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In June this year, the Financial Sector Conduct Authority (the FSCA) and the Prudential Authority (the PA) published Joint Standard 2 of 2020 which sets out the Margin Requirements for non-centrally cleared over-the-counter (OTC) derivative transactions (Joint Standard).
As discussed in the previous CDH Alert, the COVID–19 pandemic has had an impact on reporting obligations for listed entities. As a result, the JSE has reminded sponsors and designated advisors of their continuing disclosure obligations amidst the pandemic.
Written by Wayne Murray and John Gillmer When the harsh economic consequences of the COVID-19 pandemic began to take effect,...
The 2020 National Budget Speech (Budget) delivered by the Minister of Finance (Minister) contained various tax policy proposals including those aimed at refining the Real Estate Investment Trusts (REITs) tax regime. The proposals included clarifying the definition of REITs and the meaning of a share in the definition of REITs.
As a result of governmental and voluntary restrictions imposed to mitigate the impact of COVID-19, South African businesses are facing liquidity constraints in the short to medium term.
In accordance with the JSE Listings Requirements (Requirements), there are various shareholder decisions which may only be voted on at an “in person” general meeting of shareholders. Notably, a decision to issue shares for cash must be voted on at an actual meeting, and may not be voted on in writing. Owing to the lockdown in South Africa and the need for social distancing, physical shareholder meetings are off the table for the time being.
Notwithstanding a positive credit analysis at the onset, occasionally businesses or projects are unsuccessful and this sometimes leads to liquidation.
On 31 March 2020, the Financial Sector Conduct Authority issued FAIS Notice 17 of 2020 which provides an exemption from and extension of the period to comply with certain fit and proper requirements including in particular, continuous professional development requirements and regulatory examination requirements.
Paragraph 38 of the Eighth Schedule to the Income Tax Act, 1962 (Act) indicates that transactions between connected persons are deemed to take place at arm’s length. In other words, assets are disposed of at market value by the seller and deemed to have been acquired at market value by the purchaser.
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