banking and financial services regulatory · 2020. 6. 17. · banking and financial services...
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BANKING AND FINANCIAL SERVICES REGULATORY
BOWMANS
2
Contents
04 OurFirm
05 OurFootprintinAfrica
06 OurBankingandFinancialServicesRegulatoryPractice
08 OurSpecialistServices
11 OurSignatureMatters
12 Accolades
14 KeyContacts
Banking and Financial Services Regulatory
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Our Firm
Ourtrackrecordofprovidingspecialist
legalservicesinthefieldsofcorporate
law,bankingandfinancelawanddispute
resolution,spansoveracentury.
WithnineofficesinsevenAfricancountries
andover400specialistlawyers,wedrawon
ouruniqueknowledgeofthebusinessand
socio-politicalenvironmenttoadviseclients
onawiderangeoflegalissues.
Everywherewework,weofferclientsa
servicethatuniquelyblendsexpertiseinthe
law,knowledgeofthelocalmarketandan
understandingoftheirbusinesses.Ouraim
istoassistthemtoachievetheirobjectives
assmoothlyandefficientlyaspossiblewhile
minimisingthelegalandregulatoryrisks.
Ourclientsincludecorporates,multinationals
andstate-ownedenterprisesacrossarangeof
industrysectorsaswellasfinancialinstitutions
andgovernments.
Ourexpertiseisfrequentlyrecognisedby
independentresearchorganisations.We
receivedawardsinthreeoutoffourcategories
attheDealmakersEastAfricaAwardsfor
2019:toplegaladviserintheM&ACategory
forbothdealflowanddealvalue,andadvised
ontheDealoftheYear.IntheDealmakers
SouthAfricaAwardsfor2019,wewereplaced
thirdfordealvalueintheM&ACategoryand
advisedonboththeDealoftheYearandthe
BEEDealoftheYear.
We help our clients overcome legal complexity and unlock opportunity in Africa.
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Our Footprint in Africa
Mozambique
Kenya
Tanzania
South Africa
Nigeria
Uganda
Mauritius
Best friends
Bowmans offices
Significant transaction or advisory experience
Alliance firms
Ethiopia
Weprovideintegratedlegalservices
throughoutAfricafromnineoffices
(CapeTown,DaresSalaam,Durban,
Johannesburg,Kampala,Lilongwe,Lusaka,
MokaandNairobi)insevencountries
(Kenya,Malawi,Mauritius,SouthAfrica,
Tanzania,UgandaandZambia).
Weworkcloselywithouralliancefirm,
AmanAssefa&AssociatesLawOffice,
inEthiopia,andourbestfriendsinNigeria
andMozambique(UdoUdoma&Belo-Osagie
andTacianaPeãoLopes&Advogados
Associados,respectively).Wealsohave
strongrelationshipswithotherleadinglaw
firmsacrosstherestofAfrica.
WearerepresentativesofLexMundi,aglobal
associationwithmorethan160independent
lawfirmsinallthemajorcentresacrossthe
globe.Thisassociationgivesusaccesstothe
bestfirmsineachjurisdictionrepresented.
Malawi
Zambia
Banking and Financial Services Regulatory
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OurBankingandFinancialServices
Regulatorypracticeprovideshighquality
legaladviceandsupportonlegaland
regulatoryaspectsofbankingregulation,
financialservices,investmentmanagement,
investmentfunds,insurancelaw,pensions
andmedicalaidtointernationaland
domesticfinancialinstitutionsandthe
financialservicessectorgenerally.
Wealsoprovidespecialistadviceon
structuredproducts,derivatives(including
‘over-the-counter’derivativeproducts).
Ourexpertiseincludestheestablishment
ofbanks,financialservicesprovidersand
variousfinancialinstitutionsandthecarrying
outoflendingandinvestmentbanking
activitieswithinSub-SaharanAfrica.
Wehavewell-establishedrelationships
withtheSouthAfricanReserveBank
PrudentialAuthority,theFinancialSector
ConductAuthority(FSCA)andNational
CreditRegulator,amongothers,andwe
ofteninteractwiththemonawiderange
ofmattersforthebenefitofourclients.
