Complexities of multi-jurisdictional operations, Reform of the electricity market and More on Sanctity of Arbitration Agreements

Afriwise Insights

Complexities of multi-jurisdictional operations

Last week, Afriwise hosted an exclusive roundtable event in Johannesburg with key roleplayers discussing the future of legal, compliance and good governance in the financial services industry in Africa. The conversation revealed some of the biggest challenges facing legal, regulatory and compliance professionals operating across multiple jurisdictions. These include:

• Managing the costs of compliance while keeping up with rapid changes and monitoring.
• Efficiently dealing with the masses of data they work with.
• Getting access to new laws as soon as they are passed.
• Engaging effectively with regulators.
• Complying with anti-money laundering requirements while promoting financial inclusion.
• Managing conflict between international standards and requirements and challenging local conditions.

Some of the tips and possible solutions discussed included ways to build relationships and have successful engagement with regulators. It is also essential to leverage the right technological solutions wisely.

Selected Articles

South Africa - Cliffe Dekker Hofmeyr

Reform of the electricity market: Updates on the ERA Bill and draft Wholesale Market Code

South Africa’s energy sector is historically founded upon a vertically integrated model in terms of which Eskom has been responsible for electricity generation, transmission and distribution. However, the ongoing electricity supply crisis has accelerated calls and action to reform the market to provide for greater private access and a more competitive multi-market system. Continue reading

Nigeria - TNP

Sanctity of Arbitration Agreements: Important Lessons from The Supreme Court's Decision in NNPC V Fung Tai Engineering Company

In its recent decision in Nigerian National Petroleum Corporation v Fung Tai Engineering Company, the Supreme Court came out strongly in favour of arbitration by reaffirming the sanctity of arbitration agreements and the limits to the courts' intervention in arbitral proceedings. Continue reading

Tanzania - Bowmans

Tanzania: Privacy rights and image exploitation: An analysis of Tanzanian High Court Case – Commercial Appeal No. 01 of 2023 Multichoice (T) Ltd vs Alphonce Felix Simbu & 2 Others

On 13 October 2023, the Commercial Division of the High Court of the United Republic of Tanzania considered an appeal centred on the right to privacy. Briefly, the Respondents in the appeal - 3 elite Tanzanian athletes - had filed Civil Case No 15 of 2021 in the Arusha District Court against the Appellant, MultiChoice (T) Ltd, for breach of the right to privacy by passing off their image rights without their consent. Continue reading

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by Africa Risk Consulting (ARC)

Ethiopia

Cabinet passes a bill that will allow foreign banks to set up local subsidiaries and foreigners to acquire shares in domestic lenders as government continues to work to liberalise the economy.

Senegal

Government announces a series of price drops for essential foodstuffs, such as bread and sugar, as part of a targeted subsidy policy.

Zimbabwe

Ferrochrome miners, the largest electricity consumers, agree to build their own power plants over the next two years in a bid to reduce their energy demand amid power shortages.

We keep an ear to the ground!

Last week, we were at LegalTechTalk in London, learning from the very best that law firms and in-house teams have to offer!

While the conference gave much food for thought, its very clear that technology-enabled legal and compliance teams are leading the way.