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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

Tribunal upholds Prudential Authority penalty for unrecorded loan & dividends directive

By Patrick Bracher (ZA) on October 15, 2021

An October 2021 decision of the Financial Services Tribunal upholding an administrative order, a directive, and a penalty by the Prudential Authority is worth noting. The Tribunal held there was no basis for successfully challenging the penalty for an intergroup loan arrangement not recorded in writing and for unjustified dividends ... Continue reading

Interpretation of Business Interruption insurance and Covid-19 USA style

Liability of boom operator for personal injury

Covid-19 business interruption Australian judgment mostly favours insurers

General

Cancellation of a contract between private parties is not judicially reviewable

By Donald Dinnie on October 13, 2021

In this judgment the Supreme Court of Appeal confirmed as trite that a decision by a contracting party to cancel a contract concluded between two private parties cannot form the subject of review by the courts. The power of the courts to review the lawfulness, reasonableness and procedural fairness of decisions or ... Continue reading

Companies Amendment Bill, 2021 – Securities and s45 Financial Assistance to subsidiaries

Parol evidence: what evidence outside the written contract can be used?

Companies Amendment Bill 2021 blog series – Amending the Memorandum of Incorporation

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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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