Derivative Transactions in South Africa

The London office is forwarding recent legal advice from our lawyers in South
Africa regarding FX clearances. It seems that prior to transacting with a
South African party, we need copies of the party's "certification" from the
National Bank allowing the party to make payments out of the country (thereby
converting local currency to USD). Such approvals are severely restricted.
I will forward the memos to Susan Bailey for inclusion in our "database" of
global advice. Sara