Due to rapid advances in digitalization, retail banks are facing increasing client demand for hyper-personalised products and services. However, financial institutions must navigate a myriad of laws and regulations to ensure that in the process of creating hyper-personal solutions for their customers, they are not breaching their privacy.
In South Africa, the draft Amendments to Regulation 28 of the Pension Funds Act were published by National Treasury earlier this month. These amendments will allow retirement funds to invest up to 45% of their assets in infrastructure. This is set to open a huge potential source of funding for domestic infrastructure projects, but there has been some debate around whether this will be enough to help bridge the country’s infrastructure gap.
In brief The Minister of Home Affairs in South Africa has extended the validity period of legally issued visas, which…
In terms of both market value and volume, South Africa is reported to be one of the top two markets for cryptocurrencies in Africa, alongside Nigeria. It was therefore only a matter of time before the South African Revenue Service joined the likes of the Internal Revenue Service in the United States and Her Majesty’s Revenue & Customs in the United Kingdom in cracking down on cryptocurrency traders and establishing appropriate tax frameworks.
South Africa recently approved a tax on exported chrome, with further details still to be announced. The ferrochrome ore industry has been severely threatened in recent years, mostly due to increases in electricity tariffs. Some industry stakeholders have suggested that a special electricity tariff would be a better way to support the ailing industry, others have stated that the challenges mean they would not be able to sustain themselves, even after tax relief. And others have welcomed the reprieve that an export tax would provide. As a result, key industry stakeholders have expressed interest in collectively undertaking research to explore a more viable and consolidated approach to support the industry, but there have been difficulties from a competition law perspective.
The COVID-19 pandemic has accelerated (and for some, cemented) the work from home trend. As a result, many employers are increasingly turning to employee monitoring technology to replace the physical employee oversight once enjoyed in the office. While employers have many legitimate reasons for monitoring employee activity, the decision to monitor employees is not without its legal and ethical complexities.
Deal making activity in sub-Saharan Africa dropped in terms of both volume and value in 2020, compared to 2019. As the continent readies itself for post-pandemic recovery, the opportunities presented by free trade across Africa as well as the post-pandemic focus on technology, healthcare and renewable energy, will be key…
In brief Wildu du Plessis, Head of Africa for Baker McKenzie, quotes from a recent Baker McKenzie report…
In brief The Labor Appeal Court in South Africa recently found that an employer has a right to…
In brief The South African Reserve Bank (SARB) has begun to implement a new capital flow management system in South Africa, with changes starting to come through in early 2021. In a circular issued on 4 January and effective from 1 January 2021, the SARB announced that the full “loop…