Browsing by Author "Hutchison, Andrew"
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- ItemOpen AccessA comparative analysis of the regulations governing mobile money services in South Africa and Zimbabwe and their impact on sustainable financial inclusion of the poor and vulnerable people(2022) Mavhuru, Luck; Hutchison, AndrewMobile money services refer to service where a mobile phone is used to provide banking services with little or no involvement of traditional banks. This service has become a powerful tool for bringing unbanked and underbanked people into the formal financial sector. The roll out and success of the service in question has not been smooth in some countries due to stringent financial regulations. The purpose of this study was to conduct a comparative legal analysis of how financial regulations have enhanced or hindered mobile money services adoption in South Africa and Zimbabwe and the extent to which this has helped to increase financial inclusion. Through a comparative analysis of primary and secondary sources of law, this study observed that South Africa and Zimbabwe have contrasting mobile money services fortunes which can be attributed to the regulatory approaches adopted by the two countries towards the mobile money services. South African adopted a no regulation approach requiring any entity that engages in mobile money services to do so within the confines of existing financial regulations. As a result of this, mobile money services have made little to no contribution to the fight against financial exclusion in South Africa. On the other hand, this research found that Zimbabwe has a thriving mobile money service sector. This can be attributed to the test and learn regulatory approach adopted by the country's regulators. At the time of writing this thesis, MTN and Vodacom in South Africa are relaunching their mobile money services after discontinuing the services 5 years ago. Rigid financial regulations were fingered as one of the causes of failure of the first attempt. The author hopes in highlighting the regulatory shortfalls of the approach adopted by South Africa in regulating mobile money services, this thesis will help policy makers, regulators and industry players to develop robust and inclusive mobile money regulatory eco-systems which promote financial inclusion as is the case with Zimbabwe.
- ItemOpen AccessA comparison between the manner in which court will second-guess the exercise of a private contractual power, on the basis of public policy, and the manner in which court will second-guess the exercise of public power, on the basis of rationality(2021) Du Plessis, James; Hutchison, AndrewThis thesis considers and compares the standards against which Courts in South Africa review the exercise of private contractual power, on the basis of public policy, and the standards against which Courts in South Africa review the exercise of public power on the basis on rationality. This thesis undertakes this task in four main parts. Firstly, this thesis outlines important theoretical distinctions between legal and nonlegal powers, and private and public legal powers. In this regard, it is argued that what distinguishes a legal power from a non-legal power is the ability of the exercise of a legal power to in and of itself change another person's legal situation. This differs from the exercise of a non-legal, or a "power of influence" which has natural, and no automatically legal consequences, and will only change another legal situation if other (natural) consequences come to bear first. In relation to the distinction between private and public powers, this thesis outlines the traditional justifications for the distinction drawn between private and public power. Drawing on Austin, this thesis proposes that a useful demarcation between public and private powers is that the latter, more peculiarly, regards persons determined specifically, while the former, more peculiarly, regards the public considered indeterminately. Secondly, this thesis unpacks and details the standard of rationality that a Court will hold the exercise of a public power to, and highlights how rationality in this respect is an objective standard that relates essentially to a power's objective and whether or not the exercise of that power is related to that objective. Thirdly, and drawing on the latest pronouncements of the Constitutional Court, this thesis details what public policy requires of the exercise of private contractual power and highlights how what it requires is a value laden and facts dependent inquiry. Fourthly, this thesis goes on to argue that the standard of public policy, to which exercises of private contractual power are held to, is a higher standard than the standard of rationality that the exercises of public power is held to. Furthermore, this thesis argues that while such a situation is justifiable, it may become unjustifiable should Courts begin to misconstrue the fundamental differences between a legal and non-legal, and private and public power. Finally, this thesis submits that another iv cornerstone of South Africa's contract law, namely, that of privity of contract, may be a useful tool that Courts can use to keep balanced, on what this thesis outlines is a tightrope, that Courts have to walk in both having to imbue South Africa's contract law with Constitutional values, while at the same time ensuring that the higher standard that private contractual power wielders are held to, does not become unjustifiable.
