Non-Bank Financial Institutions Regulatory Authority Act 2006 established the Non-bank Financial Institutions Regulatory Authority (NBFIRA), after the endorsement (by Government) of the Carmichael Consulting Report, which recommended the setup of a single independent Non-Bank Financial Institutions (NBFI) regulator.
The Act grants NBFIRA the mandate to regulate and enforce compliance within the NBFI sector in order to safeguard the stability, fairness and efficiency of the non-bank financial sector.
As outlined in section 4 of the NBFIRA ACT, the principal objective on NBFIRA is to regulate and supervise the non-bank financial institutions so as to foster the:
- Safety and soundness of non-bank financial institutions;
- Highest standard of conduct of business by non-bank financial institutions;
- Fairness, efficiency and orderliness of the non-bank financial sector;
- Stability of the financial system; and
- Reduction and deterrence of financial crime.
NBFIRA’s regulatory portfolio encompasses a wide variety of industries including Insurance, Pension, Capital Markets, Non-Bank Lenders, Collective Investment Undertakings (CIUs), Asset Managers, Investment Advisors, and Custodians (among others).
NBFIRA… Working Towards Financial Stability
Values
We will in all our dealings with stakeholders uphold the following values:
We are open and frank in our operations
We consistently promote equal treatment in dealings with all stakeholders
We are responsible to our stakeholders
We are thorough and persistent in the execution of our duties
Strategic Foundations
The NBFIRA Management established a shared understanding of the Vision, Mission and Values as the strategic foundations that give direction and define the business of the Authority.
To be an efficient and effective regulatory and supervisory Authority in line with international best practice.
To regulate and supervise non-bank financial institutions for the purpose of contributing towards financial stability.
Functions of NBFIRA
Issuing of Rules, Directives and Guidelines etc.
Gate keeping role; Licensing Criteria, Fit and Proper Criteria
Safe and soundness, Conduct of Business
Monitoring Vulnerabilities and non-sustainability trends
Taking action against noncomplying entities
Resolving Non- Viable entities in a manner that protects consumer interest
To ensure consumer understanding
Advisor to Government on issues relating to NBFIs
Organisational Structure
Our History
Founded
The Non-Bank Financial Institutions Regulatory Authority Act 2006 established the Non-bank Financial Institutions Regulatory Authority (NBFIRA).
Commencement
Commencement of Operations at NBFIRA.
First Amendment
First changes to NBFIRA Act in the year 2016
Second Amendment
Second changes to NBFIRA Act in the year 2023