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Alison Lee

Alison Lee

GAZETTE WATCH AND WEEKLY NEWSFLASH WEEKLY REGULATORY MOVEMENT REPORT Covering 05 – 10 July 2023

 

This week we decided to include the two Gazette items at the beginning of this week’s Newsflash, which has a lot of interesting articles.

 

GAZETTE MOVEMENTS

 

 

Consumer Price Index (CPI): May 2023

G 48923 GeN 1910

07 July 2023

 

Electricity Regulation Act: Schedule 2: Amendment: Removal of threshold for generation facilities

G 48923 GoN 3656

07 July 2023

 

 

BUSINESS

 

 

Big change for businesses in South Africa – with 3 months to comply

 

The Companies and Intellectual Property Commission (CIPC) has released its new ‘Beneficial Ownership Register’ platform that companies must fulfil, says Micaela Paschini, an attorney at Tax Consulting SA.

 

Paschini said that businesses are now required to declare their beneficial ownership to the CIPC before October 2023, following concerns raised by the Financial Action Task Force (FATF) over the country’s failings in terms of financial crime and anti-money laundering.

 

 

 

 

 

COMPETITION

 

 

 

Battle of the gyms as Virgin Active faces competition authority complaint

 

While Virgin Active’s main shareholder Brait prepares the multinational gym group for listing, a small South Africa gym owner’s complaint at the Competition Commission may negatively impact the overall market valuation of South Africa’s biggest gym.

 

Body Action Gym’s complaint of anti-competitive behaviour against Discovery Vitality and the two biggest gym groups Virgin Active and Planet Fitness, on behalf of independent and smaller fitness facilities, had been referred to the Competition Tribunal, although an outcome might only be in eight months, Body Action CEO Antonio Iozzo said on Friday.

 

 

 

FINANCIAL MARKETS

 

 

Brace for another interest rate hike this month

 

Debt-laden consumers in South Africa will be facing yet more hardship as the cost of borrowing looks likely to increase later this month and remain elevated for at least another two months on the back of stubborn consumer inflation.

 

This comes as the US Federal Reserve signalled its intention to resume interest rate increases amid a growing consensus that more tightening was needed to stamp out high inflation in the world’s largest economy, in spite of leaving rates unchanged for now, at 5 to 5.25 percent.

 

 

 

TRANSPORTATION 

 

 

Like it or not, demerit points are coming

 

Demerit points for road traffic infringements are set to become a major feature in the lives of South African motorists.

 

This follows the Constitutional Court (ConCourt) on Wednesday declaring the Administrative Adjudication of Road Traffic Offences (Aarto) Act and the Aarto Amendment Act constitutional and valid.

 

The ConCourt judgment overturned a January 2022 judgment by the High Court in Pretoria that the Aarto acts were unconstitutional and invalid.

 

 

 

Should you like to receive more detailed reports, please contact us directly for further information.

 

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