- ItemOpen AccessA Critical and Comparative Analysis on the Effect of Business Rescue on Creditors’ Rights against Sureties(2018) Tsangarakis, Andreas; Hutchison, AndrewBusiness rescue proceedings have been introduced into South African company law under chapter 6 of the Companies Act 71 of 2008. The United States Chapter 11 bankruptcy model was closely consulted by the legislature when drafting chapter 6. Further to this and although business rescue has been generally well received, there have been legal issues which have arisen in the interpretation of chapter 6. In particular, the issue of creditors' rights against third party sureties of financially distressed companies continues to fall under the spotlight which, in tum, has caused a ripple of commercial uncertainty to filter through to creditors. This issue will be investigated with comparative reference to the position in the United States. In doing so, a critical analysis will be undertaken of the procedures and processes in both of these jurisdictions, whereafter a comparative analysis will be presented. It will be advocated that although the essential difference between the two jurisdictions is the United States' legislative regulation on this issue, South African courts have correctly decided on creditors' rights against third party sureties. Unlike in the United States where conflicting decisions have been delivered, commercial certainty on this issue does in fact exist in South Africa notwithstanding the lack of statutory regulation under the Companies Act. It will be further advocated that although there is potential for this issue to be development under the South African common law when having regard to the decisions in the United States, caution is to be exercised as such development may generate commercial uncertainty.
- ItemOpen AccessAdvancing security information and event management frameworks in managed enterprises using geolocation(2015) Khan, Herah Anwar; Hutchison, AndrewSecurity Information and Event Management (SIEM) technology supports security threat detection and response through real-time and historical analysis of security events from a range of data sources. Through the retrieval of mass feedback from many components and security systems within a computing environment, SIEMs are able to correlate and analyse events with a view to incident detection. The hypothesis of this study is that existing Security Information and Event Management techniques and solutions can be complemented by location-based information provided by feeder systems. In addition, and associated with the introduction of location information, it is hypothesised that privacy-enforcing procedures on geolocation data in SIEMs and meta- systems alike are necessary and enforceable. The method for the study was to augment a SIEM, established for the collection of events in an enterprise service management environment, with geo-location data. Through introducing the location dimension, it was possible to expand the correlation rules of the SIEM with location attributes and to see how this improved security confidence. An important co-consideration is the effect on privacy, where location information of an individual or system is propagated to a SIEM. With a theoretical consideration of the current privacy directives and regulations (specifically as promulgated in the European Union), privacy supporting techniques are introduced to diminish the accuracy of the location information - while still enabling enhanced security analysis. In the context of a European Union FP7 project relating to next generation SIEMs, the results of this work have been implemented based on systems, data, techniques and resilient features of the MASSIF project. In particular, AlienVault has been used as a platform for augmentation of a SIEM and an event set of several million events, collected over a three month period, have formed the basis for the implementation and experimentation. A "brute-force attack" misuse case scenario was selected to highlight the benefits of geolocation information as an enhancement to SIEM detection (and false-positive prevention). With respect to privacy, a privacy model is introduced for SIEM frameworks. This model utilises existing privacy legislation, that is most stringent in terms of privacy, as a basis. An analysis of the implementation and testing is conducted, focusing equally on data security and privacy, that is, assessing location-based information in enhancing SIEM capability in advanced security detection, and, determining if privacy-enforcing procedures on geolocation in SIEMs and other meta-systems are achievable and enforceable. Opportunities for geolocation enhancing various security techniques are considered, specifically for solving misuse cases identified as existing problems in enterprise environments. In summary, the research shows that additional security confidence and insight can be achieved through the augmentation of SIEM event information with geo-location information. Through the use of spatial cloaking it is also possible to incorporate location information without com- promising individual privacy. Overall the research reveals that there are significant benefits for SIEMs to make use of geo-location in their analysis calculations, and that this can be effectively conducted in ways which are acceptable to privacy considerations when considered against prevailing privacy legislation and guidelines.
