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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

Days of grace do not apply to a repudiated life insurance policy

By Donald Dinnie on June 14, 2021

In a June 2021 judgment, the Supreme Court of Appeal held that the 30 day grace period for an unpaid premium in a life policy does not apply where the cancellation of the policy is a result of a repudiation by the insured herself. The grace period only applies where ... Continue reading

True brokers may be paid a secret commission (UK)

No insurance claim for shooting because of assault exception (US)

Touting for clients not an insured professional service (US)

General

When does independent consultant to sub-contractor owe a duty of care to the main contractor? (UK)

By Patrick Bracher (ZA) on June 9, 2021

The UK High Court found that an independent consultant to a sub-contractor relating to the design and construction of a slipform rig did not owe a duty of care to the main contractor and could not be sued for damages for negligence. There was no assumption of responsibility to the ... Continue reading

Extra-territorial jurisdiction of the Prevention of Organised Crime Act

SCA gives clarity on the meaning of conflict of interest for business rescue practitioners

Certifying documents as copies of the original without seeing the originals is dishonest

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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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