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On 2 November 2021 the National Treasury published the second draft amendments to Regulation 28 of the Pension Funds Act 24 of 1956, which have been updated to address certain submissions from the retirement fund industry on the first draft published in February 2021.
On 1 October 2021, the Department of Trade, Industry and Competition published the Draft Companies Amendment Bill (Draft Amendment Bill 2021) for public comment. The Draft Amendment Bill 2021 serves as a revision of the previous Draft Companies Amendment Bill, published on 21 September 2018, and was developed after taking into consideration comments from the public and various affected stakeholders. The Draft Amendment Bill 2021 contains a number of proposed changes which seek to amend the Companies Act 71 of 2008 (Companies Act). The amendment to section 45 of the Companies Act is of particular interest.
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.
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