Implementation of The Financial Resources Requirements Rules For Custodians, 2023

TO: All Custodians

FROM: The Non-Bank Financial Institutions Regulatory Authority (NBFIRA)

Juliana White

Director- Capital Markets

DATE: 27 March 2023

SUBJECT: IMPLEMENTATION OF THE FINANCIAL RESOURCES REQUIREMENTS RULES FOR CUSTODIANS, 2023

1. Reference is made to the attached Financial Resources Requirements Rules for Custodians of 2023.

2. The Board of Directors of the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) has approved the above-mentioned Rules and hereby informs all Custodians that the Rules should be implemented from 1st April 2023. The industry is given a period of six (6) months to have implemented the Rules.

3. Note that the Rules were initially issued as Guidelines but had to be converted into Rules to align the same with Section 58 (1) of the Securities Act of 2014, as read with Section 5 (2) (e) of the Securities (Institutions Licensing) Regulations, 2017.

4. Any further enquiries in this regard can be directed to Mr Mbiganyi Modise or Ms Thenjiwe Stephen at 3686100 or through email at mmodise@nbfira.org.bw and tstephen@nbfira.org.bw

5. The Rules can also be accessed through the NBFIRA Website www.nbfira.org.bw.

Download Financial Resources Requirements Rules for Custodians