Regulatory Alerts2025-01-31
PFR11 Fund Administrators Rules 2024
The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) issued the PFR11 Fund Administrators Rules 2024 to establish comprehensive governance and operational standards for licensed fund administrators in Botswana. The rules mandate a minimum board of five independent directors, detailed fiduciary duties including accurate record-keeping and contribution management, and strict reporting obligations for member benefits and regulatory compliance. Administrators must implement robust risk and technology governance frameworks, maintain records for thirty years, manage third-party suppliers effectively, and adhere to defined director tenure limits and performance appraisal procedures.
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