On 10 July 2020, the Financial Sector Conduct Authority (FSCA) published the awaited Conduct Standard prescribing the minimum skills and training requirements for members of the board of trustees of pension funds as contemplated in section 7A(3)(a) of the Pension Funds Act 1956, effective from date of publication.
Section 7A(3)(a) requires the trustees of pension
An insurance contract is presumed to require that the insured peril must be the proximate cause of the insured’s loss (see Incorporated General Insurance Ltd v A.R. Shooter trading as Shooter’s Fisheries 1987).
Causation involves two distinct enquiries namely factual causation and then legal causation.
The test for factual causation is generally described as the
Readers will have seen the recent Guardrisk judgment. The applicant, a Cape Town restaurant, sought urgent declaratory relief that the insurer was obliged to indemnify it in terms of the business interruption section of the policy for loss suffered as a result of the closure of the restaurant from 26 March 2020.
The infectious
The JSE has amended its Listings Requirements in the past few years by introducing alternative methods of raising capital and measures aimed at expediting traditional methods. The JSE is aware that, in times of crisis, listed companies may need to raise capital at short notice. Delays in the raising of capital, particularly those caused by
A medical scheme aggrieved by a decision of the Registrar for Medical Schemes must appeal to the Council for Medical Schemes and not the Financial Services Tribunal, even if the decision relates, broadly, to financial sector laws.
In Medihelp Medical Scheme v The Registrar for Medical Schemes and Another, the Council for Medical Schemes,
Tender processes require fairness and transparency. In order to ensure fairness and transparency, an organ of state must adopt a proper evaluation process when considering and awarding tenders. An organ of state cannot rely on its selection of a preferred bidder in circumstances where the process for a preferred bid is not followed. When the
When the Financial Sector Regulation Act (FSRA) was introduced in 2018, the FSCA was tasked with regulating and supervising the way banks conduct themselves in relation to the provision of financial products and services to customers.
In fulfilment of this mandate, the FSCA has published a conduct standard for banks. The conduct standard is supported
One lesson for insurers from the COVID-19 pandemic is that carefully considered wording for potentially massive losses is essential. Cyber risk can lead to such losses.
Here are links to some of the articles we have written on cyber risk to remind you:
Even peremptory provisions in a statute may yield to two rules of interpretation:
The majority of the Protection of Personal Information Act 2013 (POPI) effectively commenced on 1 July 2020. The sections that commenced deal with how personal information (which is any information that can identify and infringe the privacy rights of a natural or juristic person) may be processed in South Africa or transferred across borders.
As