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corporate Newsletter
Wednesday, October 24, 2012
Windfarm in Angola: Angola has announced that it will begin construction of its first wind farm in the Tombua region, to generate up to 100MW of electricity, making it one of the largest wind farms in Africa. The purpose of the wind farm will be to create stability in its grid, especially in the main centres of Luanda, Benguela, Huambo and Cabinda.
Publication of Electronic Communications and Transactions Amendment Bill, 2012
Tuesday, October 16, 2012
The Amendment Bill proposes a number of amendments to the current Electronic Communications and Transactions Act 25 of 2002 (ECTA) which, according to the explanatory memorandum, will bring ECTA in line with international benchmarks. In this regard, the Amendment Bill proposes amendments to a number of definitions, including for an “electronic transaction” (which now includes commercial and non-commercial transactions), “commercial communication”, “electronic signature” and “unsolicited communication”, to name a few. Substantial changes have also been introduced in the Amendment Bill in respect of the Domain Name Authority and the administration of the Authority; and in the context of the applicable penalties, especially in respect of the chapters dealing with cyber inspectors and cyber crime.
Publication of draft General Licence Fees Regulations
Wednesday, October 10, 2012
The proposed Regulations will replace the current General Licence Fees Regulations, 2009. The current Regulations have, according to ICASA’s explanatory memorandum published with the draft Regulations, caused ICASA a number of administrative challenges in respect of the collection of annual licence fees.
Tax Update 2012 Third Quarter
Monday, October 08, 2012
Islamic Finance in South Africa – Part 1
Thursday, September 20, 2012
Islamic finance has its roots in the texts of the Quran and Sunnah (conduct, sayings and approvals of Prophet Muhammad (may God’s peace and blessings be upon him), as implemented in the trading practices of the first Muslim community established and led by Prophet Muhammad (pbuh) more than 1400 years ago. The institutionalisation of Islamic finance can generally be traced back to 1963 in the Egyptian town of Mit Ghamir, where one Ahmad Elnaggar started a savings bank based on profit-sharing. Islamic banking has since then expanded rapidly throughout the world, and it is estimated that there are about 500 financial institutions operating in more than 75 countries that offer Islamic banking and financial services, with the global size of the Islamic financial services industry being in the region of USD1.1 trillion.
Foreign Jurisdiction Clauses: Foize Africa v Foize Beheer (752/2011) [2012] ZASCA 123 (20 September 2012)
Wednesday, September 12, 2012
The recent Foize decision, handed down by a unanimous full bench of the SCA, highlights a point often forgotten when drafting or negotiating contracts between a South African and an international party: the importance of the jurisdiction clause. In this matter the contract under scrutiny of the court was a licensing agreement between a number of Dutch companies, various Dutch businessmen and a South African company which had been incorporated with the specific purpose of proceeding with a business venture between the parties. A dispute arose regarding which of the Dutch companies held the necessary intellectual property for the South African company to conduct its business in South Africa.
National Assembly approval of Financial Markets Bill and Credit Rating Services Bill
Tuesday, September 11, 2012
We have been informed that that the Financial Markets Bill was approved today by the National Assembly. The Financial Markets Bill will replace the current Securities Services Act, 2004 and will regulate the trading of all securities (listed and unlisted) in South Africa. Last week, the National Assembly also approved the Credit Rating Services Bill. The Credit Rating Services Bill seeks to impose first-time regulation on credit rating agencies and the issuance of credit ratings in South Africa. Both Bills will be referred to the National Council of Provinces for concurrence.
corporate Newsletter
Tuesday, September 11, 2012
We are undoubtedly in the age of increased regulation. Businesses in South Africa and globally have had to cope with an increasing array of new laws. Our judiciary has also been hard at work ensuring that our laws are on par with modern trends and the values enshrined in the Constitution. Keeping up with new laws and regulations is, to say the least, extremely challenging — even for the most diligent practising lawyer or businessperson. Depending on which side of the spectrum you are located, these developments either present opportunities for business growth or are unnecessary barricades to doing business. Unfortunately, one does not have the option of staying on the sidelines and simply avoiding these new laws. A concerted effort is required to stay informed about new legal developments.
New Partner in the Corporate Law Practice Area
Wednesday, August 08, 2012
Bowman Gilfillan is pleased to announce that it has further strengthened its Corporate Law Practice Area with the appointment of Mr Jan Kruger, effective 09 July 2012. Jan Kruger is now a partner in the firm’s Corporate Department with a focus on Banking and Finance and is based in Cape Town.
Publication of Electronic Communications Amendment Bill
Thursday, July 19, 2012
The draft Electronic Communications Amendment Bill, that is proposed to amend the Electronic Communications Act, 2005 (ECA), was published on Wednesday, 18 July 2012 by the Minister of Communications for public comment.
