Africa

Topic: Regulation

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Financial services monthly wrap up – June 2019

In June 2019 ASIC released its estimates for the Industry Funding levy for the 2018-19 financial year. Further, ASIC and APRA have formally commenced consultation on product intervention powers and product responsibility under the Banking Executive Accountability Regime respectively. 1 July 2019 also marks the commencement date of a variety of new and updated legislation … Continue Reading

South Africa: POPI regulations published for comment

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

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

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

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

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: POPI Regulator to commence duties on 1 December 2016

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

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: ICASA approval required for changes of licensee control

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

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

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

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

New structures to fight cybercrime in South Africa

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

South Africa: Financial institutions will also be obliged to inform clients of cybercrime trends

The draft Cybercrimes and Cybersecurity Bill has been published for public comment in South Africa. The draft bill in its current form imposes obligations on “electronic communications service providers” to inform its clients of cybercrime trends and to establish procedures to report such crimes. The definition of an “electronic communications service provider” includes not only … Continue Reading

South Africa: Margin requirements for derivatives – but which OTC’s will be affected?

The International Swaps and Derivatives Association Inc. (ISDA) indicated that South Africa has been in focus over recent months since the margin requirements for non-centrally cleared derivatives transactions were published for comment in June 2015. The aim of the requirements is to outline the future regulation of OTC derivatives in South Africa in line with … Continue Reading

South Africa: Is Bitcoin money?

Cryptocurrencies are unregulated in most jurisdictions and their legal nature has not yet been determined by legislation or case law. Virtual or digital currencies display certain key features of money: They represent value and some (like Bitcoin) can be purchased or exchanged for a real currency equivalent. They can be used to make payment for … Continue Reading

FSC issues competency standards for collective investment scheme managers in Mauritius

In October 2014, the Mauritius Financial Services Commission (FSC) issued competency standards setting out the minimum technical skills and know-how expected from its licensees, which includes entities licenced as collective investment scheme managers (CIS Managers). The standards are part of the FSC’s drive to develop a more robust regulatory framework in Mauritius. The FSC had … Continue Reading

South Africa: Comment on the draft regulations limiting interest and fees under the National Credit Act

South Africa’s Minister of Trade and Industry published draft regulations on the review of the limitations of fees and interest rates on 25 June 2015. The regulations will increase and decrease interest rates and fees that credit providers can levy on consumers’ mortgage agreements, credit cards, store cards and unsecured credit transactions. The proposed changes … Continue Reading

South Africa: Information Regulator to be appointed

An agreement has been reached between the justice department and national treasury regarding the salary grading for the South African Information Regulator. The nomination process in the Protection of Personal Information Act, 2013 (POPI) for appointment of the Regulator will soon be initiated. Section 41 requires a multi-party committee of the National Assembly to assist … Continue Reading

US Regulators highlight importance of pre-acquisition due diligence to avoid liability for corruption

Increasing enforcement of anti-bribery and corruption regulations and an increased focus on compliance have made a pre-acquisition compliance due diligence a common feature of cross-border M&A transactions in Africa and elsewhere. Many experienced transaction attorneys and dealmakers will be aware of the limits of even the most thorough due diligence. This has led to concerns … Continue Reading

Derivatives in South Africa: mandatory central clearing

Increased regulation on the horizon Earmarked as a contributor to the 2008 financial crisis, over-the-counter (OTC) derivatives were one of the financial instruments identified by the G20 summit as needing increased regulation. Different jurisdictions have approached the regulation of OTC derivatives in their own manner. In South Africa, regulation has been addressed in the Financial … Continue Reading
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