Africa

Asset management in South Africa – Ten things to know

By Shawn Barnett on March 18, 2018 Posted in Africa, Banking

1. Licensing of asset managers South African asset managers must register as financial service providers (FSPs) with the Financial Services Board (FSB) under the Financial Advisory and Intermediary Services Act (FAIS). Any person carrying on asset management business in South Africa, or from abroad directed at South African clients, whether in a discretionary or non-discretionary capacity … Continue Reading

South Africa: Insurance Act assented by State President

By Patrick Bracher and Adriaan Louw on January 24, 2018 Posted in Africa, Insurance

On 18 January 2018, the Insurance Act was published in the Government Gazette after it had been assented to by the State President. It is known as the Insurance Act 2017. The Insurance Act, which was tabled in the National Assembly in January 2016 and completed its journey through the parliamentary process in December 2017, … Continue Reading

South Africa: POPI regulations published for comment

By Kerri Crawford (SA) on September 11, 2017 Posted in Africa, Regulation

The South African Information Regulator published draft regulations under the Protection of Personal Information Act 2013 (POPI) for public comment by 7 November 2017. The regulations cover various procedural items, including: the manner of objecting to the processing of personal information; requests for correction or deletion of personal information; the application form for industry codes of conduct; … Continue Reading

South Africa: Twin Peaks signed into law

By Desiree Reddy and Sascha Graham on August 23, 2017 Posted in Africa, Regulation

The Financial Sector Regulation Bill was signed into law by President Zuma on 21 August 2017. The commencement dates for the new Financial Sector Regulation Act (FSR Act) are not yet known. The act provides the architecture for the new ‘twin peaks’ method of regulation to be adopted across the South African financial services industry, and is … Continue Reading

South Africa: Licence restrictions as deprivation of property

By Patrick Bracher on August 10, 2017 Posted in Africa, Regulation

A licence restriction in legislation is not a deprivation of property for the purposes of section 25 of the Bill of Rights unless the right that has been taken away from licensees constitutes a right or interest worthy of protection and is substantial enough that its removal constitutes deprivation. The SA Diamond Producers Organisation complained that … Continue Reading

South Africa: Comment on the Cybercrimes and Cybersecurity Bill extended to 10 August 2017

By Kerri Crawford (SA) on July 31, 2017 Posted in Africa, General

A revised draft of the Cybercrimes and Cybersecurity Bill was tabled in Parliament in February 2017. See our previous post on the major changes to the original draft published for public comment in August 2015. At the beginning of July 2017, the portfolio committee on justice and correctional services called for public comments on the revised draft. The original … Continue Reading

South Africa: Law Commission report on medico-legal claims for comment by 30 September 2017

By Donald Dinnie and Sandra Sithole on July 31, 2017 Posted in Africa, Regulation

The South African Law Reform Commission has issued a lengthy paper on the investigations into medico-legal claims with proposals for the reform of the law in connection with those claims. The paper discusses the current situation and the legal principles underlying claims for damages for medical negligence, state liability, the basis for payment of compensation (including some … Continue Reading

South Africa: Sugar tax

By Andrew Wellsted on June 5, 2017 Posted in Africa, Regulation

Before purchasing a sugar sweetened beverage (SSB), spare one thought for the health consequences and another for your wallet. Late 2017 is likely to see the introduction of a new tax in South Africa in the form of a health promotion levy (or sugar tax). Empirical evidence suggests that the quality of human health has … Continue Reading

South Africa: Laws amendment to accommodate demarcation regulations

By Patrick Bracher on April 24, 2017 Posted in Africa, Insurance

The pending changes to the Medical Schemes Act and the Long-term and Short-term Insurance Acts to accommodate the demarcation regulations were made on 1 April 2017 including the new definition of ‘business of a medical scheme’. The definition of ‘business of a medical scheme’ in the Medical Schemes Act 1998 makes it clear that if you … Continue Reading

Will South Africa get reciprocal reinsurance arrangements?

By Patrick Bracher on January 25, 2017 Posted in Africa, Insurance

The FSB’s Reinsurance Regulatory Review Position Paper in September 2016 sketches a reinsurance regime by which foreign reinsurers wishing to reinsure South African risks will have to register as a licensed branch in South Africa unless the foreign reinsurer is regulated by a country with an equivalent regulatory framework according to the FSB. Presumably the … Continue Reading

South Africa: POPI Regulator to commence duties on 1 December 2016

By Nerushka Bowan on October 27, 2016 Posted in Africa, Regulation

The functions of the Information Regulator include: to provide education about the Protection of Personal Information Act, for example, giving advice to data subjects in the exercise of their rights; to monitor and enforce compliance with POPI; to consult with interested parties; to handle complaints; to conduct research and to report to Parliament; to issue … Continue Reading

Germany joins the blog

Our Regulation tomorrow blog goes from strength to strength, with the addition of Germany to our existing coverage of Africa, Asia, Australia, Canada, the United Kingdom, Italy, the Netherlands and the United States. EU-level updates will also be featured on our new German page. New blog posts from Germany include: Ban on CFDs by BaFin … Continue Reading

South Africa: Members of Information Regulator for POPI voted by Parliament

By Nerushka Bowan on September 8, 2016 Posted in Africa, Regulation

On Wednesday, 7 September 2016, the National Assembly approved the nomination of advocate Pansy Tlakula as the Chairperson of the Information Regulator for the Protection of Personal Information Act 2013 (POPI). Four other appointments that were approved – full-time members Advocate Lebogang Stroom and Johannes Weapond; and part-time members Professor Tana Pistorius and Sizwe Snail. … Continue Reading

South Africa: Is anti-competitive behaviour insurable?

