The not for profit making Namibian Stock Exchange Association is the custodian of the license to operate the stock exchange. This body comprises 43 associate members (banks, listed companies, investment institutions, etc.) who sponsored the establishment of the NSX by each donating N$10,000. Each year these elect an Executive Committee (Chairman: Lionel Matthews) of nine members of the business community, representing different business sectors, and the tenth member in attendance, represents NAMFISA (Namibia Financial Institutions Supervisory Authority), which is the commercialised financial services regulator. Sub-committees are appointed from time to time as need arises with Listings Committee meeting regularly. The NSX is regulated by the Stock Exchanges Control Act (1985, amended 1992) and overseen by the Registrar of Financial Institutions.