Public Notice – Suspension of Licence for Acute Asset Management (Pty) Ltd

The Non-Bank Financial Institutions Regulatory Authority (“NBFIRA”) informs members of the public that it has suspended Acute Asset Management (Pty) Ltd licence to trade as a Non-Bank Financial Institution for a period of three months. Through its supervisory investigations, the Regulatory Authority found Acute Asset Management (Pty) Ltd to have failed to comply with requirements under the Securities (Institutions Licensing) Regulations, 2017 as it pertains to meeting conditional licence requirements. The Authority followed due process and consultations with Acute Asset Management (Pty) Ltd which failed to adequately rectify the non-compliance within the agreed time-frame. The effect of the suspension of licence is that Acute Asset Management (Pty) Ltd shall not be permitted to offer asset management services, including the on-boarding of new clients or carry out any other service of an NBFI company for a minimum period of three months, until the suspension is lifted by the NBFIRA.

All entities operating in the Non-Bank Financial Institutions sector in Botswana must be licensed or exempted by NBFIRA and compliant with relevant financial service laws. Doing business with an unlicensed entity is illegal and exposes you to potential risks such as financial crime. It also denies you protection by the law governing the NBFI sector should things go wrong.

Visit our website on www.nbfira.org.bw to verify an entity’s current licensing status before conducting business with them.

NBFIRA regulates and supervises the Non-Bank Financial Institutions sector to contribute to the stability of the local financial system.

Oduetse A. Motshidisi

CHIEF EXECUTIVE OFFICER