Ourmulti-talentedlawyersarehighly
regardedfortheirexcellence,broad
experienceandversatility.Weworkon
difficult,demandingandinnovativelocaland
internationaldealsandprovidethehighest
qualityofservicetoalltypesofclients
includingleadinglocalandinternational
financialinstitutions,corporateand
investmentbanks,corporates,state-owned
entities,regulatorybodiesandgovernments.
Weofferlegaladviceinrelationtoall
aspectsofbankingandfinancialinstitutions
regulationandfinancialservices.
Our Banking and Financial Services Regulatory Practice
Ourpracticeregularlyadvisesabroad
rangeofclientsonallaspectsofSouth
Africanregulatoryworkasitpertains
tobankingregulationandfinancial
services,includingadvisingdomesticand
foreignbanks,fundmanagers,portfolio
managers,creditproviders,pension
funds,pensionfundadministrators,
medicalaidschemesandmedical
aidadministrators,stockbrokersand
morerecently,digitalplatformfinancial
serviceproviders(FINTECHFirms).
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Banking and Financial Services Regulatory
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FINANCIAL SECTOR LAWS
Wehavespecialistknowledgeofthe
followingfinancialsectorlaws:
• BanksAct
• CollectiveInvestment
SchemesControlAct
• FinancialAdvisoryand
IntermediaryServicesAct
• FinancialInstitutions
(ProtectionofFunds)Act
• FinancialMarketsAct
• FinancialIntelligenceCentreAct
• FinancialSectorRegulationAct
• InsuranceAct
• NationalCreditAct
• ConsumerProtectionAct
• NationalPaymentSystemsAct
• PensionFundsAct
FINANCIAL SERVICES
Ourserviceofferingincludes:
• advisingontheapplicabilityofrelevant
legislationtoourclients’business
activitiesingeneral,andspecific
issuesrelatingtosellingfinancial
products;marketingfinancialservices;
registrationandongoingregulatory
requirements;regulatorychanges;
andacceptanceofclientmandates
onareverse-solicitationbasis;
• preparing,reviewingandsubmitting
applicationsforlicencestooperate
asfinancialserviceproviders,and
notifyingtherelevantregulatorsabout
anychangesoccurringpostlicensing;
• reviewingandfilingapplicable
annualreports(suchascompliance
reportsandfinancialstatements)
withtherelevantregulators;and
• drafting,reviewingandnegotiating
discretionaryinvestmentmandates,
foreignexchangeinvestment
mandatesandotherinvestment
relatedagreements.
Our Specialist Services
FUND FORMATION AND REGISTRATION
Wehaveexpertiseintheformation
andregistrationofvarioustypesof
investmentfunds(suchascollective
investmentschemesandhedge
funds)inSub-SaharanAfrica.
Ourserviceofferingincludes:
• advisingontheapplicabilityof
therelevantlegislationtofund
managersandtheirfundsingeneral
andspecificissuesrelatingto
themarketingandsaleoffunds;
registrationandongoingregulatory
requirements;regulatorychanges;
andacceptanceofclientmandates
onareverse-solicitationbasis;and
• preparing,reviewingandfiling
applicationsforregistrationof
fundmanagers(includingtheir
funds)andapplicationsfor
approvalofforeignfunds.
• advisingonthestructuringoffunds.
CAPITAL MARKETS
Ourcapitalmarketsrelated
serviceofferingincludes:
• advisingonbrokerage/trading
arrangements(includingthe
regulatoryenvironmentofexchanges
andbrokers)andcustodial
arrangements(includingthe
regulatoryenvironmentofcentral
securitiesdepositoriesandcentral
securitiesdepositoryparticipants);
• negotiatingrelationshipswith
brokers,custodians,andnominees;
• establishingandregisteringbrokers,
custodiansandnominees;and
• drafting,reviewingandnegotiating
brokerageagreementsandcustodial
agreements,amongothers.
