Corporate Law and Governance
What a relief
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.
Appropriate Dispute Resolution Clauses are vital in Commercial Agreements
Parties that conclude any sort of commercial agreement must consider the mechanism by which any dispute arising under the agreement will be resolved.
FCA Business Plan 2019/20: looking ahead to post-Brexit future of regulation
Unsurprisingly, Brexit remains the immediate priority for the FCA in its recently published Business Plan 2019/20.
Fintech
Statement on IOSCO study of emerging global stablecoin proposals
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.
International
Preparing for a world without LIBOR: key considerations for loan market participants
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
IOSCO consults on measures to reduce conflict of interests in debt capital raising
The Board of the International Organization of Securities Commissions (IOSCO) is requesting feedback on proposed guidance to help IOSCO members address potential conflicts of interest and associated conduct risks arising from the role of market intermediaries in the debt capital raising process.
Tax
Limits on tax deductibility don’t mean a limit on retirement contributions
Contributions to pension, provident and retirement annuity funds are tax deductible but limited to 27.5% of the greater of remuneration or taxable income, up to a maximum of R350 000 per year.
