Steve Chemaly
Johannesburg
Born and bred Eastern Cape- a beautiful part of the world...
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Articles by Steve Chemaly
Is South Africa ready for a forward-looking ZARONIA term rate?
This blog is co-authored by Eric Geldenhuys, candidate attorney. SARB’s Market Practitioners Group (MPG) has issued a request for proposals (RFP) to design the calculation and methodology for a forward-looking ZARONIA term rate. There is no commitment to launch. Publication will depend on a robust methodology and sufficient liquidity in ZAR derivatives markets. The MPG expects the selected administrator to begin publishing by 1 April 2026.
Grounds on which foreign judgments can be enforced in South Africa - Jones v Krok still applies?
In February 2024, the Supreme Court of Appeal, in Lindsey v Conteh, considered the enforceability of foreign judgments in South Africa. The appellants sought to enforce two writs, one for possession of shares and one for execution of the monetary value of to the shares, granted by the Superior Court of California, through provisional sentence summons in South Africa. The issue was whether the procedure followed to enforce the judgment was appropriate.
South Africa’s Transition from JIBAR to ZARONIA
This blog was authored by Rory Scott, Candidate Attorney. In recent years, financial markets globally have been implementing the reform of reference interest rates to Risk-free Reference Rates (RFRs). South Africa, following suit, is progressing towards replacing the Johannesburg Interbank Average Rate (JIBAR) with the preferred successor rate of the Market Practitioners Group’s (MPG), most likely being the South African Overnight Index Average (ZARONIA).
ESG: a shift in focus
The social aspect of environmental, social and governance (ESG) is an essential component of a sustainable business practice providing sustainability, and perhaps it is even more important than the environmental aspect. This article focuses on the ‘S’ in ESG, and its importance in South Africa. The adoption and implementation of ESG practices has become increasingly more important for companies seeking to attract investors, and for the sustainability of South African businesses.
ESG: a shift in focus
The social aspect of environmental, social and governance (ESG) is an essential component of a sustainable business practice providing sustainability, and perhaps it is even more important than the environmental aspect. This article focuses on the ‘S’ in ESG, and its importance in South Africa. The adoption and implementation of ESG practices has become increasingly more important for companies seeking to attract investors, and for the sustainability of South African businesses.
Updated Green Loan Principles: 5 things to know
On 23 February 2023, the Loan Market Association (LMA) announced the publication of updated Green Loan Principles (GLPs), together with supporting guidance documents, produced in collaboration with the Asia Pacific Loan Market Association (APLMA) and the Loan Syndications and Trading Association (LSTA).
Updated Green Loan Principles: 5 things to know
On 23 February 2023, the Loan Market Association (LMA) announced the publication of updated Green Loan Principles (GLPs), together with supporting guidance documents, produced in collaboration with the Asia Pacific Loan Market Association (APLMA) and the Loan Syndications and Trading Association (LSTA).
Will Term SOFR become the leading US dollar lending benchmark in developing markets?
This blog was co-authored with Rory Scott and Lara Thom, Candidate Attorney’s In 2017, the Alternative Reference Rates Committee (ARRC) recommended the replacement of LIBOR with the Secured Overnight Financing Rate (SOFR). Since the proposed transition, developing markets have been rudderless regarding which benchmarks to apply.
Green Loans and Sustainability Linked Loans - same but different?
This blog was co-authored by: Angela Paschalides From a reputational and corporate governance perspective, green and sustainable activity both gain favour with shareholders and investors (particularly those who place emphasis on investment with a positive environmental, social and governance (ESG) impact). Green Loans and Sustainability Linked Loans have distinctive characteristics which should influence the type of loan offering borrowers consider.
Green Loans and Sustainability Linked Loans - same but different?
From a reputational and corporate governance perspective, green and sustainable activity both gain favour with shareholders and investors (particularly those who place emphasis on investment with a positive environmental, social and governance (ESG) impact). Green Loans and Sustainability Linked Loans have distinctive characteristics which should influence the type of loan offering borrowers consider.
Green Loans: a grassroots overview
What are Green Loans? Green loans are loan instruments made available exclusively to finance or re-finance, wholly or partly, new or existing eligible Green Projects, according to the Loan Market Association’s Green Loan Principles (the GLPs).
Green Loans: a grassroots overview
What are Green Loans? Green loans are loan instruments made available exclusively to finance or re-finance, wholly or partly, new or existing eligible Green Projects, according to the Loan Market Association’s Green Loan Principles (the GLPs).
Trade Finance - no respite from inventory and documentation fraud
The increase in documentation fraud which has adversely impacted financial institutions operating within the trade finance space is an unwanted development that blockchain technology can mitigate. The types of lending most frequently seen in the trade financing space, including letters of credit, revolving credit facilities as well as guarantees have proven susceptible to fraud.
Green Bonds - an alternative investment opportunity
What are Green bonds? Green bonds (also referred to as Climate Bonds) are like typical bonds but their distinguishing feature is that the proceeds of the bond are ring-fenced and exclusively allocated to support “green projects” aimed at mitigating climate change and promoting energy efficiency, pollution prevention, sustainable agriculture, clean transport, and the cultivation of environmentally-friendly technologies.
Cross-border considerations for electronic signatures
The use of electronic signatures in cross-border transactions can be fraught with difficulties given the lack of uniformity relating to electronic signatures across countries. This position is further exacerbated by the lack of widespread adoption of the Convention on the Use of Electronic Communications in International Contracts 2005, which sought to standardise electronic communications.
Sign of the times: Electronic signatures in South Africa
Are electronic signatures valid? It depends: the parties must explicitly agree to the use of electronic signatures and must agree a signing method which complies with the requirements in the Electronic Communications and Transactions Act 2002 (ECTA). What constitutes an electronic signature and whether such signatures are valid in South Africa has become a question of increasing importance given the high likelihood of restricted movement for the coming future.
The decline of LIBOR and the new risk-free interest rates
The history of manipulation and scandals surrounding interbank offered rates (IBORs), for example LIBOR and JIBAR, has led to the shift toward Risk-Free Rates (RFRs), a shift which is primarily market led and remains uncertain. The transition to RFR’s rests on the fact that rates such as LIBOR are forward-looking interest rates, calculated using estimates and expert opinions. RFRs are predominantly backward-looking, near risk-free rates calculated on preceding data and are published daily.
Legal implications of Coronavirus on global and local business
The outbreak of COVID-19 (Coronavirus) has affected many areas of business, and the legal implications extend far beyond the obvious sectors such as tourism and employment law. Click here to look at our publications for a range of insights on the impact of the pandemic if it continues to spread.
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