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1-10 | 11-20 | 21-30 | 31-40 | 41-50...Next of 307
Getting the Deal Through - Private Equity 2013
Monday, March 11, 2013
Private equity transactions in South Africa are as varied as they are in other jurisdictions. Generally, they can be classified into three categories, namely venture capital, development capital and buyouts. Typically, partnerships (usually en commandite or limited liability), trusts and companies are the most common legal structures used as vehicles for private equity investments. In addition, captive funds of financial services players, such as insurers, play an important role in the country's private equity industry. Collective investment scheme structures might sometimes be utilised where it is possible to accommodate the relevant regulatory requirements. Certain investors (for example, pension funds) are entitled to specific and often beneficial tax treatment, in which event the transaction is structured so that gains 'flow' through the investor, so that the fund entity is 'tax-transparent'.
SARS appointment of retirement funds as tax agents creates dilemma
Wednesday, March 06, 2013
The appointment of retirement funds by the South African Revenue Service (SARS) as tax agents is creating a dilemma for funds trying to balance their fiduciary responsibilities towards members with the obligation of being appointed as a tax agent. Johan Kotze, Head of Tax Dispute Resolution at leading pan-African legal services group Bowman Gilfillan explained: “Many retirement funds are currently receiving tax agency appointment letters from SARS requesting funds to deduct outstanding tax from members’ pension, and to pay it over to SARS”. Johan Esterhuizen, Partner in the Pension Practice Group at Bowman Gilfillan, noted that appointments create a dilemma because the fund, the administrator and the trustees have to balance their fiduciary responsibilities towards the member with the obligation of being appointed as a tax agent.”
WTO decision in the china restrictions case has implications for south africa’s trade policy options
Wednesday, March 06, 2013
With the rise of resource nationalism over the past decade, export restrictions have increasingly become a tool of choice among resource rich World Trade Organization (WTO) members concerned with retaining policy space to implement developmental measures in the national interest. Despite the prevalent use of export restrictions, their legality under the international trade law regime is highly contentious, especially in light of the recent WTO Appellate Body decision in the China export restrictions case. This article examines whether, and to what extent, South Africa, as a WTO member, can legally use export taxes on raw materials as a policy tool to promote local industries and international competitiveness.
Bowman Gilfillan assists Namibian government to access South African debt capital markets
Wednesday, March 06, 2013
The Government of the Republic of Namibia paved the way for other African countries to access South African capital markets when it became the first sovereign, other than the Government of the Republic of South Africa, to issue rand denominated bonds on the Johannesburg Stock Exchange Limited (JSE) earlier this month. Bowman Gilfillan (a member of Bowman Gilfillan Africa Group), advised the Government of the Republic of Namibia and the mandated lead arrangers in connection with the precedent setting establishment of the Republic of Namibia R3 billion Medium Term Note Programme on the Interest Rate Market of the JSE on 2 November 2012, and the inaugural issue of R850 million of Senior Unsecured 8.26% Fixed Rate Notes due 19 November 2022.
Fewer individuals in financial trouble, but more companies opt to shut shop
Wednesday, March 06, 2013
The number of insolvencies, which refers to individuals, partnerships or trusts placed under final sequestration after being unable to pay their debt, continues to fall, according to statistics released by Stats SA yesterday. Insolvencies dropped by 17.2% between January and December last year, and by 15.9% in the fourth quarter of last year compared with the same period in 2011. Adam Harris, director of the litigation department at pan-African legal services group Bowman Gilfillan, said that insolvency statistics relating to individuals and partnerships offer signs of encouragement.
Significant ramifications for the financing industry as well as the insolvency and restructuring industry
Monday, March 04, 2013
Closely following on successfully obtaining for the OSG shipping group the recognition of a United States bankruptcy order and the applying, in South Africa, of the automatic stay under the US Bankruptcy Code, Bowman Gilfillan has again distinguished itself as a thought leader in the rapidly developing insolvency and business rescue.
Environment & Climate Change Law 2013: A practical cross-border insight into environment and climate change law
Monday, March 04, 2013
When is an environmental permit required, and may environmental permits be transferred from one person to another? Most environmental statutes require authorisations, licences or permits before particular activities can commence. Permits are usually required for natural resource extraction or utilisation. Permits are required under legislation regulating hazardous substances, nuclear activities, biodiversity conservation, protected areas, fishing and certain agricultural activities. Activities causing pollution or which may result in pollution may also require authorisation. The National Water Act, 1998 ("NWA") requires licences for certain water uses. The National Environmental Management Act, 1998 ("NEMA") requires an environmental authorisation before many types of construction activities can commence.
Getting the Deal Through - Securities Finance 2013
Friday, March 01, 2013
What are the relevant statutes and regulations governing securities offerings? Which regulatory authority is primarily responsible for the administration of those rules? The relevant statutes governing securities offerings are the Companies Act, 2008 (the Companies Act), the Collective Investment Schemes Control Act, 2002 (CISCA), the Financial Advisory and Intermediary Services Act, 2002 (the FAIS Act), the Securities Services Act, 2004 (the Securities Services Act) and the Banks Act, 1990 (the Banks Act). This legislation applies to listed and unlisted securities. A new act, the Financial Markets Act, 2012 (Financial Markets Act) has recently been promulgated and is expected to come into force during the course of 2013. The Financial Markets Act will repeal and replace the Securities Services Act in its entirety when it comes into force.
PLC Finance Handbook 2013
Friday, March 01, 2013
The lending market in South Africa has seen renewed activity with a number of private equity buyouts and other corporate action being funded by bank-lending. The roll-out of a government- backed renewable energy programme saw a significant amount of activity in the project finance area. Alternative funding mechanisms (such as the issuance of high yield bonds) continue to grow (in particular in light of the implementation of Basel III) and the lending market will continue to feel some pressure from these alternative funding sources in the near future.
Comesa Competition Commission Opens Its Doors
Wednesday, January 23, 2013
The Competition Commission (the “Commission”) for the Common Market for Eastern and Southern Africa (“COMESA”) region announced on 14 January that it is now operational and has started receiving merger notifcations. The Regulations governing COMESA's operations, which were adopted in December 2004, are also effective with effect from 14 January, with various aspects of the Regulations having been amended, including provisions relating to merger filing fees, exemption application fees and application for authorization fees. Maximum penalties for the contravention of the Rules have also been provided for. Importantly, for merging parties, the thresholds for merger notifications have been set at zero, meaning that all mergers with a COMESA dimension are now notifiable.
