The recent amendments to South African competition legislation lead to a sharp increase in the number of organisations requesting training for their employees on competition law. We are often asked if the investment in a competition law compliance programme is worth the time and money spent.
Sadly, in our experience, most organisations implement a competition law compliance programme for one of two reasons: 1) they have committed to doing so as part of a consent order signed with the authorities after contravening the law; and/or 2) they operate in a sector that has been identified by the authorities as one to “monitor” and their lawyers have recommended that they take precautionary steps. Few organisations seem to view the pro-active implementation of a competition law compliance programme as a non-negotiable part of good governance.Read more
We often joke that when we start working on a specific kind of document for one client, several other want the same thing at the same time. It’s a strange, but happy coincidence that we’ve seen with financial services, insurance policies, privacy notices and now employee policies. But why are they suddenly all the rage?
If you’re a start-up and you’ve just started hiring employees, the list of policies you need could be very daunting. Some companies ignore the policy writing process completely, hoping for the best. Others download general templates and try to massage them to suit their company’s needs. Obviously, neither are ideal, so here are our insider tips for stress free policies. Since this is what we’re working on right now. Read more
It turns out SA’s largest recorded data breach was traced to a Web server registered to a real estate company based in Pretoria, Jigsaw Holdings. They are a holding company for several real estate franchises including Realty1, ERA and Aida. Apparently, this website had exceptionally lax security and contained a database of 75 million records, including the records of 60 million SA citizens.
It seems that hacking wasn’t required to get access to these records as the information was easily accessible on an open Web server. The same credentials were used everywhere and allowed full administrator access across all the databases on the server. All personal data was contained in a single database in clear text. It indicates an overall lack of even the most basic security awareness.
Jigsaw Holdings missed the mark on so many levels, information governance and security was never considered. Read more
Information is integral to making informed decisions. When conducting business, obtaining information on the market in which one competes is important to the success of a well-functioning firm. However, when competitors share information a line can be crossed and therefore caution is required due to the risk that it may result in anti-competitive outcomes.
In line with the approach followed by other international jurisdictions, the Competition Commission has recently released draft Guidelines for comment relating to information sharing between competitors. Read more
The Financial Intelligence Centre Amendment Act, 1 of 2017 (“the Amendment Act”) was signed into law by the President and published on 2 May 2017. Some of its provisions came into effect on 13 June 2017 while the majority of the remaining provisions will come into effect on 2 October 2017.
Why was it necessary to amend the Financial Intelligence Centre Act (“FICA”)?
South Africa is a member of the Financial Action Task Force (“FATF”), an international body that develops and promotes measures to combat money laundering, terrorist financing and other threats to the integrity of the international financial system. Read more
We are proud to announce that Compliance Online has been selected as a member of the leading SME development programme, The National Gazelles, for 2017.
The National Gazelles is a flagship programme of the Small Enterprise Development Agency (Seda) and the Department of Small Business Development. The programme supports the development of a new generation of successful businesses.
Compliance Online was selected after a rigorous four-stage process to participate in this programme, which identifies enterprises countrywide that demonstrate a proven success record combined with further growth potential. Read more
Economic uncertainty appears to be the order of the day, especially on home soil, and the contest between businesses to gain market share remains challenging. We are all impacted in some way or another by this race for economic power and prosperity.
How then is it possible to strive towards a free market where businesses have equal opportunities, economic efficiency is achieved, consumers are protected and ultimately economic growth is stimulated?
The answer, in short, is a robust competition policy, which is underpinned at its foundation by sound economic policies. Read more
Until recently, the pecuniary risks of non-compliance with the Competition Act at a firm level involved a fine of up to 10% of a firm’s turnover, and for those guilty of cartel conduct, the risk of criminal sanctions that can take the form of fines or imprisonment.
This prestigious event that marked the launch of the second edition of the book, A Practical Guide to the South African Competition Act, was held at the offices of the law firm, Webber Wentzel on the evening of 5 April 2017.
The keynote speaker of the evening was the honourable Judge President Dennis Davis and he held the distinguished audience captive with his presentation on “The rapid evolution of competition law in South Africa – navigating the precarious road ahead”.
The guests of honour included the editorial team and authors, Minette Smit (née Neuhoff), Marylla Govender, Martin Versfeld and Daryl Dingley. Minette and Marylla are both directors of Compliance Online and their in-depth knowledge of the competition legislation in South Africa has contributed to the success of the online training solutions they offer to private and public entities on this subject.
Read more about why this book will be appreciated by business people, legal practitioners, economists and academics alike in the article below.
“A Practical Guide to the South African Competition Act” is available from the Lexis Nexis online store.