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


Published: 2007-05-28

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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.