Financial Institutions Legal Snapshot

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Latest from Financial Institutions Legal Snapshot

Financial Institutions Legal Snapshot

BEE verification process amended to cater for COVID-19

By Ugendran Odayar & Amber von Steiger

April 2, 2020

Like many other changes being experienced by companies as a result of COVID-19, the requirement for an on-site visit as part of the BEE verification process prescribed by the South Africa National Accreditation System (SANAS) has been amended to take into account COVID-19. Prior to COVID-19, SANAS required BEE verification agents to verify and evaluate companies based on information confirmed through an on-site visit. Without this on-site assessment, no BEE score could be given. On…

Financial Institutions Legal Snapshot

Electronic AGMs in South Africa: Reacting to a pandemic

By Stephen Kennedy-Good & Ally Chalwin-Milton

March 30, 2020

Despite the nationwide 21 day lockdown, it is expected that social distancing measures, restrictions on travel and the ban on major public gatherings will continue well beyond these three weeks. In a time of uncertainty, and with the advent of self-isolation, panic buying and remote working, companies throughout the country are having to rethink their approach to normal business operations. Annual General Meetings (AGMs) are a crucial event in any company’s financial year. It is…

Financial Institutions Legal Snapshot

Impossibility may be no defence if performance overdue (COVID-19)

By Siyabonga Mathe

March 30, 2020

As a general rule, a party is excused from rendering contractual performance if it becomes physically or legally impossible for such party to perform. But a defence of impossibility of performance will not succeed if, when the impossibility intervened, the performance was overdue. In such a case, the rule is that lateness perpetuates the obligation, and the debtor bears the risk of impossibility unless they can show that the impossibility would have come about even…

Financial Institutions Legal Snapshot

How to establish a business enterprise in South Africa: Ten things to know

By Stephen Kennedy-Good, Dale Cridlan, Mpho Duiker & Ally Chalwin-Milton

March 27, 2020

01 I Methods of incorporation A business presence can be established in South Africa, one can either incorporate a South African entity or incorporate a foreign offshore entity, as a so called ‘branch’ or ‘external company’. 02 I Applicable legislation Both forms of business enterprise are regulated by the Companies Act 2008. However, in the case of a branch, the ongoing compliance obligations are less onerous. The Act recognizes that an entity of that nature…

Financial Institutions Legal Snapshot

Effect of lockdown regulations on landlords and tenants

By Daniel Breier

March 27, 2020

What is the effect of clauses 11B(1)(b), (c) and (d) of the lockdown regulations which read: “(b) All businesses and other entities shall cease operations during the lockdown, save for any business or entity involved in the manufacturing, supply, or provision of an essential good or service. (c) Retail shops and shopping malls must be closed, except where essential goods are sold and on condition that the person in control of the said store must…

Financial Institutions Legal Snapshot

HPCSA guidance on telemedicine during COVID-19 outbreak

By Yash Naidoo

March 26, 2020

On 26 March 2020 – the eve of the 21 day nationwide lockdown in South Africa – the Health Professions Council of South Africa (HPCSA) issued a guidance note regarding the practice of telemedicine. The guidance note supplements and amends the HPCSA’s existing guidelines for the practice of telemedicine (booklet 10) as follows: The term ‘telemedicine’ is replaced with ‘telehealth’, which incorporates telemedicine, telepsychology, telepsychiatry , telerehabilitation, ‘etc’. The list of disciplines in the guidance…

Financial Institutions Legal Snapshot

Employment law under COVID-19 lockdown: 10 things to know

By Mohammed Chavoos

March 26, 2020

The government enforced 21 day lockdown raises many issues relating to employee rights, including concerns around whether leave (for workers who cannot work from home) will be paid or unpaid, whether UIF (Unemployment Insurance Fund) applies and what the rights of essential workers are. Here are ten things to know about employment law during the COVID-19 lockdown. If employees are able to work from home, they should do so. If employees cannot work from home,…

Financial Institutions Legal Snapshot

Permits required for persons leaving home to perform essential services during South African lockdown

By Christina Pretorius

March 25, 2020

Further regulations regarding the implementation of South Africa’s COVID-19 lockdown were released on the evening of 25 March, just over a day before the lockdown takes effect at 24:59 on 26 March. The lockdown applies to everyone within the borders of South Africa, and seeks to slow the spread of the COVID-19 virus. The new regulations require every person to confine themselves to their place of residence unless strictly for the purpose of: performing…

Financial Institutions Legal Snapshot

First all-Skype trial in the UK

By Patrick Bracher (ZA)

March 25, 2020

The Law Society Gazette (UK) reports that the UK has had its first Skype trial which could be another way to ensure court business continues during adverse circumstances (and even generally). It was a three day hearing where the judge, seven lawyers, eleven witnesses, three experts and two journalists joined the hearing online through Skype for Business which, besides allowing everyone to see and hear those taking part allows for the hearing to be recorded.…

Financial Institutions Legal Snapshot

FSCA relaxes reporting requirement in response to COVID-19

By Desiree Reddy (ZA)

March 25, 2020

On 24 March 2020, in recognition of the impact of the current COVID-19 pandemic on the financial services industry, the FSCA released general communication 9 of 2020 which sets out relaxations of regulatory requirements. In summary, the FSCA has granted: Financial services providers A four month extension for the submission of some financial statements (not applicable to banks, registered insurers and authorised users under the Financial Markets Act 2012). An extension of all 2020 deadlines…

Financial Institutions Legal Snapshot

South African banking, finance and insurance law know-how

Blog Authors

BEE verification process amended to cater for COVID-19

Electronic AGMs in South Africa: Reacting to a pandemic

Impossibility may be no defence if performance overdue (COVID-19)

How to establish a business enterprise in South Africa: Ten things to know

Effect of lockdown regulations on landlords and tenants

HPCSA guidance on telemedicine during COVID-19 outbreak

Employment law under COVID-19 lockdown: 10 things to know

Permits required for persons leaving home to perform essential services during South African lockdown

First all-Skype trial in the UK

FSCA relaxes reporting requirement in response to COVID-19

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