- ItemOpen AccessAgreements to agree: can there ever be an enforceable duty to negotiate in good faith?(Juta, 2011-06-01) Hutchison, AndrewParties to an agreement may include open terms which leave certain particulars open to future negotiation. The aim of this type of provision is usually to allow for changing circumstances over time or the threshing out of more detailed terms. Conventional drafting practice is to state that these terms are to be negotiated in the future in good faith. What if a party subsequently resists all efforts to reach agreement? Is there a mechanism which will enforce this duty to negotiate? Of course the parties may have inserted their own deadlock-breaking provision – in the absence thereof a court should be able to find its own resolution. This paper will consider proposed methods of enforcement of such a duty with reference to developments in South Africa as well as other countries, particularly the USA and Australia.
- ItemOpen AccessAn analysis of section 86(10) of the National Credit Act no. 32 of 2005(2015) Mwape, Bibiana Mwansa; Hutchison, AndrewThe financial sector in general is a difficult industry to regulate, as there is a need to balance the competing interests of the various stakeholders. Tampering with the cornerstone of the capitalist system naturally arouses diverging views and is often the subject of many debates as is evidenced by the debates surrounding the National Credit Act ('NCA'). Nonetheless, its regulation can be a weapon to fight against poverty and inequality as evidenced by the purposes of the NCA. The object of this research is to analyse the law on debt review, focusing on the credit provider's right contained in s 86(10) of the NCA to terminate the debt review process.
- ItemOpen AccessAnalyzing the Effect of Causation in Covid-19 Business Interruption Insurance Claims: A Black-Letter Law Analysis of Causation within Business Interruption Insurance Cases(2023) Naidoo, Jared; Hutchison, AndrewThe unprecedented Covid-19 lockdown response by governments around the world triggered a bevy of business interruption insurance claims. One of the key issues considered by the courts in adjudicating refuted claims was the question of causation. The question in its simplest form was this: did the virus or the government response cause the losses suffered by the insured? This paper analyzes the effect causation played in the adjudication of these business interruption insurance cases in South Africa, as well as the test case in the United Kingdom. Given the novelty of the issue, this paper narrows down on the causative link between the virus, the government response and the insurance claim, at the time of writing the paper, a topic not thoroughly focused on by other academics. This paper analyzes the case law to see how the courts dealt with the issue, but also proposes an alternative causation theory to consider and what the result of the courts' decision could have been had they followed that consideration. The main finding is that despite a reasonable alternative consideration of causations effect on the insurance claim, the courts' made the more appropriate decision, especially taking into account the overarching considerations of fairness. The result shows the major effect causation plays in business interruption insurance cases and the depth of the causative analysis goes much deeper than anticipated, however given the unanimous judgments from South Africa and the UK, the question of causation in Covid-19 business interruption claims seems to now be largely settled law.
- ItemOpen AccessAn architecture for secure searchable cloud storage(2012) Koletka, Robert; Hutchison, Andrew; Berman, SoniaCloud Computing is a relatively new and appealing concept; however, users may not fully trust Cloud Providers with their data and can be reluctant to store their files on Cloud Storage Services. The problem is that Cloud Providers allow users to store their information on the provider's infrastructure with compliance to their terms and conditions, however all security is handled by the provider and generally the details of how this is done are not disclosed. This thesis describes a solution that allows users to securely store data all a public cloud, while also providing a mechanism to allow for searchability through their encrypted data. Users are able to submit encrypted keyword queries and, through a symmetric searchable encryption scheme, the system retrieves a list of files with such keywords contained within the cloud storage medium.
