REGULATION OF THE LEGAL PRACTITIONERS’ FIDELITY FUND INVESTMENTS IN NAMIBIA

Obiter Pub Date : 2024-07-07 DOI:10.17159/obiter.v45i2.15716
Marvin Awarab
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Abstract

In the Namibian context, the Legal Practitioners’ Fidelity Fund is created by statute, and is administered by a board of control known as the Legal Practitioners’ Fidelity Fund Board of Control.1 In terms of the law, the Board of Control (the Board) has the mandate to invest moneys of the fund from time to time if, in the opinion of the Board, such funds are not immediately required for other purposes.2 Market failures are continuously experienced globally, and may lead to failed investments. This reality requires investors to take proper steps to ensure that their investments are sound. The soundness of an investment rests in the possibility of increasing investment returns and reducing possible risk of investment failure. The Legal Practitioners Act does not provide any steps to follow to guard against the failure of fidelity fund investments. The Act also fails to indicate the extent to which the Board or any other person may be held accountable for failed investments. The Rules of the Law Society of Namibia are equally silent on this matter. This article seeks to investigate the extent to which the Board may be held liable for any failed investments. The article also attempts to establish various steps that should be followed by the Board to prevent or avoid the failure of fidelity fund investments.
对纳米比亚法律从业者保真基金投资的监管
在纳米比亚,法律从业者忠实基金是根据法规设立的,由一个称为法律从业者忠实基金管 理委员会的控制委员会管理。1 根据法律规定,控制委员会(委员会)有权不时将基金的 资金用于投资,条件是委员会认为这些资金不需要立即用于其他目的。这一现实要求投资者采取适当措施,确保其投资稳健。投资的稳健性在于提高投资收益的可能性和降低投资失败的可能风险。法律从业者法》没有规定任何步骤来防范保真基金投资失败。该法也没有说明董事会或任何其他人在多大程度上可能要对投资失败负责。纳米比亚律师协会规则》同样对此问题保持沉默。本文试图调查董事会在多大程度上可能要为任何失败的投资负责。本文还试图确定董事会应遵循的各种步骤,以防止或避免保真基金投资失败。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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