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

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
advice bank clearances prior transacting converting local london office forwarding certification national inclusion database global allowing party make memos susan bailey africa regarding fx