http://www.bowman.co.za/Commercial/Index.asp Corporate & Commercial RSS Feed from Bowman Gilfillan - A leading Corporate and Commercial South African law firm with professional lawyers en-US Copyright 2012 Bowman Gilfillan Inc. All Rights Reserved. Sun, 05 Feb 2012 06:00:00 GMT Corporate & Commercial Law http://www.bowman.co.za/LawArticles/Law-Article.asp?id=2132417593 Closed-ended retail funds are CISs with a limited number of securities in issue. They are normally created as open-ended retail funds and then change into closed-ended retail funds. This normally happens when the fund has raised the required capital and the there are typically no more shares available from the fund for subscription (for example, in the case of a CIS in property). It is also important to note that there can be various other reasons why an open ended fund may become closed. In practice, both open-ended retail funds and closed-ended retail funds are subject to the same regulation. Wed, 25 Jan 2012 08:00:00 GMT http://www.bowman.co.za/LawArticles/Law-Article.asp?id=2132417593 http://www.bowman.co.za/LawArticles/Law-Article.asp?id=2132417592 Before the Collective Investment Schemes Act 2002 (CISCA) was enacted, a practice described as white labelling emerged with the CIS industry in South Africa. White labelling is the practice where a third party, who does not have the capacity or the intention to establish a CIS, requests a CIS manager to establish a portfolio in the name of the third party under the CIS manager's registered CIS. Wed, 25 Jan 2012 08:00:00 GMT http://www.bowman.co.za/LawArticles/Law-Article.asp?id=2132417592 http://www.bowman.co.za/LawArticles/Law-Article.asp?id=2132417591 To what extent does the state control mining rights in your jurisdiction? Can those rights be granted to private parties and to what extent will they have title to minerals in the ground? Are there large areas where the mining rights are held privately or which belong to the owner of the surface rights? Is there a separate legal regime or process for third parties to obtain mining rights in those areas? Tue, 24 Jan 2012 08:00:00 GMT http://www.bowman.co.za/LawArticles/Law-Article.asp?id=2132417591 http://www.bowman.co.za/LawArticles/Law-Article.asp?id=2132417590 South Africa ratified the United Nations Framework Convention on Climate Change (UNFCCC) in August 1997 and acceded to the Kyoto Protocol in July 2002. As South Africa is classified as a non-annex I country, it is not required to meet targets and timetables for emission reductions in the Kyoto Protocol's first stage of commitment, ending in 2012. Heavier burdens are placed on developed nations (or annex I countries) than on developing countries under the principle of 'common but differentiated responsibilities'. Tue, 24 Jan 2012 08:00:00 GMT http://www.bowman.co.za/LawArticles/Law-Article.asp?id=2132417590 http://www.bowman.co.za/LawArticles/Law-Article.asp?id=2132417589 The recent decision of the Competition Appeal Court ("CAC") in Senwes Limited v the Competition Commission (Case no. 87/CAC/ FEB09) imported into South African competition law the concept of a margin squeeze, affirming in principle the adoption of foreign jurisprudence when interpreting or applying the provisions of the Competition Act no. 89 of 1998 ("Competition Act"). While the order of the CAC was subsequently overturned by the Supreme Court of Appeal on jurisdictional grounds, the decision of the CAC insofar as it relates to introduction of a margin squeeze under section 8(c) of the Competition Act remains in effect. Fri, 06 Jan 2012 08:00:00 GMT http://www.bowman.co.za/LawArticles/Law-Article.asp?id=2132417589 http://www.bowman.co.za/LawArticles/Law-Article.asp?id=2132417585 In terms of s 23 of the Companies Act 71 of 2008 (the Act), companies incorporated in jurisdictions outside South Africa are required to register as external companies with the Companies and Intellectual Property Commission (CIPC) within 20 business days of starting to conduct business in South Africa. Failure to register as an external company within three months of commencing business or non-profit activities in South Africa could result in the CIPC issuing a compliance notice to the foreign company requiring it to register within 20 business days of receipt of the notice. Alternatively, if it fails to register within this time, the CIPC may require the foreign company to cease carrying on business or activities in South Africa. Tue, 08 Nov 2011 08:00:00 GMT http://www.bowman.co.za/LawArticles/Law-Article.asp?id=2132417585 http://www.bowman.co.za/LawArticles/Law-Article.asp?id=2132417584 South African can private equity funds are increasingly exploring investment opportunities into the rest of Africa, and in particular sub-Saharan Africa. The reason for this is that the emerging markets have become attractive to South African private equity funds, with large growth capacity for investments in energy, infrastructure and mining. More attractive for investments in Sub-Saharan Africa includes low asset valuations, commitment to economic reforms, a gradually improving legal framework for investors and companies, decline in political conflict and wars in certain regions and its apparent robustness against the world financial crisis and economic recession. Tue, 08 Nov 2011 08:00:00 GMT http://www.bowman.co.za/LawArticles/Law-Article.asp?id=2132417584 http://www.bowman.co.za/LawArticles/Law-Article.asp?id=2132417583 South Africa continued to feel the effects of a sluggish global economy, albeit on a more limited basis as compared to the rest of the world. M&A activity started picking up in the early part of 2010 and this trend has continued in the first quarter of 2011. The uptick was more pronounced in cross-border deals in South Africa, inward investment into South Africa and general corporate restructurings. Many of the recent transactions (particularly in the resources sector) involved Chinese, Indian and Japanese parties. There were again relatively few black economic empowerment deals, which for a number of years provided great impetus to the South African M&A market. Tue, 08 Nov 2011 08:00:00 GMT http://www.bowman.co.za/LawArticles/Law-Article.asp?id=2132417583 http://www.bowman.co.za/LawArticles/Law-Article.asp?id=2132417582 In recognition of South Africa's economic position in Africa, legislative and policy changes have been adopted by the South Africa government over the period 2010-2011, in order to encourage direct foreign investments including through private equity. The African private equity industry has over the years shown significant growth and resilience when compared to similar industries among emerging and developed markets. Tue, 08 Nov 2011 08:00:00 GMT http://www.bowman.co.za/LawArticles/Law-Article.asp?id=2132417582 http://www.bowman.co.za/LawArticles/Law-Article.asp?id=2132417581 In finance, as with much else, the distinction between perception and reality is one without difference. As the developed financial markets attempt tentatively to make the transition from fragile to sound, emerging markets seem to have taken the driving seat. Our perception is that they have done so with aplomb. When markets contract, investors keep their money close to home. This stands to reason, since when investing gets risky, it makes sense to bet on a sure thing. Traditionally, domestic government bonds have been the dominant safe haven for investment. And why not? Wed, 19 Oct 2011 08:00:00 GMT http://www.bowman.co.za/LawArticles/Law-Article.asp?id=2132417581