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Employment Law
The employment relationship and how it is affected by business transfers in countries across Africa

Different African countries regulate the employment impact of business transfers differently. The key distinction across jurisdictions is whether or not there is an automatic transfer of employment with going concern transfers, and if there is, whether this applies in outsourcing situations as well. This is according to Chris Todd, partner and head of Bowman Gilfillan Africa Group’s Employment & Benefits Practice. Todd was speaking at a seminar presenting a Pan–African perspective on the employment consequences of mergers & acquisitions, held at Bowman Gilfillan Africa Group’s Sandton offices last week.

General News
Two outstanding young South Africans will join Bowman Gilfillan Africa Group's Managing Partner and Head of Banking & Finance on the CEO Sleepout

Bowman Gilfillan Africa Group's Managing Partner Alan Keep, and Head of Banking & Finance Francisco Khoza will be joined at the CEO Sleepout this year by two outstanding young South Africans, law student and the firm's bursary recipient Kamogelo Sono and school pupil and future law student, Lesedi Nkwe.

Corporate
Proposed tax changes for share schemes: Double tax for no good reason?

The 2016 Draft Taxation Laws Amendment Bill (TLAB) and 2016 Draft Taxation Laws Amendment Bill (TALAB) propose certain share scheme changes. According to the National Treasury Media Statement of 8 July 2016, these changes are aimed at “addressing the circumvention of rules dealing with employee share incentive schemes”.

Employment Law
Bowman Gilfillan Africa Group to hold high level social media business risk seminar

Bowman Gilfillan Africa Group’s employment law team specialising in social media law is holding a seminar aimed at business leaders on the implications, risks, legislation and strategies around social media use for business. The seminar will be held on 1 and 2 August 2016 at the firm’s Sandton offices.

Bowman Gilfillan Africa Group Employment Partner, Ros Davey, will facilitate the seminar along with Lenja Dahms-Jansen and Alan Wright, both senior associates at the firm. The seminar will focus on issues such as constitutional and common law rights, specifically the rights to dignity, privacy and freedom of expression when using social media. Hate speech and the incitement to commit violence, as well as racism, will also be covered. In addition, the Law of Defamation, the legislative framework around social media, as well as employer and employee liability will be under discussion.

Corporate
New BEE Regulations - notification of major BEE transactions and annual reporting to the BEE Commission

The Minister of Trade and Industry published the final Broad-Based Black Economic Empowerment Regulations in terms of the Broad-Based Black Economic Empowerment Act (BEE Act) in the Government Gazette on 6 June 2016. The Regulations came into effect the same day. Two key aspects addressed by the Regulations are the registration of major BEE transactions and annual BEE reporting requirements for listed companies and government entities.

Corporate
Reconciling Draft Default Regulation 37 and Regulation 28: A potential conflict?

National Treasury published the Draft Default Regulations (“Draft Regulations”) to the Pension Funds Act 24 of 1956 (“PFA”) on 22 July 2015. The Draft Regulations form part of the broader retirement and savings reforms initiated by National Treasury in 2011. Public comment on the Draft Regulations closed 31 October 2015. Since then, however, no new or revised set of Draft Regulations have been published for public comment. It is assumed that the reason for this is that National Treasury, together with various industry stakeholders, is carefully considering the wording of the Draft Regulations and whether the revised draft will address the ambiguity and shortcomings of the current published Draft Regulations.

Corporate
The Financial Intelligence Centre Bill has cast the net wider when defining "politically exposed persons"

In March 2013, the South African Financial Intelligence Centre (FIC) issued FIC Guidance Note 3A for Accountable Institutions on Customer Identification and Verification and Related Matters (Guidance Note 3A), which purports to assist ‘accountable institutions’ under the Financial Intelligence Act, 2001 (FICA) in their implementation of FICA’s anti-money laundering (AML) and counter-terrorist financing (CTF) standards. International AML and CTF standards, on which FICA is based, are developed by the Financial Action Task Force (FATF), of which South Africa has been a member since 2003.

Corporate
The National Credit Regulator's power to initiate a complaint in its own name comes under the spotlight

In the recent appeal decision in National Credit Regulator vs Capitec Bank Limited and Another (A440/2014) [2016] ZAGPPHC 125 (the Capitec case), the High Court of South Africa ruled on the power of the National Credit Regulator (NCR) to initiate a complaint in its own name and to refer such a complaint to the National Consumer Tribunal (Tribunal).

Corporate
JSE Notices

During the period 1 January 2016 to 31 May 2016, the Johannesburg Stock Exchange published the following amendments to the JSE Equities Rules and Directives by means of market notices (MN) and board notices (BN).

Corporate
South African pension funds wishing to invest in foreign private equity funds remain impeded from doing so

From a Financial Advisory and Intermediary Services Act, 2002 (FAIS) perspective, foreign fund/asset managers looking to offer discretionary financial services to South African-resident investors are only required to obtain a Category I financial services provider (FSP) licence, provided that the discretion in question is exercised (ie the investment decision is taken) offshore. Under these circumstances, the Category I FSP licence then covers the foreign manager’s proactive engagement and marketing activities in relation to South African-resident investors, and a Category II (discretionary) FSP licence is deemed unnecessary given that the discretionary service is not being performed in South Africa. This is a position long-held by the FAIS Department of the Financial Services Board (FSB).

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