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Financial Institutions Legal Snapshot

South African banking, finance and insurance law know-how

Banking

Financial Sector Regulation Act in force from 1 April 2018

By Patrick Bracher on April 3, 2018

Most sections of the Financial Sector Regulation Act 2017 were brought into force from 1 April 2018. This step was anticipated as the first step towards the commencement of the new Insurance Act on 1 July 2018. By a two-step process the Minister was empowered in a Gazette of 29 March 2018 to make ... Continue reading

Asset management in South Africa – Ten things to know

SARB announces establishment of Fintech programme

Bank sued for paying on instructions to director acting fraudulently (UK)

Drafting tips

Contracts need consensus

By Patrick Bracher on April 17, 2018

The basis of any contract is consensus between the two parties. The court in Vincorp (Pty) Ltd v Trust Hungary ZRT found that the two parties alleged by the plaintiff to be parties to a contract had different things in mind when they negotiated and that no contract came into being ... Continue reading

Interpretation of contracts by giving extreme examples is not helpful (UK)

Assignment of main agreement included past and future addenda

Reciprocal performance under reciprocal contracts

Insurance

Two bridge collapses from same design flaws are ‘related claims’ (US)

By Patrick Bracher on April 11, 2018

A number of lawsuits were pursued against an engineering design firm when two pedestrian bridges collapsed on 13 and 14 November 2014 causing death and damage. The court held that these were ‘related claims’ as defined in the engineering firm’s professional indemnity policy. The policy provided that ‘all related claims shall ... Continue reading

Subcontractor required to provide own insurance held not entitled to project insurance (UK)

Financial Sector Regulation Act in force from 1 April 2018

Subrogation summarised (UK)

General

AI in the law firm – Investigations and compliance

By Adriaan Louw on April 17, 2018

The use of Artificial Intelligence (AI) in legal investigations and compliance is one of the most ground breaking ways in which AI is set to change the way in which lawyers do their work. AI is your new detective A fitting example of AI in legal investigation action is a due diligence ... Continue reading

AI in the law firm – Predictive analytics

AI in the law firm – AI is your new document drafter

AI in the law firm – AI is your new law librarian

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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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