Corporate Law and Governance
On 13 August 2019, President Cyril Ramaphosa signed the much-anticipated National Credit Amendment Bill into law (the Amendment Act). The Amendment Act seeks to give greater effect to the overarching objective of the National Credit Act, 2005 (National Credit Act), namely for the promotion of a fair and accessible credit market in South Africa.
Parties that conclude any sort of commercial agreement must consider the mechanism by which any dispute arising under the agreement will be resolved.
Unsurprisingly, Brexit remains the immediate priority for the FCA in its recently published Business Plan 2019/20.
At its meeting on 30th October in Madrid, the Board of the International Organization of Securities Commissions (IOSCO) met, amongst other things, to consider the risks and benefits arising from ‘stablecoin’ initiatives with a potential global reach (‘global stablecoins’), and how securities market regulation may apply to such initiatives.
It has been two years since the Financial Conduct Authority (UK) (FCA) announced that the London Interbank Offered Rate (LIBOR) will cease in 2021.
Regulation and Ethics
Competition Amendment Act Regulations on Price Discrimination and Buyer Power published for commentary
The long awaited Price Discrimination and Buyer Power Regulations (Regulations) were published for comment on 10 October 2019 by the Minister of Trade and Industry, Mr Ebrahim Patel. Comments to the Regulations are required to be submitted within 28 days from publication. The closing date for submissions is 7 November 2019.
The Taxation Laws Amendment Bill of 2019, as introduced in Parliament on 30 October 2019, broadens the scope of the anti-dividend stripping rules to apply to dilutive share issue arrangements.