Non-Bank Financial Regulatory Authority - Transitional And Consequential Provisions (Ss 106-107)

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1. Short title

2. Interpretation

3. Subsidiaries

4. Controllers

5. Republic, etc. to be bound

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

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

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


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

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

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

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

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

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


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

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.]

Part:XI Transitional and consequential provisions (ss 106-107)

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.