The South African Reserve Bank (SARB) building. SARB in Pretoria, the Central Bank of SA is in the process of restructuring financial sector regulation in SA moving to a “twin peaks” model of regulation. I will give a presentation at University of Pretoria and expound more on the role of Bank of Uganda. Many of the proposed changes in SA’s Financial Sector Regulation Bill, 2014 and the Banks (Amendment) Act, 2014 are already incorporated in Uganda’s Financial Institutions Act, 2004. Our great Governor Mutebile and his team foresaw the 2008 economic crisis and cushioned our financial sector as far as they could by empowering the regulator. I will examine “The Emergency Powers of the Central Bank in Times of Financial Crisis: Case studies from Uganda & SA”. Key among these is the power to place a financial institution under curatorship (the way SARB did with African Bank in August 2014). I will advocate for a more pronounced move by regulators to rescue (breath life) rather than bury failing institutions to mitigate job losses, save tax and mitigate economic disaster. I am getting on so well with South African Banking Law and everyone is amazed by how quick my small head is good at grasping and solving issues many financial sector players are grappling with under these new laws.
I can now tell the difference about doing Post-Grad and professional training in a country with a diversified economy: the quality of legal research and lawyering, the reasoning (ratio) of decisions, the professionalism of the lawyers, the sums involved in the cases, the depth of perspective and thoroughness of analysis! South Africa will lead Africa’s economic renaissance. Next week, I embark on a tour of law firms on Jo’burgh (ENS Africa, Bowman Gilfillan Inc, Norton Rose Fulbright, DLA Cliffe Dekker Hofmeyr already have footprint in Uganda) and the wineries in Stellenbosch (I love wine and the wine cases). It’s accurate to say that a lawyer can only be as exposed as the environment within which he is trained.
Day Six: The introduction to this judgment in one of the wine cases in SA is cute:Jordan Winery (Pty) Ltd & Another v Pritchard (2013)
“The female name Sophia is derived from the Greek word for wisdom and along with its European counterpart, Sofia has often been used to represent the personification of that human attribute. It is also said to be the name given to an early martyr in Christendom whose daughters were named Faith, Hope and Charity. In this Application, Sophia is the name which two prominent winemakers from the Stellenbosch district have bestowed upon their most revered of blended red wines.” (A mixture of Greek etymology, historicity & Christian tradition)