ARTICLE · 25 JULY 2014

Recent Exchange Control Developments In Relation To "Domestic Treasury Management Companies"

ENS

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In the case of a JSE listed entity, listing of the domestic treasury management company will be considered on application.

South AfricaFinance and Banking

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During 2013, a treasury management company regime was introduced for exchange control purposes to encourage the establishment of group treasury management functions in South Africa and to further enhance South Africa's position as a "gateway into Africa".

For exchange control purposes, each entity listed on the JSE Limited ("JSE") may establish one subsidiary to fund African and other offshore operations, which is not subject to the exchange control restrictions generally applicable to South African companies. In addition, the regime was recently expanded to unlisted companies.

These domestic treasury management companies must register with the Financial Surveillance Department of the South African Reserve Bank ("SARB") and will be subject to the following conditions:

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