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).
A South African private company must have at least one director but there is no requirement that this
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
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
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
The Banks Amendment Act came into operation on Monday, 29 June 2015. The Amendment Act looks slightly different to the draft bills that were circulated towards the end of 2014. Input from the Standing Committee on Finance has now been incorporated.
The Amendment Act provides for the curator of a financially distressed bank to create
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:
As the use of cryptocurrencies like Bitcoin increases, so will the demand for insurance to protect against the risks associated with them. A number of global Bitcoin storage providers offer their customers insurance for storage vault failure. At least one US insurance group offers Bitcoin holdings insurance as an endorsement to existing crime policies.
Given
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