Bridget King joined Cliffe Dekker Hofmeyr as a Director in 2015. 

Bridget’s areas of expertise include financial services and markets regulation, banking regulation, the exchange control regime and over the counter and listed derivatives. She is exclusive local South African counsel to ISDA Inc., provides ISDA with industry opinions on the netting, collateral, insolvency, clearing and margin arrangements under ISDA agreements and assists with ISDA's initiatives in Africa. Her clients include major financial institutions (including foreign banks and financial services providers) who require advice and assistance with margin and clearing requirements under the new Financial Markets Act. She also assists foreign clients to establish (or de-register) a presence in South Africa under the Banks Act, and/or obtain Financial Sector Conduct Authority licenses and exemptions and/or registration under the Banks Act. She also assists insurers, banks, asset managers and brokers to secure approvals and exemptions from the Prudential Authority and Financial Surveillance Department of the Reserve Bank. She advises FinTech companies on fractional share rights trading, derivatives, CFDs, mobile money and non-bank lending.

  • Advises on derivatives, repo's and stock lending and acts as exclusive local South African counsel to the International Swaps and Derivatives Association Inc. (ISDA). She provides ISDA with the industry opinions on the netting, collateral, clearing and margin arrangements under the ISDA agreements and assists with ISDA's initiatives in Africa. She assists the global markets teams at Nedbank, Standard Bank, Absa Bank, Deutchse Bank, HSBC Limited, Citibank, JPMorgan and other clients in respect of the enforceability of the ISDA Master Agreement and collateral arrangements in terms of the Credit Support Documents under South African law, including in respect of transactions entered into with specially regulated entities and state owned companies. Bridget assists corporate and banking clients with the negotiation and execution of GMSLAs, GMRAs and ISDA Master Agreements, Schedules and Credit Support Documents.
  • Negotiates and drafts hedging agreements for interest rate and cross currency swaps, gold, coal, grain and other commodities for, among others, Harmony Gold, Trafigura PTE, BNP Paribas, Deutsche Bank, Old Mutual, Cargill Inc., Continental Coal and Investec Bank . Bridget drafted and advised on the loan-linked interest rate and forex hedging agreements for various sponsors, developers and lenders on 14 of the Department of Energy's renewable energy projects, and continues to do so for other renewable energy project companies.  She also advised a major state owned entity with regards to a funded collar and stock loan arrangement documented under ISDA and GMSLA agreements.
  • Advises local and offshore stock broking firms (and clearing members) of the JSE on the Financial Markets Act and the Rules of the JSE Limited's Equities Division, Derivatives Division and Interest Rate and Currency Division (previously the bond market). She frequently prepares advice and agreements for the custody and administration of securities under the Rules of the Central Securities Depository, Strate Limited. She also advises on the South African insider trading regime and shareholder disclosure rules, and all aspects of the new Financial Markets Act and Financial Sector Regulation Act and its subordinate legislation.
  • Acted for Barclay's Bank Plc in relation to the banking regulatory aspects of restructuring their African assets, involving the sale of Barclay's interests in Botswana, Ghana, Kenya, Tanzania, Uganda, Zambia, Mauritius and Seychelles businesses to Absa Group in exchange for an increased shareholding in Absa Group (a deal valued at ZAR 18.3 billion) together with the formation of an integrated African holding structure in keeping with Barclays' One Bank in Africa Strategy.
  • Advises the Banking Association of South Africa (BASA) with regard to submissions and legislative amendments required to the Insolvency Act and the proposed Bill for the new bank and financial institution recovery and resolution regime.
  • Advised the South African Securities Lending Association (SASLA) on the risks and applicable regulatory considerations which apply to the three different securities lending models adopted by market participants.
  • Advises local banks and branches of foreign institutions on compliance with the new OTC derivative provider Code of Conduct and Margin Requirements for non-centrally cleared OTC derivatives and the required regulatory changes required for re-papering. Also advises online CFD trading platforms on licensing requirements under the Conduct Standards applicable to OTC derivative providers, including rectification and applications for condonation of instances of non-compliance.
  • Acted for Portuguese bank Caixa Geral de Depositós (CGD) in respect of the disposal of their entire stake in Mercantile Bank Holdings Limited to Capitec Bank Limited for ZAR3.56 billion, as part of CGD's re-capitalisation plan. CGD is the second largest bank in Portugal. Bridget drafted and reviewed the regulatory applications and notices to the Minister of Finance, Prudential Authority, Financial Sector Conduct Authority and Financial Surveillance Department of the South African Reserve Bank. Our role was to draft and review the Section 158(3) notices under the Financial Sector Regulation Act, 2017, the Section 37 application made under the Banks Act and the Exchange Control applications in respect of CGD's disinvestment from Mercantile. This included providing all ancillary regulatory advice in respect of the transaction.
  • Acted for a large European bank in respect of drafting an application in terms of Section 34 of the Banks Act to register their South African Representative Office with the Prudential Authority, including drafting the applications, consulting with representatives of the Prudential Authority and providing all associated legal advice. Additional advice was required in respect of registration in terms of the National Credit Act and the Financial Advisory and Intermediary Services Act, including advice in respect of the Financial Sector Regulation Act and under the South African exchange control regime. Similar applications drafted and advice provided to Macquarie Bank Limited, Mizuho Bank and First Bank of Nigeria Limited.
  • Assisted Barclays Bank Plc with the sale of their South African business to Absa Bank Limited (ZAR 578 million) as part of Barclay's acquisition of a controlling interest in Absa Bank Limited in 2005 (ZAR 31 087 million). She continues to advise on the Banks Act requirements for registered banks to acquire offshore and local subsidiaries, establish (and de-register) branches and representative offices and for companies to acquire shares in banks and bank controlling companies.
  • Acted for EasyEquities with regards to establishing Africa's first Fractional Share Rights trading platform, including drafting all client agreements, platform terms and conditions and liaising with the South African regulators to bring the product to market. Bridget continues to advise EasyEquities and other FinTech companies with regards to the financial services and markets legislation which effects the operations of FinTech and CFD companies in South Africa.
  • Assisted Deutsche Bank Australia in connection with facilities for Babcock and Brown and assisted in drafting the Facility Agreements, Prime Brokerage Agreements, ISDA Schedules and Master Netting Agreements. Bridget assisted ASX (Australian Securities Exchange) with indemnity agreements for services provided by ASX Operations Limited.
  •  Worked extensively with the National Credit Act, and was involved in redrafting the retail banking credit agreements for Standard Bank, First National Bank and recently Mercedes Benz Financial Services. She worked with the Nedbank global markets team and assisted with redrafting their agreements and documentation for compliance with the Consumer Protection Act and new Companies Act, 2008.

Publications

  • Bridget King authored the FinTech Law: Trends and Developments chapter for South Africa in the Chambers and Partners Global Practice Guide on Fintech Law in 2018.

 

  • Chambers Global 2017 - 2020 ranks Bridget in Band 2 in Banking and Finance: Regulatory
  • Chambers Fintech 2019 -2020 Edition ranked Bridget in Band 2 for FinTech law.
  • The Legal 500 EMEA 2017-2020 recommended Bridget for banking and finance.
  • Who's Who Legal 2018 ranked Bridget  as one of the leading lawyers in Capital Markets - Structured Finance. Who's Who Legal 2018 ranked Bridget as one of the leading lawyers in Capital Markets - Debt and Equity.

Education

  • BCom Law and LLB (Cum Laude) and RPE (Equities).
  • Enrolled with the Legal Practice Council
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