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Corporate
Cross border investors in Africa must ensure compliance with up to three regulatory bodies in a merger

Investors involved in cross border merger transactions in Africa should take note that, depending on their existing investments and the activities of a target company, they may have to comply with the merger regimes of up to three different competition regulators. This is according to Xolani Nyali, Senior Associate in Bowman Gilfillan Africa Group’s Competition Practice.

Shipping and Logistics
Woman Seafarers: Turning against the tide

Traditionally, shipping has always been male-dominated. Recent statistics indicate that women represent only 1-2% of the world's 1.25 million seafarers. While that percentage is small, the number of women turning to the sea for employment opportunities is growing.

Corporate
Beware those on-demand guarantees!

It is South African market practice in the context of financing transactions that when a party is required to provide a guarantee in respect of another party’s (the Debtor) obligations to a creditor (the Creditor) that such guarantee is treated like a call or on-demand guarantee. Until now, not much thought has been given as to whether such a guarantee can be treated as anything other than just that – an on-demand guarantee.

Corporate
Between drought and diesel, SA farmers are having it hard

In a recent article (“Farmers have their ‘backs to the wall’”, July 20) the Business Day reported that due to the devastating successive droughts in the past three years, over 42% of SA’s commercial farmers “have their backs to the wall” and are having to consider shutting down their operations and selling their farms. This will lead to massive job losses and will affect food security enormously. It will also stagnate the industry’s efforts to facilitate emerging black farmers, as many potential mentors and facilitators would be forced to close shop. AgriSA, an industry organisation representing commercial farmers, is quoted as calling for immediate intervention from the government and banks until farmers can generate profits again.

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.

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