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Bridget King

Legal Director
About

Bridget King has more than 15 years experience in advising on derivatives, repos and securities lending, bank and financial services and markets regulation, exchange control and FinTech law.

Her practice includes advising clients, both inside and outside of South Africa, in the banking, financial services and markets, sectors, as well as major industry associations and private equity houses.

Bridget is the exclusive local counsel to the International Swaps and Derivatives Association Inc. (ISDA) and has a wealth of experience issuing the South African industry opinions on collateral, initial margin and variation margin, clearing and netting enforceability under South African law. She also assists ISDA with its wider initiatives in Africa.

Bridget advises FinTech companies on crypto-currency regulation, arbitrage, non-bank lending, mobile money, fractional security rights trading, CFDs and electronic payment systems.

Professional QualificationsAttorney and Conveyancer of the High Court of South Africa

EXPERIENCE

  • *Advising the Banking Association of South Africa (BASA) in respect of drafting amendments to the South African Insolvency Act, 1936 to align with the new margin requirements for non-centrally cleared OTC derivatives published under the Financial Markets Act.
  • *Advising BASA's and ISDA regarding's submissions on the new Bank Recovery and Resolution Regime under the Financial Sector Laws Amendment Bill and the existing curatorship regime under the Banks Act.
  • *Advising 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.
  • *Regulatory advisor to Rand Merchant Holdings on the unbundling of its entire stake in FirstRand Bank Limited.
  • *Regulatory advisor to Capital Works on their acquisition of Peregrine Holdings.
  • *Advised ISDA members on the capacity of collective investment schemes in hedge funds to trade derivatives and post collateral under the Collective Investment Schemes Control Act and the board notices issued pursuant thereto. Also advises on the enforceability of derivatives trades and collateral arrangements where parties transact with regulated entities such as insurers, pension funds, collective investment scheme mancos, the Government Employees Pension Fund and/or the Public Investment Corporation, the South African Reserve Bank, the Development Bank of Southern Africa, Eskom, Transnet and other statutory pension funds and state-owned entities.
  • Provided regulatory advice on the capacity of numerous South African medical schemes regulated under the Medical Schemes Act, 1998 (MSA) and the Insolvency Act, 1936 to enter into repos and buy/sell back transactions under the Global Master Repurchase Agreement and Agency Annex, particularly in light of the asset holding restrictions, borrowing restrictions and collateral restrictions imposed upon medical schemes by the Council for Medical Schemes under the MSA.
  • *Advised, drafted and negotiated the full suite of hedging agreements and updated the Facility Agreements, Hedging Policies and Intercreditor Agreements on behalf of Harmony Gold for the conclusion of gold and foreign exchange hedging contracts with various local and international banks to the value of USD400 million, constituting one-third of Harmony’s projected gold sales for 2016.
  • *Advised the South African Securities Lending Association (SASLA) and issued an industry wide opinion on South African stock lending structures to be relied upon by member banks and financial institutions and other participants in the local market.

*Denotes experience from a previous firm.

Languages
  • English
Education
  • Rand Afrikaans University, LLB, cum laude, 2003
  • Rand Afrikaans University, BCom (Law), 2001

Awards

  • Chambers Global 2017 - 22 ranks Bridget in Band 2 in Banking and Finance: Regulatory
  • Chambers Fintech 2019 - 2023 ranked Bridget in Band 2 for FinTech law
  • Best Lawyers in South Africa 2019 - 2023 recommends Bridget for Banking and Finance law.
  • The Legal 500 EMEA 2017-22 recommended Bridget for banking and finance
  • Who's Who Legal 2021, 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

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