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Legislation

Crypto assets declared financial products in South Africa under the FAIS Act in 2022

Fintech & Cryptocurrency Law, Legislation / By

Last week, the Financial Sector Conduct Authority (FSCA) officially declared “crypto assets” to be financial products in terms of the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS Act).  Financial services under the FAIS Act are regarded as any “advice” or “intermediary service” (dealing, managing, administrating, servicing, or maintaining) in respect of a …

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COFI: More work to be done before it’s effective

Financial Services Law, Legislation / By

In July 2022, the Financial Sector Conduct Authority (FSCA) released its regulation plan for the next three years (2022-2025). Most significant was the effective placing on the “back burner” of the conduct of financial institutions bill (COFI) which was previously anticipated to become effective in 2022. COFI has already been through two different drafts and …

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The future of cryptocurrency regulation in South Africa

Financial Services Law, Legislation / By

On 11 June 2021, the Intergovernmental Fintech Working Group (IFWG), through its Crypto Assets Regulatory Working Group, published its position paper on the regulation of crypto assets in South Africa, with 25 recommendations. The regulation of crypto assets is focused on the governance of the activities of crypto assets services and in particular crypto asset …

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The National Minimum Wage: Understanding and Applying it

Leave a Comment / Employment Law, Legislation / By

The National Minimum Wage Act (“the NMWA”) came into effect on 1 January 2019. The purpose of the NMWA is to: improve the wages of the lowest paid workers; protect workers from unreasonably low wages; preserve the value of the national minimum wage; promote collective bargaining; and support economic policy. The NMWA defines “workers” as …

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Financial Assistance to Subsidiaries: Restrictions Loosened in Proposed Amendment to Companies Act

Leave a Comment / Financial Services Law, Legislation / By

On 21 September 2018, the Minister of Trade and Industry (“Minister”) published the Companies Amendment Bill 2018 (“Bill”)for public comment. The Bill includes a number of amendments to the Companies Act 71 of 2008 (“Companies Act”). These amendments are largely welcomed as they seek to resolve problematic areas in the Companies Act since its coming …

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Retrenchments: Tips for Responsible Employers

Leave a Comment / Employment Law, Legislation / By

Section 189 of the Labour Relations Act provides that, where an employer contemplates dismissing one or more employees for reasons relating to its operational requirements, it is obliged to consult with those employees (and / or their representatives) who are likely to be affected by the proposed dismissals. It is an unfortunate reality of both …

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Adverse Credit Listings and Their Importance for a Healthy Economy

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When we speak of the National Credit Act, 34 of 2005 (the “Act”), we immediately think only of the obligations that are placed on credit providers and consumers in relation to the provision of credit products.  Indeed, a large part of the Act is concerned with the regulation of the relationship between credit providers and …

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Sexual Harassment in the Workplace: Clarity on Employers’ Obligations

Leave a Comment / Employment Law, Legislation / By

Section 6 of the Employment Equity Act prohibits unfair discrimination by any person against an employee and specifically includes harassment as a form of unfair discrimination. Section 60 provides that an employer may be held liable for damages if it cannot prove that it did all that was reasonably practicable to ensure that the unfair …

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