Africa regulatory ENSight2019 | 7

Benin sector legislation effective date/status key points and impact

Agriculture Law No.2018-20 - The Pastoral Code in the Republic of Benin

Issued on 23 April 2019. The law:

repeals Decree of May 1877; and is applicable to the pastoral breeding of bovine, ovine,

caprine, camelina, equine and factory species.

Cameroonsector legislation effective date/status key points and impact

Finance Decree No.2019-262 -Application of the OHADA Accounting System and the Statistical and Tax Declaration

Issued on 13 March 2019. The decree applies the Organisation for the Harmonization of Business Law in Africa (“OHADA”) Accounting and Statistics and Tax Statement (DSF) entities and makes it mandatory throughout the Republic of Cameroon.

Democratic Republic of Congosector legislation effective date/status key points and impact

Finance Regulation No.001/19 –Foreign Exchange Regulations

Issued on 29 January 2019. The regulations:

updates the exchange rate regulation in the Democratic Republic of Congo of March 2014;

repeals the Foreign Exchange Regulations of February 2003; repeals Circular 282 of March 1999; repeals Instruction No.000574 of April 2007 concerning measures

for the application of the changes in companies holding mining rights;

repeals Instruction No.000577 of April 2007 relating to the particular exchange rate regime applicable to oil operating companies;

relates to:o the holding of foreign currencies;o transactions and services in foreign currencies;o gifts in foreign currencies; ando foreign exchange monitoring.

Gabonsector legislation effective date/status key points and impact

AviationOrder No.000016/MTL/ANAC– Update of Aviation Agency fees

Issued on 21 December 2018.

The order:

repeals the service fees as provided in Decree No.001/MT of 27 January 2015; and

updates the service fees provided by the National Civil Aviation Agency.

Transport and logistics

Law No.035/2018 - New Legal Framework for Land Transport Activities

Issued on 8 February 2019. The law details rules for:

the construction and commissioning of land transport works and infrastructure;

access to the carrier profession; and transport safety and security.

Kenyasector legislation effective date/status key points and impact

Energy Petroleum Act, 2019 Gazetted on 28 March 2019.

The Act:

repeals Petroleum (Exploration and Production) Act (Cap 308); provides:

a framework for the contracting, exploration, development and production of petroleum; and

cessation of upstream petroleum operations to give effect to relevant articles of the Constitution in so far as they apply to upstream petroleum operations, regulation of midstream and downstream petroleum operations.

Mauritiussector legislation effective date/status key points and impact

Finance Income Tax (Amendment of Schedule) (No. 2) Regulations 2019

Issued on 25 April 2019 and became effective on 30 April 2019 .

The regulations exempt certain land transactions from income tax including land disposed to the below:

a smart city company; a smart city developer; the holding company of a smart city company; the holding company of a smart city developer; a PDS company; and the holding company of a PDS company.

Mozambiquesector legislation effective date/status key points and impact

Finance Law No.1/2019 – Tax debt relief Issued on 30 May 2019 and became effective on the same day.

The objective of the law is to create an incentive for taxpayers to settle any outstanding tax liabilities relating to fines, interest, costs of executive proceedings and other legal increases arising from national and municipal taxes.

Finance Notice No.5/GBM/2019 – Regulation of the Sale and Purchase of Foreign Currency

Issued on 4 April 2019. The regulation notes that the exchange rate applicable to the sale and purchase of foreign currency is the spot exchange rate in force on the date of execution of the relevant transaction.

Republic of Congosector legislation effective date/status key points and impact

Emigration Circular Letter No.00065/MFP-RE-TSS-CAB

Issued on 27 February 2019.

The circular makes it mandatory for all directors or top managers at private companies registered in the Republic of Congo to hold a “Social Security (CNSS) clearance certificate” (certificat de non redevance à la CNSS) in order to live temporarily or permanently in the country.