- ItemOpen AccessAugmenting security event information with contextual data to improve the detection capabilities of a SIEM(2017) Bissict, Jason; Hutchison, AndrewThe increasing number of cyber security breaches have revealed a need for proper cyber security measures. The emergence of the internet and the increase in overall connectivity means that data is more easily accessible and available. Using the available data in a security context may provide a system with an external contextual insight such as environmental awareness or current affair awareness. A security information and event management (SIEM) system is a security system that correlates security event information from surrounding systems and decides whether the surrounding environment (possibly an enterprise's network) is vulnerable or even under attack by a malicious person whether they be internal (authorised) or external (unauthorised). In this thesis, the aim is to provide such a system with con- text by adding non-security related information from surrounding available sources known as context information feeds. Contextual information feeds are added to the SIEM and tested using randomised events. There are various context information types used in this thesis, namely: social media, meteorological, calendar information and terror threat level. The SIEM is tested with each contextual data feed active and the results are recorded. The testing shows that the addition of contextual data feeds actively affects the sensitivity of OSSIM and hence results in higher alarms raised during elevated context triggered states. The system showed a greater and deeper visibility of its surrounding environment and hence an improved detection capability.
- ItemRestrictedChange of circumstances in contract law: The clausula rebus sic stantibus(LexisNexis, 2009-03-01) Hutchison, AndrewA common problem in contract law occurs when a supervening change of circumstances impacts upon contractual relations. Although performance does not become impossible, it may become more difficult. Indeed, the whole basis on which consent was originally based may fall away. In medieval times the impact of changed circumstances on a contract was mitigated by an implied condition, which reserved the right of a contracting party to withdraw from that contract if he or she would never have promised with hindsight of the altered circumstances. This doctrine came to be known as the clausula rebus sic stantibus. This article will trace the life of the clausula doctrine, from its origins in Roman moral philosophy, through canon law and the writings of theologians, to its arrival as a fully fledged doctrine in civil law. While change of circumstances remains a problem in contract today and is recognised as a ground for voiding – or even intervening in – contracts in some jurisdictions, it is not recognised in others, such as South Africa. This is due largely to a concern for certainty in contract, which caused the demise of the clausula doctrine in later years. This article will end with the fall from favour of this concept in the age of codification.
- ItemOpen AccessConstitutionalism, Good Faith and the Doctrine of Specific Performance: Rights, Duties and Equitable Discretion(Juta, 2016-03-01) Siliquini-Cinelli, Luca; Hutchison, AndrewThis paper will explore the European roots of the doctrine of specific performance and the influence of transformative constitutionalism on these in recent times. The question of whether specific performance is available as of right (as in the Civil law), or only subject to judicial discretion (as in the Common law), will be investigated. The demonstrated impact of constitutional rights on contract law in the mixed system of South Africa will be contrasted with developments in English and Australian contract law, where the Common law rules are more deeply entrenched and the potential scope for human rights-based development of these is arguably smaller, though still important. The paper will argue, using comparative rules on specific performance as an example, that the concept of a duty of good faith or contractual fairness, is likely to play a greater role in future in all three of the countries under consideration, reducing the common/civil/mixed legal systems divide.
- ItemOpen AccessA Customary Insurance Law?(Juta, 2017-08-01) Hutchison, AndrewThis article will explore risk spreading practices in the so-called ‘popular economy’ in South Africa. Concepts like ‘insurance’, ‘insurance law’ and ‘customary law’ will be interrogated, with the analysis falling on traditional and more modern informal responses to risk, as well as more formal responses resulting from the increased penetration of private insurance in the democratic era. This contribution aims to address concerns expressed about both informal and formal risk spreading practices, to argue towards a conclusion that a pluralistic notion of ‘insurance’ should not necessarily be sacrificed in service of corporate profit aims. Value remains in ‘customary insurance law’, and these cultural responses may provide evidence of a broader contract value system to be used in the service of developing the South African laws of contract and insurance. At very least, this value system should inform concepts like consumer insurance law and should be foregrounded in developing a notion of micro-insurance. South Africa has the potential to be a world leader in the field of customary insurance law, as the failings of a comparable system – funeral insurance in Australia – demonstrate.
