Branches are not allowed for "securities business" and "securities infrastructure business" entities. Local incorporation is required.
"2.(1) In this Act unless the context otherwise requires - [...]
"securities business" means the carrying on of the business of - 
(a) buying and selling of securities; (b) a securities exchange; (c) a central securities depository; (d) a central counterpart; (e) a transfer agent or transfer secretary; (f) providing custodial business; (g) a participant in the central securities depository of Botswana; (h) a market maker; (i) a securities broker or dealer; (j) an asset manager; (k) an investment advisor, whether as a principal or agent; [...]
"securities infrastructure business" means - 
(a) securities exchange; (b) a central securities depository; (c) a clearance settlement and system other than a central securities depository; or (d) a central counterparty;
"securities institution" means a licensed non-bank financial institution, which may be a company or other entity recognised by any written law as a person, which conducts a securities business;[...]" (SECURITIES ACT No. 26 of 2014)
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"4.(1) A person shall not establish or operate a securities institution unless that person has been issued with a licence in accordance with Section 3 of the [Securities] Act. [...]
5.(1) The Regulatory Authority shall grant a licence, in accordance with Section 4 of the Act only if the Regulatory Authority is satisfied that the applicant and the applicant's key persons and controllers meet the requirements of these Regulations.
   (2) In respect of the applicant under subregulation (1), the Regulatory Authority shall, before granting such applicant a licence, be satisfied that - 
   (a) the corporate governance of the applicant is in compliance with the Non-Bank Financial Institutions Regulatory Authority (Securities Business Corporate Governance) Rules; [...]" (SECURITIES (INSTITUTIONS LICENSING) REGULATIONS, 2017 (S. I. No. 31 of 201))
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"5.(1) The Regulatory Authority shall, where an applicant and the applicant's key person and controller satisfy the requirements specified in subregulation (2), grant the applicant a licence in accordance with Section 4 of the Act.
(2) An applicant shall, before the applicant is granted a licence in accordance with Section 4 of the Act, satisfy the Regulatory Authority that - [...]
 (b) the corporate governance of the applicant is in compliance with the Non-Bank Financial Institutions Regulatory Authority (Securities Business Corporate Governance) Rules;[...]" (SECURITIES (PERSONS OPERATING A SECURITIES INFRASTRUCTURE BUSINESS) REGULATIONS, 2017 (S. I. No. 32 of 2017))
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"4. Legal Form
(1) The securities business shall be a company limited by shares incorporated under the Companies Act (Ch. 42:01) unless sub rule 2 applies.
(2) Where the securities business is a market intermediary, it may be conducted in a form other than a company if:
a. the Regulatory Authority is satisfied that the business can be safely conducted in the form proposed;
b. there are at least two key persons registered with the Regulatory Authority as having responsibility for the conduct of the business; and 
c. the securities business has a registered office or place of business or agent in Botswana.[...]" (NON-BANK FINANCIAL INSTITUTIONS REGULATORY AUTHORITY (SECURITIES BUSINESS CORPORATE GOVERNANCE) RULES 2012)
SECURITIES ACT No. 26 of 2014
SECURITIES (INSTITUTIONS LICENSING) REGULATIONS, 2017 (S. I. No. 31 of 2017)
SECURITIES (PERSONS OPERATING A SECURITIES INFRASTRUCTURE BUSINESS) REGULATIONS, 2017 (S. I. No. 32 of 2017)
NON-BANK FINANCIAL INSTITUTIONS REGULATORY AUTHORITY (SECURITIES BUSINESS CORPORATE GOVERNANCE) RULES 2012
[<a href="http://www.nbfira.org.bw/sites/default/files/SECURITIES%20ACT.pdf">Act</a>],[<a href="http://www.nbfira.org.bw/sites/default/files/Securities%20Institutions%20Licensing%20Regulations%202017.pdf">Reg</a>],[<a href="http://www.nbfira.org.bw/sites/default/files/Securities%28Persons%20Operating%20A%20Securities%20Infrastructure%20Business%29%20Regulations%2C%202017.pdf">Reg</a>],[<a href="http://www.nbfira.org.bw/sites/default/files/NBFIRA%20%28Securities%20Business%20Corporate%20Governance%29%20Rules%202012.pdf">Rule</a>]