Rwandasector legislation effective date/status key points and impact

Finance Regulation No.2310/2019 - 00022[ 614] -The National Bank of Rwanda on Major Investments and Placements of Banks

Issued on 19 March 2019 and gazetted and became effective on 7 January 2019.

The regulations:

repeal Regulation No.09/2011 on Major Investment of banks and the Regulation No.06/2011 on banking placements;

sets up regulatory requirements for banks’ investments in immovable properties, investments in shares of other companies; and

minimises the risks that banks are exposed to due to concentration risks inherent in excessive placements and deposits in other banks of financial institutions.

Seychellessector legislation effective date/status key points and impact

Finance Revenue Administration (Country-by-Country Reporting Multinational Enterprise Groups) Regulations, 2019

Issued on 23 April 2019. The regulations note that the ultimate parent entity of a multinational group that is resident for tax purposes in Seychelles must file a country-by-country report to the Commissioner General of the Seychelles Revenue Commission within 12 months after the tax year ending 31 December 2019, and within 12 months after every subsequent tax year.

Zambiasector legislation effective date/status key points and impact

Finance Directive No.1 of 2019 -Directive to Secondary Market Dealers on Payment of Statutory Fees on Secondary Market Bond Trades and Reporting Requirements

Issued on 30 May 2019 and became effective on 1 July 2019.

The directive notes that all dealers conducting secondary bond market trading must comply with the law and remit the applicable fees to the Securities and Exchange Commission within 14 days of the end of the month in which a transaction occurred.

Zimbabwesector legislation effective date/status key points and impact

Finance Securities and Exchange (Zimbabwe Stock Exchange Listings Requirements) Rules, 2019

Gazetted on 14 June 2019. The rules amend sections, parts and schedules of the Securities and Exchange Act [Chapter 24:25] including:

Part II Authority of the ZSE and Listings Committee; Section 16 (1) Increase in role and scope of Professional Advisors; Section 6 (2) Director’s Censure; Section 35 (1) Increased Financial Reporting- Quarterly Reports; Section 38 Audit Reviews; Section 69 (1) Auditors’ Appointment, Resignation and Termination; Section 73 Corporate Governance-: Section 73 (6) Classification of Directorship; Section 73 (7) - (10) Audit Committee; Section 78 Directors’ Obligations; Section 184 (2) Directors’ Disclosures on Listing; Section 224(i) Disclosure of Directors’ emoluments in Financial

Statements; Part XXI Sustainability Information and Disclosure; Twentieth Schedule Standard Wording of Cautionary Statements; and Twenty-Sixth Schedule - Fines and Penalties on listed companies.

Finance Reserve Bank of Zimbabwe (Legal Tender) Regulations, 2019

Issued on 24 June 2019 and became effective on the same day.

The regulations note that the British Pound, United States Dollar, South African Rand, Botswana Pula and any other foreign currency whatsoever shall no longer be legal tender alongside the Zimbabwe Dollar in any transactions in Zimbabwe.

Zimbabwesector legislation effective date/status key points and impact

Finance Reserve Bank of Zimbabwe Exchange Control Directive RU102/2019

Issued on 25 June 2019 and became effective on the same day.

This directive amongst others notes that:

any investor purchasing a dual-listed share on the Zimbabwe Stock Exchange (“ZSE”) shall only be allowed to sell the share on the ZSE or on an external stock exchange after a vesting period of 90 days from the date of initial purchase;

investors wishing to uplift dual-listed shares from external bourses for purposes of selling the shares on the ZSE, such sales shall only be allowed to be executed after a period of 90 days from the date of registration on the ZSE;

for investors who have already acquired dual listed shares on the ZSEand are desirous of disposing of such shares, Exchange Control directs that such sales can only be allowed in instances where the shares have been purchased on or before 20 March 2019; and

the procedures for trading in dual listed shares on the ZSE as previously communicated by Exchange Control on 26 May 2016 shall remain operational.