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Financial Institutions Legal Snapshot

South Africa and global insurance, financial institutions, banking and general law know–how

Banking

Foreign collective investment schemes and FSCA discretion

By Shawn Barnett (ZA) on June 9, 2021

The Financial Services Tribunal held, in May 2021, that a manager of a foreign collective investment scheme is not to be made subject to the limitations applied to a manager in terms of the Collective Investment Schemes Act of 2002 (CISCA), where an application is made to the Financial Sector ... Continue reading

Employer ordered to pay costs of application to the Financial Services Tribunal

Trade Finance – no respite from inventory and documentation fraud

Failure to submit valuation reports will result in the imposition of administrative penalties

Drafting tips

The difference between ‘significant’ and ‘substantial’

By Patrick Bracher (ZA) on June 16, 2020

In April 2020 the UK Supreme Court had reason to discuss the difference between ‘significant’ and ‘substantial’ in the context of what is a ‘significant reduction in life expectancy’. The court said that ‘like the skin of a chameleon, the adjective takes a different colour so as to suit a ... Continue reading

Contracts interpreted according to wording, context and purpose

Sign of the times: Electronic signatures in South Africa

Effect of settlement agreement

Insurance

Misrepresentation inducing a contract is not a breach excluded by the contractual exclusion clause in a policy (US)

By Patrick Bracher (ZA) on August 4, 2021

A US court found that the exclusion in an insurance policy against losses arising out of or involving a breach of contract or agreement did not exclude a claim resulting from a misrepresentation that induced the contract. The insurer was excused from paying the amount of an arbitration award arising from ... Continue reading

Non-disclosure did not induce lower premium for insurers (UK)

Interpreting the wording of a subscription judgement

Jurisdiction over an insurance dispute where both parties are foreigners

General

FAIS Exemption of banks in respect of certain clients extended to 30 June 2023

By Patrick Bracher (ZA) on July 28, 2021

The exemption under the FAIS Act of registered banks from the need to comply with the FAIS Act in respect of certain sophisticated or major clients has been extended once again to 30 June 2023. The exemption relates to clients who are another bank, a South African insurer, a foreign bank or ... Continue reading

Hospitality guest indemnity upheld under Consumer Protection Act

Competition law requirements when doing mergers in Africa: 10 Things to know

Business interruption claims and physical damage

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Norton Rose Fulbright’s financial institutions team provides straightforward legal updates. Our lawyers offer local insights with an international perspective recognised worldwide. This blog focuses on the South African market and is about sharing knowledge with you. Blog posts are not legal advice.

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