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INSURANCE
Weadviseonabroadrangeofmatters
concerninglong–termandshort–term
insurancelegislation,includingthenew
InsuranceAct.Ourserviceofferingincludes:
• advisingonformationandrestructuring
ofinsurancecompanies:thisincludes
advisingandassistingclientswith
settingupalocalpresenceand
obtainingrelevantlicencestoconduct
thebusinessofaninsurer.Froma
restructuringperspective,weadvise
andassistclientswiththeacquisition
anddisposalofsharesininsurance
companies(andancillarymatters);
• preparing,reviewingandfiling
necessarynotificationsandapplications
forapprovalwherenotificationor
approvalthresholdsaretriggered
regardingtheacquisitionanddisposal
ofsharesininsurancecompanies;
• assistingwiththeformationofcell
captives,captiveinsurersandthird-party
arrangements:inparticularthisincludes
adviceonthefundamentalstructures
forprovidinginsurancebusinessthrough
thesearrangements,draftingthe
necessaryagreementsandengagingwith
theregulatorstoobtainapprovals;and
• drafting,reviewingandnegotiating
servicelevelagreements,binder
agreements,outsourcingagreements
andintermediaryagreements.
BANKING SERVICES
Ourserviceofferingincludes:
• advisingandassistingwithformation
andrestructuringofbanks,branches
offoreignbanksandrepresentative
officesofforeignbanks;
• advisingonon-goingregulatoryand
prudentialrequirementsapplicableto
bankinginstitutions;acquisitionsand
disposalofinterestsinabank;and
• cashmanagementservices.
Morespecificallyweareinvolvedin:
• drafting,reviewingandnegotiating
agreementswithservicesandproduct
providers.Theseoftenincludethe
reviewofproductdevelopment
agreements;distributionagreements;
productadministrationagreements
andotherancillaryagreements;
• draftingorreviewingpolicyand
othergovernancedocuments;and
• preparing,reviewingandfiling
applicationsandrepresentationsto
thePrudentialAuthorityregarding
theformationandrestructuringof
banks,branchesandrepresentative
officesofforeignbanks.
LENDING SERVICES
Weadviseoncomplexandvanilla
creditarrangementsandassistclients
tosetupalocalpresenceandobtain
licencestoprovideregulatedlending
services.Ourserviceofferingincludes:
• advisingontheapplicability
oftherelevantlegislationto
lendingarrangements;
• registeringcreditproviders,debt
counsellorsandcreditbureaus;
• restructuring,acquisitionsanddisposals
ofinterestsincreditproviders;
• advisingonon-goingcompliance
obligationsforcreditproviders,debt
counsellorsandcreditbureaux;and
• drafting,reviewingandnegotiating
creditarrangements,serviceslevel
agreementsandwhitelabelagreements.
Banking and Financial Services Regulatory
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PAYMENT SERVICES
Wearewellversedinthenationalpayment
systemsspace.Weadviseclientsonabroad
rangeofpaymentplatformandservice
matters.Ourserviceofferingincludes
providinglegaladviceandguidanceon
registrationsofpaymentsystemoperators
andthirdpartypaymentproviders.
EXCHANGE CONTROL
Ourserviceofferingincludes:
• advisingontheapplicabilityof
exchangecontrollawstocross-
bordertransactions,suchasin-
wardloans;cross-bordertransferof
interests;cross-bordercashpooling
andnotionalpoolingarrangements;
cross-borderremittance/transferof
money;andforeigninvestments;
• drafting,reviewingandfiling
applicationsforapprovalregarding
cross-bordertransactions;and
• advisingandassistingwithformation
of‘authoriseddealersinforeign
exchangewithlimitedauthority’.
DERIVATIVES
Weadviseonthemarketingandsale
ofderivativeproducts(listedandOTC)
andreviewandnegotiateISDAMaster
Agreements,annexuresandschedules.
Weadviseontherecently-introduced
OTCderivativesregulatoryregime
undertheFinancialMarketsActand
attendtoapplicationsforauthorisation
asanOTCDerivativeProviderwiththe
FinancialSectorConductAuthority.
SUSTAINABLE INVESTMENT
Weofferadviceontherangeofalternative
investmentapproachesandstructures
withinthefieldsofsustainableinvesting,
responsibleinvestingandimpactinvesting,
toissuersoflistedsharesandbonds,private
equityinvestors,institutionalinvestors
includingpensionfunds,insurersand
medicalschemes,aswellasotherindustry
participantssuchasfundmanagers,asset
consultantsandconsultancies.Ouradvice
coversRegulation28oftheSAPension
FundsAct,theKingCode,thevariousJSE
Rules,theUNPrinciplesforResponsible
Investment,andvariousapplicableorrelevant
internationalinstrumentssuchastheEU
SustainableFinanceDirectiveandTaxonomy.
