Corporate Law and Governance
Preference share funding structures: overview of Companies Act and Income Tax Act provisions
Preference share funding structures contemplate the subscription by a funder for preference shares in the share capital of a company with a pre-agreed dividend rate (often linked to a prevailing interest rate) and capital redemption profile.
Igniting the Fire – An Analysis of CHD Invest NV v Petrotank South Africa...
The Supreme Court of Appeal (SCA) in CDH Invest NV v Petrobank South Africa (Pty) Ltd and Another, was recently tasked with considering the validity of a written resolution passed by the majority of a company's directors...
THE WORLD FEDERATION OF EXCHANGES PUBLISHES ANNUAL SUSTAINABILITY SURVEY
The World Federation of Exchanges ("WFE"), the global industry group for exchanges and CCPs, today published the results of its fifth annual Sustainability Survey for the 2018 calendar year.
Fintech
THE WORLD FEDERATION OF EXCHANGES WELCOMES FATF RECOMMENDATIONS TO IDENTIFY USERS OF VIRTUAL ASSETS
The World Federation of Exchanges (“WFE”), the global industry group for exchanges and CCPs, has responded to Financial Action Task Force (FATF) recommendations on mitigating risks associated with virtual asset service providers (VASPs).
International
Mauritius: The Mauritius FSC issues Guidance Note On Securities Token Offering
On 8 April 2019, the Financial Services Commission ("FSC"), which is the regulator for non-banking financial services and global business sectors, published a guidance note, entitled 'Securities Token Offering' (the "Guidance Note").
Regulation and Ethics
New Draft Margin Requirements for Non-Centrally Cleared OTC Derivative Transactions
An updated version of the Draft Margin Requirements for Non-Centrally Cleared Over-the-Counter Derivative Transactions (Margin Requirements) was recently published as a Joint Standard by the Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA).
Tax
Foreign companies supplying electronic services to SA now face stiff tax penalties for non...
The VAT base for electronic services in South Africa was broadened as from 1 April 2019.
