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ALN

Significant Changes for Not-for-Profits as PBO Act Comes into Effect After 11 Years

Without any forewarning, the current administration operationalised the 11 years old, Public Benefits Organisations Act which replaces the 30-year-old Non-Governmental Organisations Coordination Act, significantly altering the regulation of not-for-profit entities.

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Bentsi-Enchill, Letsa & Ankomah

Securities and Exchange Commission Issues Guidelines to Govern the Issuance of Green Bonds

The Securities and Exchange Commission has issued the Securities Industry (Green Bonds) Guidelines, 2024 (SEC/GUI/003/03/2024) to regulate the issuance of green bonds.

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Webber Wentzel

The JSE moves forward with its market segmentation proposals

To enhance transparency, competitiveness, fairness and efficiency, the Johannesburg Stock Exchange proposes to introduce a market segmentation model for the JSE Main Board. This would create two segments: Main Board Prime and Main Board General. The Main Board General seg..

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Bowmans

Kenya overhauls its regulations on the public offer of securities and listings

Kenya has overhauled the regulatory framework applicable to the public offer of securities to persons in Kenya. The Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023 (the Public Offer Regulations), which came into effect as of 15 December 2023, w..

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ENS

The Supreme Court of Uganda clarifies indoor management rule does not apply when the law prescribes specific procedure

The indoor management rule is that a person dealing with a company in good faith is entitled to assume that the corporate acts provided for in the company’s documents have been properly and duly performed in compliance with its articles and bylaws. The rule is codified un..

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Sal & Caldeira Advogados

Beneficiary Owner Registration Under the New Regulation on the Registration of Legal Entities

With the entry into force on 8 March 2024 of the New Regulation on the Registration of Legal Entities, recently approved by Decree-Law no. 1/2024, of 8 March, all companies, consortia, representations of national or foreign entities must, within 90 days from 8 March 2024,..

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FB Attorneys

Trustees’ Beneficial Ownership Rules Issued

On 29 February 2024, the Minister for Constitutional and Legal Affairs issued procedures for submission of information of Beneficial Ownership vide the Trustees’ Incorporation (Transparency of Beneficial Ownership) Rules 2024, GN No. 139A of 2024. These Rules impose manda..

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Dentons

A review of the draft Nigerian Not-For-Profit Governance Code 2023

The Financial Reporting Council of Nigeria recently released an exposure draft of the Nigerian Not-For-Profit Governance Code, 2023 and called for input from the public on the proposed Code. The proposed Code is the outcome of deliberations of the Technical Working Group ..

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Bowmans

Kenya Introduces New Licensing Category to Regulate Private Equity and Venture Capital

The Cabinet Secretary for the National Treasury and Planning recently gazetted the Capital Markets (Alternative Investment Funds) Regulations, 2023, which took effect on 15 December 2023. These new regulations are an off-shoot of the Capital Markets (Collective Investment..

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