- ItemOpen AccessDetection of HTTPS malware traffic without decryption(2022) Nyathi, Miranda; Hutchison, AndrewEach year the world's dependency on the internet grows, especially its functionality relating to critical infrastructure and social connections. More than 80% of internet traffic is encrypted using Transport Layer Security (TLS) protocol, and it is predicted that this number will increase [8]. However, threat actors are also increasingly using the TLS protocol to hide malicious activities such as Command and Control, loading malware into a network, and exfiltration of sensitive data. The use of TLS by threat actors poses a challenge to security professionals as traditional techniques used in the detection of HTTP malware cannot be applied in detecting Hypertext Transfer Protocol Secure (HTTPS) encrypted malware. To manage this, companies are using a traditional method called Transport Layer Security Inspection (TLSI), which involves decrypting packets to do full packet inspection. TLSI is expensive in computational performance and complexity, and over and above all, it violates the users' privacy. Researchers from Cisco have proposed that it is possible to identify malicious encrypted traffic by techniques other than TLSI and that the unencrypted TLS handshake messages, certificates, and flow metadata of malicious traffic are distinct from benign. These differences can be effectively used in machine learning to classify malicious and benign encrypted traffic [35]. This dissertation aims to assess the feasibility and effectiveness of the proposed alternative to TLSI. We sourced thousands of malware and benign flows and then used the Cisco tool called Joy to extract the features from the unencrypted TLS handshake messages, certificates, and flow metadata. To understand the characteristic behaviour between malicious and benign flows, we did a data exploration, summarized the unique values of the features from our datasets, and compared them with the feature values from the Cisco datasets used in the research paper [35]. We then selected features that had the most differentiating power in our dataset. The selected features were inputs into the two supervised classifiers: logistic regression and random forest. The classifiers were trained and tested on the offline datasets of benign and malware features, and we observed that the random forest performed better with an average accuracy of 98.92%. We concluded that it is viable and effective to use alternative techniques to detect HTTPS malware without TLSI.
- ItemOpen AccessDistributed authentication to preserve privacy through smart card based biometric matching(2000) Nelte, Michael Andrew; Hutchison, AndrewThis thesis focuses on privacy concerns, specifically those relating to the storage and use of biometrics. These concerns result from the fact that biometric information is unique. This uniqueness makes the biometric a very strong identifier increasing the possibility that it could be used to monitor an individual's activities. An expert can extract considerable information from a biometric scan, ranging from the age or gender to whether the individual has certain diseases.
- ItemOpen AccessThe doctrine of frustration: A solution to the problem of changed circumstances in South African contract law?(Juta, 2010-03-01) Hutchison, AndrewThe South African law of contract contains a lacuna in that it addresses only the narrow issue of supervening impossibility and not the broader problem of supervening change of circumstances. Comparative study is illuminating in this regard: many other leading Western legal systems employ a doctrine of changed circumstances. One such example is English law. While this system is more conservative than, for example, the equivalent US law or the model rules of international trade as contained in the Unidroit Principles of International Commercial Contracts, it offers a broad approach of discharge where there has been a “radical change in the obligation”. This feature of English law has been used in several past South African decisions to offer a solution to the lack of a doctrine to deal with changed circumstances in this country. The question needs to be asked what the status of these precedents is and in particular whether the English law of frustration is compatible with the South African common law. The answer is that there are fundamental differences between these two systems and that while English law provides a useful comparative study, in itself it is not the ideal solution to South Africa’s problem.
