In a break from tradition, without prejudice features the Top Students of 2016 in this May issue instead of April. The #Feesmustfall movement last year, the consequent disruption of both classes and exams meant that the universities were unable to guarantee being able to let me know the names of their top students in time to contact them and for the graduates to respond.
The Financial Markets Act, 2012 (the FM Act) creates a number of insider trader offences which may be committed by an insider who knows that he or she has "inside information" and who cannot prove any of the prescribed defences on a balance of probabilities. Notably, the FM Act also creates several offences relating to the manipulation of prices of listed securities and the publication of false and misleading information which fall outside the scope of this article.
In a catastrophic move for South Africa, credit rating agency Standard and Poor (S&P) downgraded South Africa's credit rating to "junk" status.
The imposition of personal liability on directors for reckless trading may be regarded as an important prophylactic against gross mismanagement of the business and affairs of a company. The burden of personal liability in this regard is well placed if one considers that the management of a company's business and affairs is vested with its board of directors. However, South African corporate law currently regulates reckless trading under two different pieces of legislation, namely, s424(1) of the Companies Act No (61 of 1973) (1973 Act) and s22(1) of the Companies Act (71 of 2008) (2008 Act).
"Whenever any person (hereinafter called the insurer) is obliged to indemnify another person (hereinafter called the insured) in respect of any liability incurred by the insured towards a third party, the latter shall, on the sequestration of the estate of the insured, be entitled to recover from the insurer the amount of the insured's liability towards the third party but not exceeding the maximum amount for which the insurer has bound himself to indemnify the insured" – s156 of the Insolvency Act (24 of 1936) (as amended).
Some of the proposed tax amendments announced in the 2017 Budget Speech have brought a renewed focus on the question of residence. A question often asked is: for how long after someone leaves South Africa will they still have to pay tax in South Africa? In this article, I will explain the concept of tax residence, what it means in terms of South Africa law and how it affects the way in which income earned by an individual is taxed in South Africa. The discussion is based on the Income Tax Act and due to space constraints, does not consider the provisions of any double tax agreements.
Each year there appears to be a definable reason why the calibre of graduating LLB students is so important. The Class of 2016 enter a new phase in their lives when South Africa most needs an independent judiciary. Whatever one's political views, there can be no doubt in any thinking person's mind that for South Africa to remain a democracy with its much vaunted Constitution intact, our lawyers and our courts will have to judge wisely.
In the past 10 years there has been a steady increase in the number of students graduating with an LLB. According to the LSSA Lead Statistics there were over 4 500 graduates in 2016, which means that the environment is becoming increasingly competitive. So, how do you become one of the chosen few for articles? Simple – do not underestimate the power of participating in vacation work programmes.
Joining the working world and leaving varsity behind is daunting to say the very least. It means early mornings and late nights and everything seems urgent. It takes some time to settle in and you quickly learn that despite studying law for five years and having two degrees, there is a vast amount you don't know and a lot of this information cannot be learned from a book.
Today's law graduates enter a changing market that has been fundamentally reshaped by both disruptive technology and globalisation. It is also a market in which it can be increasingly difficult to secure articles of clerkship with a law firm. It is therefore essential, as a graduate, to consider the evolving opportunities available; opportunities which may confer a competitive edge in a future application for articles, or indeed opportunities which may offer a rewarding and challenging alternative career path.