Latest Articles

The International Swaps and Derivatives Association Inc. (ISDA) indicated that South Africa has been in focus over recent months since the margin requirements for non-centrally cleared derivatives transactions were published for comment in June 2015. The aim of the requirements is to outline the future regulation of OTC derivatives in South Africa in line with South Africa’s G20 commitments. Although the margin requirements have been published, the regulators in South Africa have not yet specified…
The International Swaps and Derivatives Association Inc. (ISDA) indicated that South Africa has been in focus over recent months since the margin requirements for non-centrally cleared derivatives transactions were published for comment in June 2015. The aim of the requirements is to outline the future regulation of OTC derivatives in South Africa in line with South Africa’s G20 commitments. Although the margin requirements have been published, the regulators in South Africa have not yet specified…
The Banks Amendment Act came into operation on Monday, 29 June 2015. The Amendment Act looks slightly different to the draft bills that were circulated towards the end of 2014. Input from the Standing Committee on Finance has now been incorporated. The Amendment Act provides for the curator of a financially distressed bank to create a successor entity and to dispose of all or a part of the business of the bank to the successor…
The Banks Amendment Act came into operation on Monday, 29 June 2015. The Amendment Act looks slightly different to the draft bills that were circulated towards the end of 2014. Input from the Standing Committee on Finance has now been incorporated. The Amendment Act provides for the curator of a financially distressed bank to create a successor entity and to dispose of all or a part of the business of the bank to the successor…
The virtual debit card is fast becoming a reality for many consumers around the world who do not have access to online shopping sites that require payment by a credit card or who are simply afraid to use their credit card details while shopping online. Payment systems are constantly being developed around the world to combat this problem by offering prepaid virtual debit cards which are neither debit cards, credit cards nor a physical card.…
The virtual debit card is fast becoming a reality for many consumers around the world who do not have access to online shopping sites that require payment by a credit card or who are simply afraid to use their credit card details while shopping online. Payment systems are constantly being developed around the world to combat this problem by offering prepaid virtual debit cards which are neither debit cards, credit cards nor a physical card.…
Norton Rose Fulbright’s Dar-es-Salaam office assisted the International Swaps and Derivatives Association Inc. (ISDA) with a country update on the laws which relate to the trading of over-the-counter derivatives in Tanzania. A full copy of the Tanzania update prepared by Norton Rose Fulbright can be found via the ISDA website (click here). The update primarily looks at netting and insolvency laws, but also focuses on the new February 2015 restrictions that apply to Tanzanian…
Norton Rose Fulbright’s Dar-es-Salaam office this month assisted the International Swaps and Derivatives Association Inc. (ISDA) with a country update on the laws which relate to the trading of over-the-counter derivatives in Tanzania. A full copy of the Tanzania update prepared by Norton Rose Fulbright can be found via the ISDA website (click here). The update primarily looks at netting and insolvency laws, but also focuses on the new February 2015 restrictions that apply…
Despite the increase in mobile payment services globally, the terms “mobile money” and/or “mobile payment services” are not specifically regulated in any piece of South African legislation. However, the acceptance of deposits from the general public by a person (natural or juristic) is regulated by the Banks Act Section 11 provides that only a registered bank may conduct the business of a bank. The business of a bank includes the acceptance of deposits as well…
Mobile payment services are typically the transfer of funds or payments using mobile devices that do not rely on traditional banking or payment services. Customers use an “open-loop” system to spend the value they have deposited into their mobile money account at service providers, transfer it to someone else or withdraw the value as cash using their mobile device not linked to a current bank account or credit card. Despite the increase in mobile payment…