Global Regulatory Updates
1. Corporate Sustainability Due Diligence Directive (EU)
The European Union has adopted the Corporate Sustainability Due Diligence Directive (2024/1760), requiring companies to identify and mitigate adverse human rights and environmental impacts within their operations and value chains. This directive applies to companies operating within the EU and may affect global supply chains. Organizations should assess their due diligence processes to ensure compliance. Wikipedia
2. IMO Net-Zero Framework
The International Maritime Organization (IMO) has introduced the Net-Zero Framework, set to apply from 2028. This framework establishes a carbon price of $100 per tonne of CO₂ equivalent for maritime shipping, aiming to reduce emissions from ships above 5,000 gross tonnage. Companies involved in international shipping should prepare for these upcoming regulations. Wikipedia
3. Basel III Finalization (Post-Crisis Reforms)
The Basel Committee on Banking Supervision is finalizing post-crisis reforms under Basel III, scheduled to take effect on July 1, 2025. These reforms aim to strengthen the regulation, supervision, and risk management of the banking sector. Financial institutions should review their capital requirements and risk management frameworks to align with these changes. Wikipedia
🇿🇦 South Africa Regulatory Updates
1. Climate Change Act, 2024
South Africa’s Climate Change Act, 2024 (Act No. 22 of 2024), commenced on February 28, 2025. The Act mandates national and local governments to implement climate change mitigation and adaptation strategies, emphasizing a just transition to a low-carbon economy. Organizations should integrate climate resilience into their operations and align with national climate goals. Wikipedia+1Wikipedia+1asg.co.za
2. Expropriation Act, 2024
The Expropriation Act, 2024 (Act No. 13 of 2024), signed into law on January 23, 2025, establishes the framework for the compulsory acquisition of property for public purposes. The Act includes provisions for “nil compensation” in certain circumstances. Entities should review their property holdings and prepare for potential implications. Wikipedia
3. Cybersecurity and Cyber Resilience Joint Standard
Effective June 1, 2025, the Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA) will enforce Joint Standard 2 of 2024, focusing on cybersecurity and cyber resilience for financial institutions. Institutions must develop and maintain adaptive security frameworks, conduct regular vulnerability assessments, and ensure robust incident response plans. Chambers Practice Guides+1asg.co.za+1asg.co.za
4. Electricity Regulation Amendment Act
The Electricity Regulation Amendment Act, effective from January 2025, reforms South Africa’s electricity sector by streamlining the licensing process for small-scale and backup power facilities. The Act introduces the Transmission System Operator (TSO) to manage the national grid, promoting competition and encouraging investments in renewable energy. Trade.gov
For SayPro partners, staying informed and compliant with these regulatory changes is crucial. We recommend conducting internal assessments to identify areas impacted by these updates and implementing necessary adjustments to ensure adherence to both global and national standards.
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