- ItemOpen AccessEconomic empowerment through business loans - A critical look at credit protection law for small, micro and medium enterprises in South Africa and Australia(2019) Govender, Dharshini; Hutchison, Andrewa) Overview The question to be answered in this dissertation is whether the National Credit Act 34 of 2005 (the NCA), promotes or impedes the sustainable growth of the South African economy. This question will be answered through exploring the importance of the contribution made by small, micro and medium enterprises (SMMEs) to the economy. This research question is premised on the findings in structural change theory of development economics.1 This theory advances the view that for a developing country to obtain sustainable growth of its economy there needs to be a decline in the number of microenterprises over a period of years and an increase in the number small and medium enterprises (SMEs). 2 This dissertation interrogates whether the NCA supports this kind of sustainable growth of the South African economy. The hypothesis proposes that the NCA impedes the sustainable economic development of South Africa. In support of this, I have examined the NCA and the protection that it affords to SMEs in South Africa. Specifically, I have examined the extent to which the NCA permits lending to SMEs by financiers, in contrast to the permission given to financiers to lend to microenterprises. In addition, I have examined the extent to which the NCA protects SME borrowers in cases where the SME qualifies for a loan, so bringing it within the provisions of NCA. This is then contrasted with the protection extended by the provisions of the NCA to microenterprises. In this investigation, I have undertaken a review of case law in South Africa to substantiate my view that the NCA inhibits sustainable growth of the South African economy. The decisions raise some important considerations, including problems caused by the concept of separate legal personality of juristic persons run by an individual in the context of borrowing, the extent to which credit guarantees offered by these individual owners should be legally enforceable and the ambiguity of developmental loans envisaged by the NCA. To address these problems, I have looked to foreign jurisprudence, especially the legal protection offered to SMEs in Australia when taking out a loan. A comparison between South African law and Australian law suggests how access to credit by SMEs and microenterprises can be improved to ensure sustainable economic growth of the economy. b) Research Methodology A doctrinal, desktop-based research method is used. The main documentary data analysed to answer the research question is primary legislation, specifically the NCA and the Usury Act 73 of 1968. Secondary sources, such as commentaries and publications by various researchers will be explored. Further documentary data will include empirical data collected in secondary sources. Other persuasive legal texts will be utilised, such as the Australian Securities and Investments Commission Act 2001 (Cth) (the ASIC), The Australian National Consumer Credit Protection Act 2009 (the ACCPA) as well as the Australian Code of Banking Practice (the COBP) c) Limitations to the Study The main limitation to this dissertation has been determining the exact number of SMMEs that exist in South Africa. Studies so far undertaken have used different methodologies and research strategies and their objectives may have differed to the objectives of this paper.3 Despite the growing amount of literature and research that is being conducted regarding SMMEs, there is still very little known about them. This is largely a result of the high number of unregistered SMMEs that exist. A further limitation on the research is that each survey contains different definitions of small, micro and medium business. For example, the South African General Entrepreneurial Monitor (GEM) measures different types of entrepreneurship and not the number of businesses to enable international comparisons. In contrast the department of trade and industry’s (DTI) definition of small business is used to determine the number of small businesses in South Africa; and this is the definition used in the National Small Business Act 102 of 1996 (the Small Business Act).
- ItemOpen AccessFacilitating the modelling and automated analysis of cryptographic protocols(2001) Saul, Elton; Hutchison, AndrewMulti-dimensional security protocol engineering is effective for creating cryptographic protocols since it encompasses a variety of design, analysis and deployment techniques, thereby providing a higher level of confidence than individual approaches. SPEAR II, the Security Protocol Engineering and Analysis Resource n, is a protocol engineering tool built on the foundation of previous experience garnered during the SPEAR I project in 1997. The goal of the SPEAR II tool is to facilitate cryptographic protocol engineering and aid users in distilling the critical issues during an engineering session by presenting them with an appropriate level of detail and guiding them as much as possible. The SPEAR II tool currently consists of four components that have been created as part of this dissertation and integrated into one consistent and unified graphical interface: a protocol specification environment (GYPSIE), a GNY statement construction interface (Visual GNY), a Prolog-based GNY analysis engine (GYNGER) and a message rounds calculator.
