What is Twin Peaks?

Following the Global Financial Crisis of 2008/9, the South African government undertook to explore forms of prudential regulation of the financial services sector based on the “Twin Peaks” model employed in developed markets such as the Netherlands and the United Kingdom. This legislation is intended to anticipate and prevent financial crises as well as protect consumer rights by enforcing fair market conduct. Read More (PDF)

What are the incentives available in Special Economic Zones (SEZs)?

As part of its industrial policy development framework, South Africa has introduced the concept of Special Economic Zones (SEZs), geographically designated areas spread across the country, which are reserved for specifically targeted economic activities and supported through special arrangements, such as legal and regulatory, financial and procedural (processing of permits, etc.) different from non-designated areas. Read More (PDF)

What is the Black Industrialist Programme?

The Black Industrialist Programme is a policy instrument, which intends to “transform the structure of South Africa’s economy in a manner that promotes spatial integration, high levels of decent employment, demographic transformation of our [South Africa’s] industrial assets, growth, and global competitiveness of black-owned enterprises operating in the manufacturing sector.” Read More (PDF)

What are e-cigarettes and how are they regulated?

The introduction of e-cigarettes to South Africa is reported as a big success with an estimated number of 200,000 consumers. Other “next generation” products, such as IQOS by Philip Morris SA (launched in March 2017), share the philosophy of heating the tobacco instead of burning it.  At this stage, National Treasury is apparently planning to include e-cigarettes in the tobacco taxation system. Furthermore, new legislation on tobacco is expected to come out later this year, including regulations on e-cigarettes. Read More (PDF)

The Security Bill re-surfaces. What are the implications for foreign investors?

The controversial Private Security Industry Regulation Amendment Bill (“the Bill”) was passed in 2014, but has remained unsigned by the President. However, the Bill was put back on the agenda when State Security Minister David Mahlobo delivered his 2017/18 budget vote speech to parliament on 23 May 2017. The Minister justified the Bill on the grounds of upholding national security and sovereignty, as well as boosting transformation. Read More (PDF)

What is the SARS Preferred Trader Programme?

On 8 May 2017, the South African Revenue Service (SARS) launched the Customs Preferred Trader Programme. It forms part of the customs modernisation initiative. The main objective of the Preferred Trader Programme is to shift from the traditional Customs “gate-keeper approach”, to a more “risk-based approach”.  Compliant traders  will receive benefits as stipulated in legislation for accredited clients. Read More (PDF)