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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

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

By Patrick Bracher (ZA) on April 16, 2019

A recent academic article by Dr Rika van Zyl argues persuasively that, where there is a contract for the benefit of a third party, the third party accepts the benefit of the contract between the other two parties and not to become a party to the contract. In drafting such contracts you ... Continue reading

Interpretation of contracts: Wording, context & purpose

Interpretation of contracts – Don’t relegate the written text

Interpretation: Useful definition of ‘spouse’

Insurance

Use of a vehicle includes a passenger opening a car door

By Patrick Bracher (ZA) on April 8, 2019

Extraordinarily, a case involving a passenger opening a car door and scratching a neighbouring vehicle in a supermarket carpark led to a decision before the Court of Justice of the European Union. Europe’s highest court found that this is ‘use of vehicles’ for the purposes of motor vehicle insurance. The event ... Continue reading

Contractual claim not covered under liability policy (US)

Insurers’ role in losses caused by malfunctioning technology

Fraud as a defence to payment under a guarantee

General

Burden of proof in actions against ship owner for loss of cargo and the principles of bailment (UK)

By Patrick Bracher (ZA) on April 16, 2019

England’s highest court finally, after over four centuries of reported decisions on the issue, definitively held that the burden of proof lies on the carrier where cargo owners sue a ship owner for loss or damage to cargo. If the carrier could and should have taken precautions which would have prevented ... Continue reading

Penalties for failing to notify mergers will increase in South Africa

Religious practices and workplace incapacity

Relief denied for director who put personal interests first (US)

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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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