This blog was co-authored by Felix Le Roux, Candidate Attorney.
On 31 May 2023, the Supreme Court of Appeal set aside the Mandatory Audit Firm Rotations Rule (MAFR), which came into effect on 1 April 2023.
The MAFR sought to limit the tenure of any audit firm serving as the appointed auditor of a public
The exemption of Banks in respect of financially sophisticated and high-wealth corporate clients, referred to as the Merchant Banking Exemption (BN 103 of 2004), was extended by FAIS Notice 35 of 2023 until 30 June 2025.
The clients covered under the Exemption include other banks, central banks, insurers (life and non-life insurers), asset managers who
This blog was co-authored with Michael McCarthy, Candidate Attorney.
The prescribed rate of interest is 11.75% per annum with effect from 1 July 2023. The previous rate was 11.25% per annum.
According to the Prescribed Rate of Interest Act, interest on debts where no rate is prescribed is calculated at the repo rate plus
In this high court judgment the court considered whether “at the premises” disease cover entailed the same approach to proximate causation as the disease cover considered by the Supreme Court in Financial Conduct Authority v Arch Insurance (UK) Limited [2021] UK SC 1.
The relevant wording of the policy in the lead action read:
“The
On 24 May 2023, the Minister of Trade, Industry and Competition published the Companies Amendment Regulations, 2023 (Amendment Regulations). The Amendment Regulations were drafted in consultation with the Companies and Intellectual Property Commission (CIPC) to align the Companies Regulations with the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act, 2022 (General Laws Amendment
The Supreme Court of Appeal awarded damages to the purchasers of a guesthouse which had a serious leaking roof because the seller failed to disclose the defects he was aware of. The voetstoots clause in the deed of sale was inapplicable because the claim was founded on delictual liability for fraudulent non-disclosure/misrepresentation and not on
In a recent finding by the CCMA the Commission upheld the dismissal of a university senior academic who had copied and pasted blocks of borrowed material into a published article without acknowledging the sources. He was also accused of not supervising his students to ensure that they had not copied the work of others and
Depending on the wording of an insurance policy, a breach by the insured will not necessarily entitle the insurer to cancel the policy without a specific right to do so. According to the wording or, if not explicitly dealt with, the materiality of the breach, the insurer may only have a damages claim for loss
Swiss Re has published their latest SONAR (Systematic Observation of Notions Associated with Risk). Many of the risks mentioned are specific to the northern hemisphere but some of them will be of interest locally in South Africa.
The Supreme Court of Appeal held in June 2023 that a forklift is not a motor vehicle as defined in the Road Accident Fund Act of 1996 which defines a ‘motor vehicle’ as “any vehicle designed or adopted for propulsion or haulage on a road by means of fuel, gas or electricity …”.
The three