By Patrick Bracher on August 23, 2016 Posted in Africa, Insurance

The August 2016 first-of-its-kind judgment against South African Airways in favour of Nationwide Airlines, for damages arising from conduct that was held to be an anti-competitive exclusionary act preventing Nationwide from entering into or expanding within the travel market, raises the interesting question whether the loss is insurable by the company and the directors. SAA … Continue Reading

Specialty lines insurance in Africa

By Donald Dinnie and Raynold Tlhavani on April 28, 2016 Posted in Africa, Insurance

Africa’s largely untapped specialty lines insurance market has significant opportunities for insurers willing to enter the region. As the market develops, more difficult and unusual risks will be written. Regulations which vary by country must be considered. For example, placing insurance with a locally licensed insurer is often a requirement or a percentage of the … Continue Reading

South Africa: ICASA approval required for changes of licensee control

By Edward Odendaal (AU) on February 15, 2016 Posted in Africa, Regulation

Any change of control in an entity which holds an individual electronic communications service licence, individual electronic communications network service licence or radio frequency spectrum licence requires the prior written permission of the Independent Communications Authority of South Africa (ICASA). Radio frequency spectrum licences The Radio Frequency Spectrum Regulations 2015 set out the process which … Continue Reading

WhatsApp faces possible regulation in South Africa

By Edward Odendaal (AU) on January 20, 2016 Posted in Africa, Regulation

The parliamentary telecommunications and postal services portfolio committee will hold a meeting on “Over-The-Top” (OTT) services on 26 January 2016 with a view to possibly regulating them. Popular OTT services include WhatsApp, Google Hangouts and Skype. Some mobile networks feel it is unfair that these services generate profits by riding on the back of infrastructure paid … Continue Reading

New prescribed rate of interest in effect in South Africa

By Maxine Smith on January 20, 2016 Posted in Africa, Banking

The prescribed rate of interest in South Africa has been changed. With effect from 8 January 2016, interest will be charged at 9.75% per annum, up from the previous rate of 9%. Interest on debts will be calculated at the repo rate plus 3.5%. The repo rate is determined from time to time by the … Continue Reading

South Africa: Protection of Investment Act 2015 assented to

By Patrick Bracher on January 20, 2016 Posted in Africa, Regulation

The President has assented to the Protection of Investment Act 2015 and the Act has been published for general information. The Act will only come into operation on a date determined by the President by proclamation in the Gazette. The intention of the Act is to achieve a balance of the rights and obligations of … Continue Reading

10 things to know about South African trusts

By Charles Ancer and Emma Forbes on December 6, 2015 Posted in Africa, General

A trust is an arrangement that allows someone to hold assets (without owning them) for the benefit of the trust beneficiaries. The key element of the trust arrangement is the transfer of ownership and control of the trust assets from the donor or founder to one or more trustees who hold the trust assets not … Continue Reading

South Africa’s Cybercrimes and Cybersecurity Bill introduces Cyberlaundering – with far reaching implications

By Daniel Leslie on November 28, 2015 Posted in Africa, Regulation

Commendably, South Africa’s new Cybercrimes and Cybersecurity Bill proposes that we take a bold step ahead of contemporary laws across Africa and beyond. Pertinently, clause 19(1) of the Bill proscribes the novel concept of cyberlaundering. Cyberlaundering is the use of a computer to perform or assist an unlawful financial transaction or a relationship involving property … Continue Reading

South African private company stakeholder requirements

By Emma Forbes and Charles Ancer on November 2, 2015 Posted in Africa, General

A number of jurisdictions have local stakeholder requirements for private companies. South Africa has a hybrid system where there are local requirements (so that some positions can only be held by South African citizens or residents). Directors A South African private company must have at least one director but there is no requirement that this … Continue Reading

New structures to fight cybercrime in South Africa

By Rohan Isaacs (ZA) and Tatum Govender on October 28, 2015 Posted in Africa, Regulation

Cybercrime happens at the speed of broadband with criminals able to easily move the tools of their activities from one location to another. Successfully combatting cybercrime therefore requires real time detection and investigation, often by different agencies in different countries. Cybercrime has exploded internationally in the past several years in tandem with the surge of … Continue Reading

The Mozambican Insolvency Law

By Zaida Kathrada on October 20, 2015 Posted in Africa, General

Restructuring of companies in financial distress is on the increase globally. In line with this trend, Mozambican Insolvency Law (Decree law No 1/2013) provides greater protection to debtor companies in financial distress and gives them an opportunity to reorganise and restructure while continuing to operate their businesses. The law covers three procedures namely judicial reorganisation … Continue Reading