February 06, 2021
Instagram/adrianvanq
If you’re a car enthusiast, you’ve probably seen Adrianvanq’s photos before. In this episode of In the Passenger Seat, we speak to Adrian, who happens to be one of the top car photographers in Singapore.
Adrian is probably the envy of car enthusiasts in Singapore.
Why? That’s because he has the opportunity to capture supercar convoys on a regular basis. He also gets to work with luxury car brands like Bugatti, Ferrari, and Mclaren.
He’s got one of the best jobs a car enthusiast could ever dream of, and he’s soaked up every minute of it as a professional car photographer.
On 4 January 2021 the Financial Surveillance Department of the South African Reserve Bank (FinSurv) issued a circular on the removal of the so-called “loop” prohibitions contained in the Currency and Exchanges Manual for Authorised Dealers (the Manual), wherein are set out the approved practices as set out by for use Authorised Dealers, i.e. the commercial banks.
At the outset, it must be noted that (a) the basis of what is allowed or not allowed under the Manual is what is contained in the Exchange Control Regulations, 1961, and the discretions given to FinSurv and the Minister thereunder, but nowhere in those regulations does one find the word “loop”, or any prohibition against such a “loop”. This is entirely an interpretation of the prohibition in regulation 10(1)(c) of those regulations (the Regulation) that a South African resident may not, without approval, export capital or the right to capital from South Africa.
2 months ago 6 min read
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The long-anticipated relaxation of the South African Exchange Control Rules relating to “loop” structures and investment was released on the 4
th of January 2021 by the South African Reserve Bank under Exchange Control Circular No. 1/2021. The “loop” structure and investments restriction were lifted to promote inward investments into South Africa, subject to the normal criteria applying to inward investments and reporting to the Financial Surveillance Department (FinSurv).
What is a “loop” structure?
In simple terms a “loop” structure are generally created by a South African resident individual, trust or company transferring authorized or unauthorized funds from South Africa to, for example, set up a foreign trust or foreign company. The foreign trust or company would then directly or indirectly (via another o
The long-anticipated relaxation of the South African Exchange Control Rules relating to loop structures and investments (By Chido Pamela Mafongoya)
The loop structure and investments restriction were lifted to promote inward investments into South Africa
JOHANNESBURG, South Africa, January 28, 2021/APO Group/
The long-anticipated relaxation of the South African Exchange Control Rules relating to loop structures and investment was released on the 4
th of January 2021 by the South African Reserve Bank under Exchange Control Circular No. 1/2021. The loop structure and investments restriction were lifted to promote inward investments into South Africa, subject to the normal criteria applying to inward investments and reporting to the Financial Surveillance Department (FinSurv).