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
The functions of the Information Regulator include:
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 –
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.
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
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
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 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
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