[Ch4608s89]89. Advisory bodies
Minister may, on the recommendation of the Regulatory Authority, by order,
establish advisory bodies to assist it in the performance of its functions
under this Act.
[Ch4608s90]90. Requirement to answer questions
person who, without reasonable excuse, fails to answer a question put to the
person by the Regulatory Authority or an investigator in the performance of
functions under a financial services law shall be liable to a civil penalty not
exceeding P10,000 to be imposed by the Regulatory Authority.
[Ch4608s91]91. Requirement to comply with directions
person who, without reasonable excuse, fails to comply with a direction, order
or requirement given to the person under a financial services law shall be
liable to a civil penalty not exceeding P20,000 to be imposed by the Regulatory
[Ch4608s92]92. False and misleading statements to
(a) makes a statement to the Regulatory
(b) gives information to the Regulatory
(c) authorises another person to make a
statement to the Regulatory Authority, or give information to the Regulatory
(d) in connection with an application for a
licence, omits to state any thing, knowing that, because of the omission, the
statement, information or application is misleading in a material respect shall
be liable to a civil penalty not exceeding P30,000 to be imposed by the
[Ch4608s93]93. False statements
person who, for any purpose connected with a financial services law-
(a) knowingly makes a false statement; or
(b) produces or gives, or causes or knowingly
allows to be produced or given, a document that the person knows or ought
reasonably to have known to be false in a material particular,
shall be liable to a civil penalty not exceeding P30,000 to be imposed by
the Regulatory Authority.
[Ch4608s94]94. Self incrimination not a reasonable excuse
person who is required under a financial services law to answer a question or
produce a document or thing is not excused from the requirement because compliance
may tend to incriminate him or her.
However, if the person objects on that ground to complying, the answer,
document or other thing given in compliance with the requirement is not
admissible against him or her in a prosecution for an offence (except a
prosecution for an offence of failing or refusing to comply with the
requirement, or giving false or misleading information in purported compliance
with the requirement).
[Ch4608s95]95. Offence of holding out as licensed, etc.
person who does any of the following-
(a) not being licensed as a non-bank financial
institution - describes or holds himself or herself out as so licensed;
(b) not being licensed as a non-bank financial
institution of a particular kind - describes or holds himself or herself out as
being a non-bank financial institution of that kind;
(c) permits another person to do anything
mentioned in paragraph (a) or (b),
commits an offence and on conviction is liable to a fine not exceeding
P10,000 or to imprisonment for a period not exceeding two years, or to both.
[Ch4608s96]96. Destruction of documents
person who destroys, falsifies, conceals or disposes of, or causes or permits
the destruction, falsification, concealment or disposal of, a document or thing
that the person knows or ought reasonably to have known is relevant to the
performance or exercise of the Regulatory Authority's functions or powers
commits an offence and on conviction is liable to a fine not exceeding P50,000
or to imprisonment for a period not exceeding five years, or to both.
[Ch4608s97]97. Hindering Regulatory Authority, etc.
person who, without lawful excuse, obstructs or hinders-
(a) the Regulatory Authority;
(b) a member or employee of the Regulatory
(c) an investigator or statutory manager,
in exercising powers or performing functions under a financial services
law commits an offence and on conviction is liable to a fine not exceeding
P50,000 or to imprisonment for a period not exceeding five years, or to both.
[Ch4608s98]98. Preventing compliance
person who knowingly hinders or prevents compliance with a direction, order or
requirement given under a financial services law commits an offence and on
conviction is liable to a fine not exceeding P50,000 or to imprisonment for a
period not exceeding five years, or to both.
[Ch4608s99]99. Extension of time
Regulatory Authority may, on application, extend any time for compliance with,
or a period prescribed by, a provision of a financial services law, and may do
so before or after the time for compliance or the period prescribed has passed.
statement in writing signed by the Chief Executive Officer-
(a) that a specified person was or was not, at
a specified time, licensed; or
(b) that a specified person was or was not, at
a specified time, an investigator,
is admissible in evidence of the facts and matters stated in the
certificate and, unless the contrary is established, is conclusive as to those
facts and matters.
[Ch4608s101]101. Conduct of directors, servants and agents
Where it is necessary to establish, for the purposes of a financial services
law, the state of mind of a body corporate in relation to particular conduct,
it is sufficient to show that-
(a) the conduct was engaged in by a director,
employee or agent of the body corporate within the scope of his or her actual
or apparent authority; and
(b) the director, employee or agent had the
state of mind.
reference in subsection (1) to the state of mind of a person includes a
(a) the knowledge, intention, opinion, belief
or purpose of the person; and
(b) the person's reasons for the intention,
opinion, belief or purpose.
reference in this section to engaging in conduct includes a reference to
failing or refusing to engage in conduct.
[Ch4608s102]102. Liability of directors, etc.
an offence against a provision of this Act is committed by a body corporate,
each director of the body corporate also commits the offence and on conviction
is liable to the same penalty unless the director establishes that he or she
took reasonable precautions and exercised due diligence to avoid the commission
of the offence.
[Ch4608s103]103. Offence committed partly within and partly
an act that, if wholly done within Botswana, would be an offence against a
financial services law, is done partly within and partly beyond Botswana, every
person who within Botswana does any part of such act may be tried and punished
under the financial services law in the same manner as if such act had been
done wholly within Botswana.
[Ch4608s104]104. Penalties for bodies corporate
a body corporate is convicted of an offence against a financial services law,
the court may, if the court thinks fit, impose a pecuniary penalty not
exceeding an amount equal to 10 times the amount of the maximum pecuniary
penalty that could be imposed by the court on an individual convicted of the
The Minister may by statutory instrument make regulations providing for any
matter which under this Act is to be provided for by regulations or is to be
prescribed or which, in the Minister's opinion, is necessary or convenient to
be prescribed for the better carrying out of the objects and purposes of this
Act or to give force or effect to its provisions or for its better administration.
Regulations made in terms of subsection (1) may provide for any of the
(a) the form of any document referred to in
this Act and the way in which it is to be prepared, executed, registered,
transmitted or delivered;
(b) fees to be charged in respect of any act,
matter or thing to be done by or in relation to the Regulatory Authority;
(c) matters to be included in the document
submitted with an application for a licence and procedures for considering
(d) the appointment of an actuary or auditor
for a non-bank financial institution;
(e) reports to the Regulatory Authority or to
the non-bank financial institution by an actuary or auditor;
(f) the submission to the Regulatory Authority
of financial statements, reports, statistics, accounts and other documents.