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Signature Matters
Wehavevastexperienceinourspecialist
services,afewhighlightswouldinclude:
Financial Services
Clients:CreditSuisse;MorganStanley;
T.RowePrice;Nomura;IGMarkets;
andMOTUSFinancialServices.
Work Highlight:Extensiveadviceto
numerousglobalanddomesticasset
managersandotherfinancialservices
providersonallaspectsoftheapplicationof
SouthAfricanfinancialserviceslegislation.
Fund Formation and Registration
Clients:T.RowePrice;Janus
Henderson;CreditSuisse;The
CarlyleGroup;andDiscovery.
Work Highlight:AssistedT.Rowe
Pricetosuccessfullyregistermultiple
Luxembourg-domiciledfundsfor
activepromotioninSouthAfrica.
Capital Markets
Clients:LinkMarketServices;
BNPParibas;andLiquidnet
Work Highlight:AdvisedLinkMarket
Servicesinrelationtotheobligationsofa
centralsecuritiesdepositoryparticipant
towardsthetreatmentofunclaimedfunds
andinterestaccruedonunclaimedfunds.
Insurance
Clients:AlexanderForbesGroup,Old
MutualGroupandSanlamGroup.
Work Highlight:WeadvisedAlexander
ForbesonthedisposalofitsSouth
Africanshort-terminsurancebusiness
toMomentumMetropolitanHoldings
forapproximatelyZAR2billion.
Banking Services
Clients:StandardBankofSouth
AfricaLimited;CapitecBankLimited;
SMBC;andBNPParibas.
Work Highlight:Assistedandadvised
Capitecfromabankingregulatory
perspectiveinrespectofCapitec’s
acquisitionofMercantileBankHoldings.
Lending Services
Clients: ClearScore;Intelligent
DebtManagement(DebtBusters);
CaterpillarSouthAfrica;AvisRent-
A-Car;andBankofAmerica.
Work Highlight:“AssistedClearScore
ontheirentryintoandestablishment
intheSouthAfricanmarketasare-
sellercreditbureauundertheNCA”.
Payment Services
Clients:Stripe;GoCardless;Mastercard;
Wigroup;andVirginMoney.
Work Highlight:AdvisedVirgin
Moneyontheapplicationofpayment
andotherregulatoryinstrumentsto
theirproduct,VirginMoneySpot.
Sustainable Investment
Clients:PublicInvestmentCorporation,
OldMutualGroup,UNPRI,TheStandard
BankTutuwaCommunityFoundation,
Tshikululu,RiseFoundation,theGreen
OutcomesFund,RMB,Bill&Melinda
GatesFoundation,Freshfields.
Work highlight:Producingtheguidance
noteforUNPRIsignatoriesonactingin
concertregulationsinSouthAfrica.
Banking and Financial Services Regulatory
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Exchange Control
Clients:Ener-GSystemJoburg(RF)
(Pty)Ltd;AscensiaDiabatesCare
SouthAfrica(Pty)Ltd;GoldOne
SouthAfricaSPV(RF)(Pty)Ltd.
Work Highlight: Advisedvariousclients
(foreignandlocal)onexchangecontrol
lawsandassistedvariousclientstoobtain
exchangecontrolapprovalsfromthe
FinancialSurveillanceDepartmentofthe
SouthAfricanReserveBank(FinSurv)and
AuthorisedDealersinforeignexchange.
Forexample,weassistedGoldOneSouth
AfricaSPV(RF)(Pty)Ltdingetting
FinSurvtoregulariseitsinwardloan.
Derivatives
Clients:Plus500;AxiCorp;andIGMarkets.
Work Highlight:Advisedontheneed
forvariousproductproviderstobecome
registeredasOTCDerivativeProviders
undertheFinancialMarketsAct,againsta
complexanddynamicregulatorylandscape.
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Banking and Financial Services Regulatory
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Accolades
AFRICAN LEGAL AWARDS 2019
Wewontwopracticeawards-forTransportationand
InfrastructureTeamoftheYearandTMTTeamoftheYear.
CHAMBERS AFRICA AWARDS 2018
WewerenamedSouthAfricanLawFirmoftheYear.
DEALMAKERS EAST AFRICA AWARDS 2019
Wereceivedawardsinthreeoutoffourcategories:toplegal
adviserintheM&ACategoryforbothdealflowandvalue,and
advisedontheDealoftheYear(theNIC/CBAmerger).
