Search for:
Category

South Africa

Category
In AML & Financial Services Regulatory

South Africa: Crypto asset advertisements now regulated

by and 4 Mins Read

Crypto asset advertisers should be aware that they must now comply with new regulatory requirements around the publishing of crypt asset advertisements in South Africa. The South African Advertising Regulatory Board’s Code of Advertising Practice was broadened to include new requirements for crypto assets in January 2023. Crypto asset advertisers should prioritize compliance with new requirements under the ARB Code because, although the ARB’s rulings are not binding, an adverse decision is usually accepted by the advertising and publishing community and can result in reputational consequences for advertisers.

Read More
In

Japan and South Africa: 2023 shifting trends in international tax

by 4 Mins Read

The implementation of Pillar 2, a principal rule of the Organization of Economic Cooperation and Development’s 15% global minimum tax proposal, has been debated for several years. Recently, Japan took a firm step towards affirming its adoption of Pillar 2 when the country outlined its 2023 Tax Reform Package, which included the implementation of the 15% global minimum tax. The Package also introduced an Income Inclusion Rule that in broad terms, aligns with the Global Anti-Base Erosion (GloBE) Model Rules, expected to become effective in 2024. This affirmative step by Japan puts some pressure on other states that have committed to implementing the GloBE rules, particularly in the European Union (EU), the United States (US) and South Africa.

In

South Africa: SARS’ right to intervene in review applications stemming from criminal proceedings

by 5 Mins Read

This article explores the scope of the South African Revenue Service’s (SARS) direct and substantial interest in the case of “Commissioner: South Africa Revenue Service: In re: Cyril and Another v Additional Magistrate, Magistrates Court for Region of Alexander.” This case confirms that SARS has a direct and substantial interest in the evidence admitted in a review application stemming from criminal proceedings under the Customs and Excise Act. It further confirms that there is no time limit for intervention applications.

In AML & Financial Services Regulatory

South Africa: Financial Action Task Force’s potential greylisting

by 6 Mins Read

In October 2021, the Financial Action Task Force published its Report on South African Anti-money Laundering and Counter Terrorist Financing Measures. The Report concluded that South Africa is partially compliant with 17 of the FATF technical Recommendations and totally non-compliant with three of them, putting into doubt the country’s ability to ensure safeguards in accordance with international standards. FATF places countries that are not technically compliant with their Recommendations under increased scrutiny and monitoring. These states are considered “Jurisdictions Under Increased Monitoring,” and the list of these states is referred to as the ‘greylist.’

Read More
In Environment

South Africa: The latest developments in Just Energy Transition

by 7 Mins Read

At COP 27 in November 2022, South Africa launched its new Just Energy Transition Investment Plan and announced a five-year investment plan for the USD 8.5 billion financing package, which was announced as part of the country’s Just Energy Transition Partnership with France, Germany, the United Kingdom, the United States and the European Union at COP 26. The JET IP is aligned with the Cabinet-approved National Just Transition Framework and outlines the investments required to achieve the country’s decarbonization commitments, while promoting sustainable development, and ensuring a just transition for affected workers and communities.

In Antitrust / Competition

South Africa: The Competition Commission publishes revised Guidelines on Small Merger Notifications

by and 5 Mins Read

The Competition Commission of South Africa has published revised, final guidelines on small merger notifications to more readily be able to identify small mergers and acquisitions involving digital markets. The small merger guidelines were revised due to an increased concern regarding potential anti-competitive acquisitions in the digital markets, which are potentially able to escape regulatory scrutiny. The guidelines will come into effect on 1 December 2022.

In Employment

South Africa: It is not a one-size-fits-all when dismissing employees involved in violent protests says the Constitutional Court

by and 4 Mins Read

The Constitutional Court in South Africa recently clarified the application of the doctrine of common purpose in the employment law context. The Constitutional Court answered the question as to whether an employer may apply the doctrine of common purpose to dismiss employees for misconduct where the employees were spectators to a violent assault during an unprotected strike. This decision has implications for employers who intend to dismiss employees for these reasons.

Read More
In

South Africa: Non-resident shareholders, are your shares endorsed?

by and 3 Mins Read

There are many examples of non-resident shareholders of South African companies failing to endorse their shares. This constitutes a breach of South Africa’s Exchange Control Regulations and may be subject to penalties and/or imprisonment. This endorsement should be carried out as soon as possible after the acquisition of shares, and if this was not done, it should be rectified straight away.

In Antitrust / Competition

South Africa: SMMEs set to benefit from the Draft Block Exemption Regulations for Small, Micro and Medium-Sized Businesses

by 3 Mins Read

This article, written by Clara Hansen, Candidate Attorney, and Angelo Tzarevski in Antitrust & Competition Practice, Johannesburg provides details on the Draft Block Exemption Regulations (“Regulations”) for Small, Micro and SMMEsMedium-Sized Businesses (SMMEs), which were published on 31 August 2022 after consultation with the Competition Commission. The Regulations are intended to enable collaboration between SMMEs and promote the growth and participation of SMMEs in the South African economy.

In Environment

South Africa: Notice published for exclusion of solar PV installations from obtaining environmental authorisation and adoption of screening tool

by 5 Mins Read

The Ministry of Forestry, Fisheries and the Environment in South Africa has published a notice excluding the development and expansion of solar photovoltaic facilities, including any associated activity or infrastructure from the requirement to obtain environmental authorization in terms of the National Environmental Management Act. Members of the public have 30 days from the date of publication (8 September 2022) to submit comments on the draft notice. The proposed exclusion for solar photovoltaic facilities presents opportunities for independent, small-scale power producers and is considered to be a step forward for the government in terms of its commitment to energy transition and to securing a reliable supply of clean energy in the country.

Read More
Load More