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Financial Institutions Legal Snapshot

South African banking, finance and insurance law know-how

Banking

Judicial oversight of execution against property requires full facts before court

By Riccardo Petersen (ZA) on July 3, 2019

Where an order was sought declaring immovable property specially executable but no facts had been placed before the court by the defendant, the court authorised the sale. The court held that to deny an order declaring a property specially executable where the summons clearly draws a debtor’s attention to their right ... Continue reading

Draft Conduct Standard for Banks published

SARB intends to regulate crypto assets

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

Drafting tips

Importing a tacit term into a contract

By Patrick Bracher (ZA) on May 28, 2019

Where a non-variation clause and a whole agreement clause were included in a comprehensive contract dealing in detail with the subject matter between the parties, the court refused to import a tacit term into the contract. A tacit term is an unexpressed provision in the contract which derives from the common ... Continue reading

Take implementation, good faith and disclosure clauses seriously

Principles of contract for the benefit of a third party (stipulatio alteri)

Interpretation of contracts: Wording, context & purpose

Insurance

War exclusion requires hostilities between sovereign states (US)

By Patrick Bracher (ZA) on July 23, 2019

A Californian court of appeals found that war exclusions which exclude coverage for expenses resulting from “war” or “warlike action by a military force” require hostilities between de jure or de facto governments (governments or entities essentially like governments). The insured was a film company producing a television series in Jerusalem ... Continue reading

Cyber cover must be specifically provided or excluded (Lloyd’s)

Bin with wheels is not a ‘vehicle’ (US)

Principal debtor can rectify guarantee between guarantor & beneficiary

General

POPI progress

By Patrick Bracher (ZA) on July 23, 2019

At the end of June 2019 the Information Regulator announced that the process of putting the Protection of Personal Information Act into effect is “going very slowly” and that: A CEO started on 1 June 2019; A CFO started on 1 July 2019; Other executives are being appointed; They are now at a point where they ... Continue reading

Rationality of an administrative decision

Corporate joint venture not a partnership

Distribution of pension benefit under section 37C is determined at the date of distribution

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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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