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Financial Institutions Legal Snapshot

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

Banking

FSCA clamps down on FICA non-compliance

By Desiree Reddy (ZA) on July 28, 2020

Financial services providers (FSPs) registered under the Financial Advisory and Intermediary Services Act 2002 fall within the ambit of ‘accountable institutions’ under the Financial Intelligence Centre Act 2001. As accountable institutions, these FSPs are obliged to comply with the FIC Act and are subject to oversight by the FSCA. The FSCA has ... Continue reading

FSCA publishes the conduct standard for banks

Financial Sector Laws Amendment Bill 2020 to go to Parliament

SARB cuts the repo rate yet again: how does this affect borrowers and debt payments?

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

Insurance policy interpretation contra proferentum – armed robbery, theft and hijacking

By Donald Dinnie on October 5, 2020

The Gauteng High Court considered what constitutes armed robbery, theft and hijacking as indemnifiable events under an insurance policy in Anabella Resources CC v Genric Insurance Company. The policy did not contain a definition of armed robbery and the definition of theft and hijacking required ‘actual lawful control’ by the insured ... Continue reading

COVID-19 insurance: closure orders are not physical loss (USA)

Court applies ‘arising out of the operations’ exclusion in liability policy (US)

Interpreting insurance contracts: a refresher (part 5 – fairness and reasonableness)

General

Unreasonable delay in review of tender

By Busisiwe Nhlapo on October 20, 2020

The Constitutional Court in State Information Technology Agency Soc Limited v Gijima Holdings (Pty) Ltd held that a state applicant seeking the judicial review of their own decision may not rely on the Promotion of Administrative Justice Act 2000 and must do so in terms of the principle of legality. ... Continue reading

Principle of equity cannot override the provisions of the Pension Funds Act

Conduct of Financial Institutions

‘De bloedige hand’ principle and its application in s37C pension fund distributions

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

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