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.
An Intergovernmental Fintech Working Group (IFWG) study of the market uncovered that there are 220 active and operational Fintechs in South Africa and this number is expected to grow as technology adoption increases.
Since the Financial Stability Board issued its report recommending reforms to interest rate benchmarks (including the London Interbank Offered Rate (LIBOR) in 2014), market participants have devoted considerable resources to prepare for LIBOR’s eventual cessation.
Regulation and Ethics
Taxpayers may deduct an allowance for expenditure not yet incurred in terms of section 24C. In Clicks Retailers (Pty) Limited v Commissioner for the South African Revenue Service the Constitutional Court considered this provision’s requirement that the income and obligations for future expenditure must arise from the same contract.