DEALMAKERS SOUTH AFRICA AWARDS 2019
WewereplacedthirdfordealvalueintheM&ACategoryand
advisedontheDealoftheYear(PepsiCo’sacquisitionofPioneer
Foods)andtheBEEDealoftheYear(IsantiGlassacquisitionof
NampakGlass).
MERGERMARKET LEAGUE TABLES 2018
Wewererankedfirstbydealvalueandsecondbydealcount
intheAfricaleaguetablesforlegaladvisors,andthirdbydeal
countintheMiddleEast&Africaleaguetableforlegaladvisors.
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77 39 74Recognised Lawyers
Recognised Lawyers
Recognised Lawyers
BAND 1
KENYA
Banking&Finance
Corporate/M&A
Employment
FinTech
IntellectualProperty
RealEstate
SOUTH AFRICA
CapitalMarkets:Debt
CapitalMarkets:Equity
Competition/Antitrust
CorporateInvestigations
Corporate/M&A
Employment
Environment
IT&Telecommunications
Projects&Energy
PublicProcurement
Shipping
Tax
TMT
TANZANIA
GeneralBusinessLaw
UGANDA
GeneralBusinessLaw
BAND 2
SOUTH AFRICA
Banking&Finance
DisputeResolution
FinTech
Media&Broadcasting
Restructuring/Insolvency
KENYA
Projects&Energy
CHAMBERS & PARTNERS 2020 RANKED US IN
THE FOLLOWING AREAS
TIER 1
KENYA
Financial&Corporate
Mining
SOUTH AFRICA
CapitalMarkets:Debt
CapitalMarkets:Equity
Energy&Power
M&A
UGANDA
Financial&Corporate
ProjectDevelopment
TIER 2
KENYA
Energy&Power
Infrastructure
SOUTH AFRICA
Banking
Infrastructure
Mining
Oil&Gas
ProjectFinance
TANZANIA
Financial&Corporate
TIER 3
TANZANIA
ProjectDevelopment
IFLR1000 2020 RANKED US IN THE
FOLLOWING AREAS
TIER 1
KENYA
Banking,Finance&CapitalMarkets
Commercial,Corporate&M&A
Employment
RealEstate&Construction
SOUTH AFRICA
Commercial,Corporate&M&A
Competition
Employment
Projects&Infrastructure
Shipping&Transport
TANZANIA
LeadingFirm
UGANDA
LeadingFirm
TIER 2
KENYA
DisputeResolution
Privitisation&Projects
SOUTH AFRICA
Banking&Finance
DisputeResolution
InvestmentFunds
Tax
THE LEGAL 500 EMEA 2020 RANKED US IN
THE FOLLOWING AREAS
Banking and Financial Services Regulatory
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Key Contacts
FAZIL HOSSENKHAN
ManagingPartner
Moka,Mauritius
T:+23054213032
DAVID GERAL
HeadofBankingandFinancial
ServicesRegulatory
Johannesburg,SouthAfrica
T:+27116699514
KAMAMI CHRISTINE MICHIRA
Partner
Nairobi,Kenya:CoulsonHarneyLLP
T:+254202899000
CHRISTINE RODRIGUES
Partner
Johannesburg,SouthAfrica
T:+27116699531
KIRSTEN KERN
Partner
Johannesburg,SouthAfrica
T: +27116699553
DEIRDRE PHILLIPS
Partner
Johannesburg,SouthAfrica
T: +27116699196
ASHA-SABRINA AYUB
Partner
DaresSalaam,Tanzania
T: +255768988640
BRIAN KALULE
Partner
Kampala,Uganda
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Banking and Financial Services Regulatory
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Cape Town, South Africa
T:+27214807800
Dar es Salaam, Tanzania
T: +255768988640
Durban, South Africa
T: +27311091150
Johannesburg, South Africa
T: +27116699000
Kampala, Uganda
T: +256414254540
Lilongwe, Malawi
T: +265990318152
Lusaka, Zambia
T: +260962275329
Moka, Mauritius
T: +2304688411
Nairobi, Kenya
T: +254202899000
Follow us on Twitter:
@Bowmans_Law
www.bowmanslaw.com
Alliance Firms:
Aman Assefa & Associates Law Office, Addis Ababa, Ethiopia
T: +251114702868