Company Law: The consultation process on the Companies Amendment Bill will continue and amended legislation will become effective in 2019.

JSE: Public consultation on possible amendments to the Listings Requirements aimed at enhancing investor confidence will continue. Robust corporate governance oversight of listed companies will remain a key focus area of the JSE.

Tax: To combat perceived tax avoidance, changes may be made to prevent the use of foreign trusts to defer tax or recharacterise the nature of income, refine the dividend stripping rules, mitigate against the abuse of collateral arrangement provisions, and curb abusive schemes using the venture capital company regime.  Amendments have also been proposed to the tax treatment of secondary adjustments

Agriculture: The Tobacco Bill may be passed into law next year. If passed in its present form it will have a huge impact on the tobacco and E-cigarette markets. It will bring South Africa in line with other countries like Britain and the UK, for example in relation to plain packaging and point of sale display, and could result in South Africa having one of the strictest anti-tobacco regimes in the world.

Mining: The general elections to be held in 2019 may affect facilitate better investment conditions in the mining industry. Further, we anticipate some deal activity to ensure mining companies comply with the requirements of the new Mining Charter.

Oil & Gas: In 2019, general elections will be held in South Africa to elect a new National Assembly and new provincial legislatures in each province. This, together with the foreign public and private sector investment commitments, may facilitate better investment conditions in the South African upstream Oil & Gas sector. A number of companies will commence drilling programmes offshore from South Africa in 2019. We anticipate some deal activity to ensure that current rights holders meet the minimum historically disadvantaged ownership requirements.

Financial Services: The Financial Sector Laws Amendment Bill amends several financial sector laws and proposes to establish a framework for the orderly resolution of banks, systemically important non-bank financial institutions and holding companies of banks or systemically important non-bank financial institutions that are designated by the Governor of the South African Reserve Bank as systemically important. The Amendment Bill will strengthen the ability of the South African Reserve Bank to manage the orderly resolution or winding-down of a failing financial institution, with minimum disruption to the broader economy.

In addition, the Amendment Bill will ensure that depositors’ funds are protected in the event of a bank failure, and that depositors’ funds will be paid out speedily to protect the most vulnerable customers through the establishment of a deposit insurance scheme. The National Treasury has set up a panel to develop the Conduct of Financial Institutions Bill (COFI Bill) and it is anticipated that the first draft will be distributed for comment around the middle of 2019. The COFI Bill will deal with market conduct regulation of all financial institutions, and will therefore see a repeal of significant parts of existing pieces of financial services legislation dealing with market conduct regulation, such as the Financial Advisory and Intermediary Services Act, as well as the Long-and Short-term Insurance Acts. Notice was given to Parliament during the first quarter of 2018/2019 to introduce the Banks Amendment Bill (Banks Bill).

Banks: Currently, in terms of the Banks Act no person may conduct the business of a bank unless such person is a public company and is registered as a bank in terms of the Banks Act. The Banks Bill seeks to amend the Banks Act to make it possible for state-owned companies to register in terms of the Banks Act to conduct the business of a bank.

Credit: The National Credit Amendment Bill (NCDR Bill) is currently undergoing the parliamentary process for adoption. The NCDR Bill seeks to extinguish the debt of consumers who earn a gross monthly income of less than ZAR7 500 that have unsecured debt amounting to ZAR 50 000 and who have been found to be critically indebted, are unable to repay the debt "at all" or unable to repay it "within 60 months". It is estimated by the National Treasury that between ZAR13bn and ZAR 20bn could be written-off. The NCDR Bill will empower the Magistrate's Courts to lower interest rates and to deal with illegal lenders, based on a debt counsellor’s recommendation on behalf of a debt review applicant, as well as to criminalise illegal lending.

Data Protection & Cybercrimes: The Protection of Personal Information Act may come into force over the coming year. Legislation to regulate cybercrimes and cybersecurity may also be introduced. The Independent Communications Authority of South Africa has issued a discussion paper for public comment into its role in the regulation of cybersecurity.

ICT: Following comments from the public, the Electronic Communications Amendment Bill has been amended and approved by Cabinet. Once signed by the President, the Bill will introduce significant changes to the ICT sector. These changes may be expected during 2019.

Credit ratings: South Africa's 2019 national election may have an impact on credit ratings. State-Owned Enterprises' (SOEs) financing will also remain in the spotlight in 2019. Most South African SOEs are supported by substantial government guarantees - SOE's debt redemptions over the medium term are expected to average ZAR 66 billion per year. A failure to reform SOEs may have significant negative consequences for the economy.

Employment: Employers could expect the Labour Relations Amendment Bill to be enacted. Changes will include: the extension of collective agreements concluded at bargaining councils; the prohibition of pickets without picketing rules in place; Commissioners will also have the power to establish rules where the parties are unable to agree; conducting secret ballots of members by trade unions before embarking on strikes; and state intervention in protracted and violent strikes with the establishment of an advisory award panel to facilitate the resolution of unresolved disputes.

Environment: New Financial Provisioning regulations which will govern the mining and Oil & Gas industries are expected to come into force in early 2019, if not sooner

Additional amendments relevant to financial provisioning will be brought into force with the promulgation of the National Environmental Management Laws Amendment Bill

An overhaul of current laws which regulate water resources and the provision of water and sanitation services are expected in 2019. The Carbon Tax Bill, which will require certain businesses who carry out carbon intensive activities to pay carbon tax to the South African Revenue Service, is expected to be implemented in June 2019

Land & Property: A revised Agricultural Land Holdings Bill is scheduled to be published in late 2019. Related to land expropriation, and particularly expropriation without compensation, the Expropriation Bill may be reintroduced into Parliament in 2019 to allow for expropriation without compensation and to provide more clarity on the process.

Transport:The National Land Transport Amendment Bill (NLT Bill) may be passed into law next year. If passed in its current form it will have a big impact on public land transport. For example, Uber and other E-hailing companies will now be regulated as a distinct category. 

Public Procurement: Wide-ranging changes to the regulatory framework for public procurement are anticipated in 2019 to consolidate and simplify the fragmented legal and policy environment and to introduce a greater degree of flexibility into the public procurement framework. The new regulatory framework will regulate, modernise and transform public procurement and will include preferential targeting, local-content, supplier development and set-aside measures to achieve equity, job creation and local industrialisation. It will also introduce stricter sanctions for wrongdoing and non-compliance with public procurement rules. 

BEE: Further amendments to the BEE Generic Codes of Good Practice are expected.