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Financial Institutions Legal Snapshot

South African banking, finance and insurance law know-how

Banking

SARB intends to regulate crypto assets

By Lize Louw on January 22, 2019

In mid-January 2019, the SARB published its Consultation Paper on Policy Proposals for Crypto Assets, amid a growing interest, investment and participation in crypto assets by financial institutions and individuals and an estimated market capitalisation of about US$200 billion for crypto assets globally. Crypto assets are digital representations or tokens ... Continue reading

EIB report on Banking in Africa: Read the findings of our review of the state of bank recovery and resolution laws in Africa

Claim by shareholders against directors under section 218(2) of Companies Act fails

Unrestricted financial assistance – Financiers to consider the risks

Drafting tips

Interpretation: Meaning of ‘in terms of’ and ‘under’ in a contract

By Patrick Bracher (ZA) on January 21, 2019

In the context of a tax dispute the court held that the phrases ‘in terms of’ and ‘under’ a contract can have an ordinary or wide meaning of ‘by virtue of’ or ‘in consequence of’, or a narrow meaning requiring a direct and immediate connection between the contract and the ... Continue reading

Interpretation: ‘Litigation pending’ means awaiting a decision

Interpretation of sanctions clause in a policy

Rules of interpretation of contract

Insurance

CyRiM warns of up to $193 billion cyber risk – Insurers beware!

By Patrick Bracher (ZA) on February 6, 2019

The Cyber Risk Management (CyRiM) Report 2019 shows that the economic damage to the world from a concerted global cyber-attack propagated by malicious email could range between $85 billion (least severe) to $193 billion (most severe). Retail at least could suffer the highest total economic loss globally ($15 billion), followed by healthcare ($10 billion) ... Continue reading

Power station damaged by shocked squirrel is excluded

Personalised medicine: Implications for the insurance industry and for consumers

The effect of legalisation of cannabis on the insurance industry

General

Buyer beware – new competition laws restricting dominant firm purchases

By Rosalind Lake on February 14, 2019

The Competition Amendment Act was signed into law on 13 February 2019. The Act’s aim is to ‘open up new opportunities for many South Africans to enter various sectors of the economy and compete on an equal footing’. This sentiment is the spirit throughout the Act and the draft regulations ... Continue reading

Draft Expropriation Bill published

Prescribed rate of interest is 10.25% from 1 January 2019

Damages not recoverable for raising IVF conceived child born without father’s informed consent

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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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