South Africa: Securities

South Africa's legal framework for cryptocurrency and exchange control has entered uncertain territory following two contradictory High Court rulings.

South Africa's proposed Anti-Money Laundering and Combating Terrorism Financing Amendment Bill introduces sweeping changes to beneficial ownership compliance, including new discrepancy reporting obligations...

The JSE has proposed significant amendments to its Listings Requirements following the implementation of the Companies Amendment Act, 2024, fundamentally changing how listed companies handle remuneration policies and share incentive schemes.

On 28 June 2024, the Companies and Intellectual Property Commission (the "CIPC") published a media release (the "Release") which provides that the CIPC will, with effect from the 1st of July 2024, strictly enforce the filing of Beneficial Ownership Declarations with the filing of annual returns.

In 2021, the Financial Action Task Force ("FATF") released its Mutual Evaluation Report of South Africa, which contained an assessment of South Africa's effectiveness in combatting money laundering and terrorism financing.

The Companies and Intellectual Property Commission ("Commission") participated in a mutual evaluation process conducted by the Financial Action Task Force...

These and other concerns are addressed in the new section 10, but time will tell to what extent market participants embrace these new DLRs, thereby making the debt capital markets...

The Income Tax Act allows for roll-over relief in certain circumstances where assets are contributed to a company in exchange for shares in that company.

Market participants must take note that the proposed amendment does not, in fact, achieve the aim of alleviating the administrative burden in margining-type transactions.