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New JSE rules on hybrid financial instruments

31 January 2014

With effect from 2 January 2014, a new s20 has been inserted in the Johannesburg Stock Exchange (JSE) Listings Requirements which governs so-called "hybrid financial instruments" (HFIs) that are listed on the securities exchange operated by the JSE.

The Banks Amendment Act

31 January 2014

The Banks Amendment Act, No 22 of 2013 came into force on 10 December 2013, and amends the Banks Act, No 94 of 1990 in some substantial respects.

Calling up bank guarantees in tranches

29 November 2013

There are a number of ways in which a party to a commercial agreement can secure the counterparty's contractual obligations. Security can take the form of suretyships, guarantees, pledges and cessions in security, amongst others. Bank guarantees feature regularly, and are very often perceived as 'standard' or 'template' documents in respect of which little if any negotiation is encountered insofar as legal drafting is concerned.