DEADLINE LOOMS FOR COMMERCIAL BUILDING OWNERS TO DECLARE ENERGY USAGE
After an initial postponement, the deadline for owners of private buildings (and accounting officers of public buildings) used for commercial purposes to comply with energy performance certification, is fast approaching.
‘TIL DIVORCE DO US PART: THE CONSTITUTIONAL COURT’S RULING ON THE ENFORCEABILITY OF PRENUPTIAL AGREEMENTS
Signifying the evolving complexities of family law, a contractual dispute connected to a divorce matter was recently ventilated before our Constitutional Court. In D H B v C S B, the Court was tasked with assessing the enforceability of a prenuptial agreement and the extent to which the parties to a marriage may contract out of the spousal maintenance provisions of the Divorce Act. The judgment provides an important contribution to the development of the law in this domain.
WHAT IS THE IMPACT OF THE INCREASE TO THE EARNINGS THRESHOLD ON EMPLOYEES?
On 1st April 2024, the earnings threshold officially increased from R241 110.59 per annum to R254 371.67 per annum pursuant to section 6(3) of the Basic Conditions of Employment Act. The threshold is designed to safeguard vulnerable, lower-earning employees from exploitation and is central to the application of various provisions under labour legislation.
NEW FAIS OMBUD RULES INCREASE COMPENSATION CEILING
Recently, the Ombud for Financial Services Providers (‘FAIS Ombud’) published new Rules which guide the investigation and resolution of complaints received in terms of the Financial Advisory and Intermediary Services Act, effective 1st July 2024. The new Rules require the FAIS Ombud to inform the Financial Services Advisory of substantial contraventions thereof, and preclude the hearing of complaints which emanate from advice provided by unauthorised persons. The Rules further increased the compensation threshold to a maximum pay out of R3.5 million to account for inflation and evolving ‘market realities’.
TREASURY SATISFIED WITH PROGRESS TOWARD EXITING THE GREY LIST
The National Treasury has expressed its contentment with the results of the Financial Action Task Force’s (‘FATF’) recent plenary meeting in Singapore, despite acknowledging that South Africa is unlikely to exit the FATF’s grey list before June 2025. According to the FATF, the country has largely addressed eight of the 22 Action Items. The Treasury emphasises that the relevant authorities and agencies must exhibit sustained improvements. For law firms, estate agencies, and other accountable institutions, this means strict adherence to the requirements of the Financial Intelligence Centre Act.
THE LABOUR APPEAL COURT CLARIFIES PRESCRIPTION OF AN ARBITRATION AWARD
In Hudaco Trading (Pty) Ltd t/a Ambro Steel and Others v Ramothwala, the Labour Appeal Court (‘the LAC’) was recently tasked with adjudicating whether the prescription of an arbitration award was interrupted due to the initiation of defective review proceedings. In that case, Ramothwala obtained an arbitration award confirming that his dismissal by Hudaco Trading was substantively unfair, entitling him to retrospective reinstatement and back-pay in the amount of R154 016.92. After launching an application to review the arbitration award, which was rejected by the Labour Court for non-compliance with the rules for review proceedings, Hudaco Trading contended that the award had prescribed. The LAC, however, affirmed that the prescription of an arbitration award is interrupted pending the conclusion of review (and connected legal) proceedings.
PODCAST
In our latest episode, Director and Head of STBB Claremont’s Bond Department, Junel Hickman, joins us to discuss various aspects of homeowners’ insurance, an essential component of property ownership.
