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The Competition Commission released a 44-page executive summary of the Banking Enquiry Report at a press conference in Pretoria on 25th June.

The South African private equity industry is well established and, by emerging market standards, is relatively sophisticated.

With a highly developed economic infrastructure and strong legal system, South Africa has traditionally been an attractive jurisdiction for securities and merger and acquisition (M&A) activity.

The good news for the beneficiary of an on-demand bond or guarantee, also known as a performance bond, advance payment bonds, tender bond and letter of credit or irreversible documentary credit, is that the surety’s liability is triggered more often than not upon the mere demand or call by the creditor, provided the call is expressed in accordance with any requirements of form which are to be inferred from the wording of the bond.

The turmoil in the markets caused by the Eurozone debt crisis is the latest manifestation of the banking crisis that almost brought the global economy to its knees in 2008.

The National Credit Bill, which proposes a number of significant and far reaching changes to our consumer credit laws, is expected to become an Act by the end of this year.