Privacy is a fundamental human right and is central to the protection of human dignity. In its simplest form, the right to privacy allows each human being to be left alone in a core that is inviolable. As we continue to celebrate Data Privacy Day, we look at key takeaways from recent decisions issued by the Office of the Data Protection Commissioner (ODPC) as data protection jurisprudence continues to evolve in Kenya.
ALN Uganda reviews some of the Intellectual Property (IP) rulings/judgements from 2023 within East Africa and this list is not in any particular order. Due to increased awareness of IP rights in the region, rights owners have taken precautionary measures against infringement. These measures include the registration of their IP and enforcement through various avenues. Where these rights have been infringed upon, owners have pursued litigation, opposition, and cancellation proceedings among others. As a ripple effect, judicial and quasi-judicial bodies are taking infringement cases and setting precedents for future cases to follow.
The Financial Reporting Council of Nigeria (Amendment) Act 2023 (the Amendment Act) made several changes to the Financial Reporting Council of Nigeria Act 2011. A key amendment is the expansion of the definition of Public Interest Entities (PIE). The PIE was previously defined to include governments, government organisations, quoted and unquoted companies, and any organisations required by law to file returns with any regulatory authorities excluding private companies that only file returns with the Corporate Affairs Commission and the Federal Inland Revenue Service.
The Republic of Rwanda enacted for the first time a Law governing partnerships (Law N° 008/2021 of 16/02/2021) (the Law). This Law defines partnerships as a relationship between two or more partners carrying on a business in common with a view to making a profit under a partnership. Rwanda has been making significant strides in developing its legal system, enacting several laws, to promote economic growth, including the partnership law.
Among other things, the derivatives market is essentially about mitigating financial market risk, and derivative contracts are the financial instruments used for that purpose. A derivative contract derives its value or price from an underlying asset such as currency, commodities, stocks, or bonds. Derivative contracts provide opportunities for financial market participants to capture value from anticipated price movements of the underlying assets they may not directly own. In a derivative contract, the parties take positions based on their expectation of future market movements, aiming to take advantage of price fluctuations.
As we start the new year, we highlight some important legal developments in 2023 which impacts on estate and succession planning and emphasises the need for families to do their estate and succession planning effectively noting the changing legal landscape.
In Tanzania, the issue of when withholding tax is due has been a subject of debate and interpretation for businesses, tax practitioners, and regulators alike. The principal issue to this discussion is whether withholding tax on interest is due on “actual payment” or on “accrual” of the same.
On 19 October 2022, former president Muhammadu Buhari signed the Nigeria Startup Act (the Act) into law. Prior to this, the country had no specific, encompassing startup legislation. The Act creates a foundational legal and institutional framework for supporting startups in Nigeria.
On 5 December 2023, the Nigerian Inter-Bank Settlement System (NIBSS) issued a notice directing all deposit money banks, merchant banks, payment service banks, microfinance banks, mortgage banks, and mobile money operators (MMOs) to delist non-deposit-taking financial institutions (NDFIs) such as switching and processing companies, Payment Solution Service Providers (PSSPs), and Super Agents (SAs) as beneficiary institutions on their respective NIP funds transfer channels.
As the African Continental Free Trade Agreement (AfCFTA) advances through various negotiation phases, several stakeholders have introduced operational tools to facilitate its implementation. One of these tools is the Pan-African Payment and Settlement System (PAPSS), which aims to play a key role in unlocking trade with the African Continental Free Trade Area. PAPSS, which hopes to achieve full Central Bank participation by year-end, welcomed the Central Bank of Kenya in October, making it the tenth African Central Bank to join the platform. Earlier this month, during the launch of the AfCFTA’s Trade and Development Centre at Strathmore University, President William Ruto announced that Kenya had won the bid to host PAPSS.
