Published: 2007-05-28
Key Benefits:
ARRANGEMENT OF SECTIONS
SECTION
PART I
Preliminary
1. Short title
2. Interpretation
3. Subsidiaries
4. Controllers
5. Republic, etc. to be bound
PART II
Non-Bank Financial Institutions Regulatory Authority
Establishment, objects and constitution of Non-Bank Financial Institutions Regulatory Authority
6. Establishment of Regulatory Authority
7. Functions of Regulatory Authority
8. Principal objects of Regulatory Authority
9. Regulatory Authority to report on non-bank financial institutions
10. Policy directions by Minister
The Board and staff of the Regulatory Authority
11. The Board
12. Appointment of Chief Executive Officer
13. Period of office
14. Qualifications
15. Resignation
16. Termination of appointment
17. Remuneration
18. Meetings
19. Staff, etc.
20. Declaration of interests
Financial and accountability provisions
21. Money of the Regulatory Authority
22. Annual estimates and levy structure
23. Supervisory levies
24. Fees and charges
25. Supervisory levy, fees and charges, debts to Regulatory Authority
26. Waiver of levies or fees
27. Borrowings
28. Advances from Government
29. Levies Account
30. Investments
Financial accounting
31. Record keeping
32. Financial statements and annual report
33. Financial reports to be audited
34. Financial report and annual report to be given to Minister
35. Reporting to National Assembly and industry
36. Auditor General may examine Regulatory Authority
Other provisions
37. Protection of Regulatory Authority, officers, etc.
38. Secrecy
39. Code of conduct
40. Arrangements with other agencies
41. Delegations
PART III
Licensing of non-bank financial institutions
42. Non-bank financial institutions to be licensed
43. Licensing
44. Period of licence
45. Display of licence
46. Variation, suspension or cancellation of licence on request
47. Variation, suspension and cancellation of licence
48. Exemptions from and modifications of this Part
PART IV
Supervision and regulation of non-bank financial institutions
49. Prudentially regulated non-bank financial institutions
Prudential rules
50. Prudential rules
Information, reports, etc.
51. Information to be given to Regulatory Authority
52. Reporting
Directions
53. Powers to give directions
Inspections and investigations
54. Appointment of inspectors and investigators
55. Routine inspections of licensed non-bank financial institutions
56. Investigations
57. Investigators' powers
Self-regulatory organizations
58. Self-regulatory organizations
59. Rules of self-regulatory organizations
60. Due process by self-regulatory organizations
61. Reporting by self-regulatory organizations
62. Termination of arrangements and revocation of declaration
63. Amendments to self-regulatory organizations' constitutions
64. Protections for self-regulatory organizations, etc.
Controllers of prudentially regulated non-bank financial institutions
65. Controllers of prudentially regulated non-bank financial institutions
PART V
Regulating market practices of non-bank financial institutions
66. Operation of this Part with other laws
67. Prohibition of false and misleading statements
68. Unfair practices
69. Disclosure of information
PART VI
Amalgamations of, transfers of business of, statutory management of and winding up of prudentially regulated non-bank financial institutions
Compromises and arrangements and transfers of business
70. Compromises and arrangements involving prudentially regulated non-bank financial institutions
71. Transfers of business of prudentially regulated non-bank financial institutions
72. Sections 70 and 71 prevail over Companies Act
Statutory management
73. Appointment of statutory managers
74. Statutory management
75. Termination of statutory management
Winding up
76. Winding up prudentially regulated non-bank financial institutions
PART VII
Enforcement of financial services laws
77. Enforceable undertakings
78. Compensation for breaches of financial services laws
79. Administrative penalties
80. Powers of High Court
81. Exemptions and modifications of financial services laws for non-bank financial institutions
PART VIII
Powers relating to the International Financial Services Centre
82. Application of Part
83. Enforcement of IFSC rules
84. Power to recommend revocation of tax certificate
PART IX
Review of decisions by the Tribunal
85. Establishment of Tribunal
86. Review of decisions
87. Application for review of decisions
88. Implementation of decisions pending review
PART X
Miscellaneous
89. Advisory bodies
90. Requirement to answer questions
91. Requirement to comply with directions
92. False and misleading statements to Regulatory Authority
93. False statements
94. Self incrimination not a reasonable excuse
95. Offence of holding out as licensed, etc.
96. Destruction of documents
97. Hindering Regulatory Authority, etc.
98. Preventing compliance
99. Extension of time
100. Evidence
101. Conduct of directors, servants and agents
102. Liability of directors, etc.
103. Offence committed partly within and partly beyond Botswana
104. Penalties for bodies corporate
105. Regulations
PART XI
Transitional and consequential provisions
106. Existing licences and registrations preserved
107. Repeals and amendments
First Schedule: Amendments to Bank of Botswana Act (Cap. 55:01)
Second Schedule: Amendments to Botswana Stock Exchange Act (Cap. 56:08)
Third Schedule: Amendments to Collective Investment Undertakings Act (Cap. 56:09)
Fourth Schedule: Amendments to Insurance Industry Act (Cap. 46:01)
Fifth Schedule: Amendments to International Insurance Act, 2005
Sixth Schedule: Amendments to Pensions and Provident Funds Act (Cap. 27:02)
Act 2, 2007,
S.I. 35, 2007.
[Date of commencement: Sections 2, 6, 11-20, 37-39, 41 and 105: 28th May, 2007.
Remainder of Act: On Notice.]
106. Existing licences and registrations preserved
(1) A person who was licensed or registered in terms of a financial services law immediately before Part III commences shall be taken to be licensed in terms of this Act, on the same terms, the licence terminating-
(a) at the end of 12 months after Part III commences; or
(b) if, but for this Act, the licence would terminate on an earlier day, on that earlier day.
(2) Subsection (1) does not apply in respect of provisional registration as a pension or provident fund under the Pension and Provident Funds Act.
(3) If-
(a) a person resident in Botswana is lawfully carrying on an activity immediately before Part III commences;
(b) the person was not, at that time, required to be licensed or registered under a financial services law other than this Act in relation to carrying on the activity; and
(c) the person applies for a licence within 6 months after Part III commences;
section 42 does not prevent the person from carrying on the activity until the application is finally determined.