Botswana to upgrade rules for asset managers and advisers

Botswana’s Non-Bank Financial Institutions Regulatory Authority (NBFIRA) is talking to the World Bank on technical help to update laws and develop rules. The authority aims to upgrade the Collective Investment Undertaking Act and to develop new regulations for asset managers, custodians and investment advisors.
The Botswana Stock Exchange (www.bse.co.bw) is primary supervisor for securities dealers and listed companies and in turn operates under NBFIRA supervision. general direction of NBFIRA. The Ministry of Finance and Development Planning is currently drafting a new Securities Bill and this satisfy NBFIRA which wants to update the BSE Act, according to a local media report.
NBFIRA’s 2009 annual report is reported as saying that it received all required reports from BSE and that the exchange did site visits to all securities dealers and held a disciplinary hearing against a securities dealer who did not submit audited financial statements on time and for irregularities in the statements.
The authority reports that lack of personnel has hampered capital markets supervision.

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