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In AML & Financial Services Regulatory

South Africa: Coin vs. Capital – Cryptocurrency is not subject to exchange control

by and 7 Mins Read

In a landmark ruling, the Pretoria High Court in Standard Bank v South African Reserve Bank ruled that cryptocurrencies do not constitute “capital” under South Africa’s Exchange Control Regulations. This means crypto assets are not subject to the country’s strict exchange control regime, offering long-awaited clarity for the crypto industry. While this judgment removes the need for SARB approval to export crypto, the relief may be temporary, as future legislative amendments could reassert regulatory oversight. For now, the decision marks a significant shift in how digital assets are treated under South African financial law.

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In Cybersecurity, Data and Tech

South Africa: Amendments to the POPIA regulations – Key changes you need to know

by and 7 Mins Read

In April, the Information Regulator published amendments to the Protection of Personal Information Act (POPIA) Regulations, significantly enhancing privacy protections for South Africans. These changes simplify the processes for objecting to data processing, requesting corrections or deletions, and obtaining consent for direct marketing. They also introduce new responsibilities for information officers and allow for administrative fines to be paid in installments.

In Antitrust / Competition

South Africa: The new subsection 45 (2A) of the Companies Act – Striking the right balance

by , and 2 Mins Read

On 26 July 2024, President Cyril Ramaphosa signed into law the Companies Amendment Bill and the Companies Second Amendment Bill, introducing significant changes to the Companies Act 71 of 2008. Effective from 27 December 2024, one key change is the new subsection 45(2A), which exempts financial assistance provided by a company to its subsidiaries from the stringent requirements of section 45. This amendment aims to reduce the compliance burden and enhance business flexibility by eliminating the need for shareholder approval and the solvency and liquidity test for such financial assistance.

In Cybersecurity, Data and Tech

Belgium transposes the EU’s Corporate Sustainability Reporting Directive into national law

by , , and 2 Mins Read

The proposed amendments to the Consumer Protection Act Regulations in South Africa aim to enhance consumer privacy by regulating direct marketing practices. Open for public comment until 15 January 2025, these changes focus on creating an opt-out registry managed by the National Consumer Commission, allowing consumers to block unsolicited electronic communications. Direct marketers will be required to register, renew annually, and cleanse their databases regularly to comply with the new rules. The amendments also introduce enforcement mechanisms for non-compliance and align with the Protection of Personal Information Act, ensuring comprehensive consumer protection against unwanted marketing.

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In Corporate Compliance

South Africa: Companies Amendment Bills signed into law

by and 2 Mins Read

President Cyril Ramaphosa signed the Companies Amendment Bill and the Second Amendment Bill (collectively, “Bills”) into law on 26 July 2024. As of 29 July 2024, the Bills have yet to be gazetted and there is no clarity yet as to their anticipated effective date. Once effective, the Bills are expected to have an immediate impact on doing business in South Africa.

In Employment

South Africa: Clarity for employers on appropriate intervention in employee’s home cannabis use

by 4 Mins Read

The Labour Appeal Court in South Africa recently clarified for employers the situation in which their employees’ cannabis use at home becomes applicable to their roles at work. In Enever v. Barloworld Equipment South Africa, a Division of Barloworld South Africa, the LAC ordered the employer to reinstate and pay over ZAR 1 million in backpay to an employee dismissed for repeatedly testing positive for cannabis use. The judgment reiterates the requirement of rationality where employers seek to limit an employee’s private conduct

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In Antitrust / Competition

South Africa: Increasing competition in the electricity market – Electricity Regulation Bill

by and 4 Mins Read

The National Council of Provinces in South Africa has passed the Electricity Regulation Amendment Bill, which aims to provide for increased electricity generation capacity and additional infrastructure in South Africa. It also establishes the duties, powers and functions of the Transmission System Operator and introduces an open-market platform for the competitive trading of electricity.

In Employment

South Africa: The endemic abuse of so-called ‘medical certificates’

by 3 Mins Read

The pandemic of medical certificate abuse is rife in both the public and private sectors, with many labor court cases in South Africa having decided that forging a sick note constitutes serious misconduct. A recent case of sick leave abuse in South Africa that found its way to the Labor Appeal Court again confirmed that an employer’s zero-tolerance approach to dishonesty and fraud was correct and that employees who are dishonest in their timekeeping practices will likely have a bitter pill to swallow when their actions are revealed.

In Employment

South Africa: The right to freely participate in society

by 4 Mins Read

In the case concerning a matter of unfair discrimination under the Employment Equity Act, the South African Labor Court ruled that, in this instance, the refusal to employ a job applicant because of their criminal history was unfair discrimination based on arbitrary grounds. This case serves as a reminder to employers that statutory protection against unfair discrimination also applies to employment applicants, and that there are risks in the rote reliance on factors used to select or reject staff.

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