banking and financial services regulatory · 2020. 6. 17. · banking and financial services...

BANKING AND FINANCIAL SERVICES REGULATORY

BOWMANS

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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


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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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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.


• 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


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);


necessarynotificationsandapplications

forapprovalwherenotificationor

approvalthresholdsaretriggered

regardingtheacquisitionanddisposal

ofsharesininsurancecompanies;

• assistingwiththeformationofcell

captives,captiveinsurersandthird-party

arrangements:inparticularthisincludes

adviceonthefundamentalstructures

forprovidinginsurancebusinessthrough

thesearrangements,draftingthe

necessaryagreementsandengagingwith

theregulatorstoobtainapprovals;and


servicelevelagreements,binder

agreements,outsourcingagreements

andintermediaryagreements.

BANKING SERVICES


• advisingandassistingwithformation

andrestructuringofbanks,branches

offoreignbanksandrepresentative

officesofforeignbanks;

• advisingonon-goingregulatoryand

prudentialrequirementsapplicableto

bankinginstitutions;acquisitionsand

disposalofinterestsinabank;and

• cashmanagementservices.

Morespecificallyweareinvolvedin:


agreementswithservicesandproduct

providers.Theseoftenincludethe

reviewofproductdevelopment

agreements;distributionagreements;

productadministrationagreements

andotherancillaryagreements;

• draftingorreviewingpolicyand

othergovernancedocuments;and


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


creditarrangements,serviceslevel

agreementsandwhitelabelagreements.


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PAYMENT SERVICES

Wearewellversedinthenationalpayment

systemsspace.Weadviseclientsonabroad

rangeofpaymentplatformandservice

matters.Ourserviceofferingincludes

providinglegaladviceandguidanceon

registrationsofpaymentsystemoperators

andthirdpartypaymentproviders.

EXCHANGE CONTROL


• 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.


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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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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


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Key Contacts

FAZIL HOSSENKHAN

ManagingPartner

Moka,Mauritius

T:+23054213032

E:[email protected]

DAVID GERAL

HeadofBankingandFinancial

ServicesRegulatory

Johannesburg,SouthAfrica

T:+27116699514

E:[email protected]

KAMAMI CHRISTINE MICHIRA

Partner

Nairobi,Kenya:CoulsonHarneyLLP

T:+254202899000

E:[email protected]

CHRISTINE RODRIGUES

Partner


T:+27116699531

E: [email protected]

KIRSTEN KERN

Partner


T: +27116699553

E:[email protected]

DEIRDRE PHILLIPS

Partner


T: +27116699196

E:[email protected]

ASHA-SABRINA AYUB

Partner

DaresSalaam,Tanzania

T: +255768988640

E:[email protected]

BRIAN KALULE

Partner

Kampala,Uganda

E:[email protected]

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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

E:[email protected]

Kampala, Uganda

T: +256414254540


Lilongwe, Malawi

T: +265990318152


Lusaka, Zambia

T: +260962275329


Moka, Mauritius

T: +2304688411

E:[email protected]

Nairobi, Kenya

T: +254202899000

E:[email protected]

Follow us on Twitter:

@Bowmans_Law

www.bowmanslaw.com

Alliance Firms:

Aman Assefa & Associates Law Office, Addis Ababa, Ethiopia

T: +251114702868

E:[email protected]

banking and financial services regulatory · 2020. 6. 17. · banking and financial services...

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