Corporate Law and Governance
With the confluence of factors including globalisation, the rise of the digital economy, the proliferation of new competition law regimes, and the increasing incidences of cross-border activity on the continent, it is unsurprising that there has been conduct over which several competition authorities have wished to exert jurisdiction.
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.
Arbitrage trading is by no means a new strategy in the financial markets. Any asset that can be bought and sold on two different markets at slightly different prices, creates an opportunity for earning a premium from the buy low / sell high strategy.
As investors drive demand for investment products focused on environmental, social and governance (ESG) factors, fund managers have increasingly offered ESG-focused or “sustainable investing” funds. However, a recent speech by SEC Commissioner Elad Roisman has highlighted regulatory concerns for fund managers in the ESG space, particularly with respect to disclosures and internal compliance.
Regulation and Ethics
The problem with the short time period given for comments on the second draft of the Bill is that the CoFI Bill includes many important provisions that were not included in the first draft. Some of these relate to proposed amendments to the Pension Funds Act (PFA) which, if enacted, could have a substantial impact on numerous retirement funds, their members and beneficiaries including, in particular, those entitled to ‘unclaimed’ or unpaid benefits.
The Constitution of the Republic of South Africa provides that ‘[e]veryone whose rights have been adversely affected by administrative action has the right to be given written reasons’.