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prescribed officer, employee, consultant etc.) for a period of two financial years
immediately preceding the appointment.

7. Private companies to become subject to the Takeover Regulations as
a “regulated company”
For a private company to be subject to the takeover regulations contemplated in
the Companies Act when embarking on affected transactions, the requirements
to be met for the takeover regulations to apply are proposed to be limited to the
following instances:

• If the company is required to be audited by reason of its Public Interest Commercial
score; or
• If the company elects to comply with the “extended accountability
and transparency” requirements in chapter 3 of the Companies Act in
its MOI.
In all other instances, the takeover regulations will not apply.

8. Employee share schemes extended
The ambit of employee share schemes will no longer be limited to share
issuances to employees, but will now include the purchase and sale of shares
by and to employees of a company, thereby also affecting the operation of
section 41, 44 and 45 of the Companies Act regarding the requirement of
special resolutions by shareholders.

POPI allows you access to your personal
information

September 2018

“I run a small franchise electronics store. I collect basic personal information
from our customers that we keep on file and use for marketing notifications
to our customers. The other day an upset customer demanded to know what
personal information we have of her and said that the POPI Act gave her the
right to request a complete copy of her personal information we have. We
gave it to her, but I was just wondering whether she really has the right to ask
for this?”
The Protection of Personal Information Act 4 of 2013 (“POPI”) was enacted
to promote the constitutional right to privacy and align South Africa with the
international community regarding information and data protection. Although
POPI has not yet fully come into operation, is has been signed into law and it is
only a matter of time before it comes into effect.

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