Corporate Law and Governance
The right to remove directors without giving reasons
Section 71 of the Companies Act 71 of 2008 (the “Companies Act”) makes provision for the removal of directors by both the shareholders of a company and the board of directors of a company.
Do shareholders need to give reasons for removing a director?
In terms of the Companies Act, 2008, a director may be removed by an ordinary resolution passed by the shareholders at a shareholders’ meeting.
South Africa: New VAT and customs obligations for online marketplaces
The global economy has recently seen a rapid rise in online marketplaces and platforms, whereby sellers can easily connect and transact with buyers.
Fintech
CPMI and IOSCO publish final guidance on stablecoin arrangements confirming application of Principles for…
The Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) today published final guidance confirming that stablecoin arrangements should observe international standards for payment, clearing and settlement systems.
International
FCA Publishes Its Business Plan For 2022/2023 And Strategy For The Years Ahead
On 7 April 2022, the United Kingdom’s Financial Conduct Authority (“FCA”) published its 2022/23 Business Plan (“Business Plan”), as well as its Strategy for 2022 to 2025 (“Strategy”).
Regulation and Ethics
Will third party payment providers become accountable institutions under FICA?
In our previous articles, we discussed that South Africa has until the end of February 2023 to meet a tight deadline to amend its Financial Intelligence Centre Act, 2001 (“FICA”) or face the consequences of its financial institutions being grey listed by the Financial Action Task Force (“FATF”).
Tax
Kenya: Country-by-country reporting thresholds introduced from 1 January 2023
The Kenyan Government, in its latest Finance Act 2022, has enacted some key changes in the area of direct tax, including an important update on the country-by-country (CbC) reporting threshold for multinational companies.