- ItemOpen AccessFinancial cooperatives: regulatory and supervisory answers for South Africa and Malawi(2022) Gondwe, Ruth; Hutchison, AndrewThe regulatory and supervisory framework of financial co-operatives in South Africa consists of the Cooperatives Act (No. 14 of 2005), the Co-operatives Bank Act (No. 40 of 2007), Banks Act Exemption (Notice 620 of 2014) and the Financial Sector Regulation Act (No. 9 of 2017). In Malawi, the regulatory and supervisory framework of financial co-operatives consists of the Financial Services Act (No. 26 of 2010) and the Financial Co-operatives Act (No. 8 of 2011). This thesis proposes that the regulatory and supervisory frameworks provided by these pieces of legislation in both South Africa and Malawi do not adequately regulate the sector and that this in turn, one of the main contributing factors to the slow growth of financial co-operatives in the respective countries. On the one hand, the frameworks over-regulate some aspects of the financial co-operatives sector. This overregulation has created a harsh regulatory environment for some financial co-operatives. On the other hand, some aspects of the financial co-operatives sector are underregulated. Under-regulation has resulted in regulatory arbitrage and oversight of the fact that financial co-operatives have economic objectives, ownership structures, risks, and challenges unique to them. Interestingly, although such gaps and overcompensations in the frameworks have hindered the growth of formal and semi-formal financial co-operatives, they have fostered the growth of informal financial cooperatives. Accordingly, in both countries, there is an overwhelmingly large sector of informal financial co-operatives. Informal financial co-operatives are not governed by formal pieces of legislation. Rather, they are governed by indigenous law, or as otherwise termed, the law of the people. This thesis postulates that the overregulation and under-regulation embedded in the current regulatory and supervisory frameworks have been birthed from a misunderstanding of what financial co-operatives are and how they ought to function; an infusion of unfavourable historical and political influences and practices into the current regulatory and supervisory frameworks; overdependence of external aid; and lastly, an underestimation of the competencies of the citizens in both countries. The aim of this thesis is not to suggest supplanting of the current formal frameworks in South Africa and Malawi, or an adoption of informal governance structures. Instead, this thesis aims to provide recommendations for legal reform within the current framework. It aims to propose how, if possible, or required, the relevant laws in South Africa and Malawi might be changed, reformed or developed within their existing frame of reference.
- ItemOpen AccessFinTech - Decoding the effect of regulatory sandboxes in South Africa: a comparative study of the Financial Services Sector Laws in context(2023) Dambuza, Tebogo; Hutchison, AndrewThis is a comparative study on the legal and regulatory framework in South Africa and the United Kingdom focused on the creation of the “regulatory sandboxes” in the financial sector. The study identifies the types of regulatory methods that can be effective in both jurisdictions. The focus is on the creation, implementation, and supervision of sandboxes, specifically with FinTech, and the successful advancement of the regulatory objectives. The study will also draw on lessons from the way the United Kingdom has used the regulatory sandbox as a tool in fostering financial inclusion. The research establishes the effects of the of a supranational model of the regulatory sandboxes and the challenges that are encountered when creating a cross border/cross jurisdictional sandbox. Finally, it makes recommendations on practical solutions that can be implemented to improve the effectiveness of the regulatory sandboxes in South Africa.
- ItemOpen AccessFormalising the informal: The ‘fate’ of Village Banks(2018) Bolton, Katy May; Hutchison, AndrewAs our lives become more and more regulated by the powers that be, it is pertinent that there be acknowledgement of the people that are subject to these rules. When government attempts to regulate aspects of human lives, these regulations exist alongside the embedded mores of communities and the resulting social constructs.1 For this reason, one cannot dismiss the relevance of informal practices when discussing the formal sector and the prospect of regulation of such. With the gradual ‘financialising’ of those previously thought of as ‘unbanked’, there is a steady move toward increased interaction with credit, savings and financial transactions in general.2 Elizabeth Hull notes that as this trajectory continues, there has been a shift in efforts to provide financial services to those who fall outside of the formal sector. 3 The enthusiasm of such efforts has however differed between the informal and formal sector. Formal financial service provision for the poor is still severely lacking, due to the systemic flaws in financial institutions, which include high transaction costs, the need for collateral and stringent regulations.4 As a result of these inadequacies, informal financial services have flourished as they aim to mitigate the flaws associated with the formal sectors, in the hopes of fostering inclusion and pursuing economic sustainability.5 The Village Bank is one such informal financial service. The term ‘Village Bank’ is one widely used in the economic and anthropological literature to describe a member-based bank, usually operating at the intersection of the formal and informal sectors. I will use this terminology throughout my dissertation to reflect the concept as framed in the social science literature. In part 1.4 below, I give further details as to a possible definition of the Village Banks concept.
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