Tag Archive | Black Economic Empowerment

Property Sector Charter B-BBEE Codes now in force

Codes immediately effective

The department of trade and industry (DTI) has published in terms of a government gazette a property sector charter setting out the sector’s codes of good practice for black economic empowerment.

It is immediately effective, the gazette states, being “binding on all stakeholders operating in the property sector”.

According to DTI the charter will apply to all residential and commercial property; all land zoned for development; and property services including “but not limited to valuation, sales, letting and management.”

The charter will also apply to the subsidiary of a holding company or the division/business unit of a company if the primary business of that subsidiary, division or business unit is dealing in property or providing services

DTI, as stated by the minister, Dr Rob Davies, seeks to “facilitate access to finance for ownership and development.”

Amongst activities excluded from the conditions involving B-BBEE regulations are amongst other things, the acquisition of mortgage loans; the “securitisation” of mortgage loans and matters dealing  the  banks.

The charter underwent a comprehensive consultation process and was published for comment in draft form late last year.

Posted in BEE, Finance, economic, Justice, constitutional, Land,Agriculture, Trade & Industry0 Comments

Control of fronting one of objectives of new BEE Bill

As part of a media presentation held by department and trade of industry (DTI) and in a cabinet statement issued a few days before. it was re-affirmed that a Broad-Based Black Economic Empowerment Amendment Bill, 2012, was about to be tabled Parliament.  The Bill has at one of its main aims the objective of controlling what is termed as “fronting”.

The Bill was published by DTI in November last year for public comment and fulfils a specific stated wish of DTI minister Rob Davies to criminalise  fronting as a statutory offence.

The new Bill will establish a Broad-Based Black Economic Empowerment (B-BBEE) commission to strengthen compliance-related monitoring and evaluation, and also the regulation of B-BBEE verification agencies, by the independent regulatory board of auditors.

The B-BBEE functional body will also, the statement said, provide for “the creation of incentive schemes to support black-owned businesses as part of DTI’s national B-BBEE plan.”

Posted in BEE, Cabinet,Presidential, Justice, constitutional, Trade & Industry0 Comments

New BEE Code targets

The trade and industry department has published a gazetted notice announcing new targets for the Codes of Good Practice, which are published in terms of the Broad-Based Black Economic Empowerment (BBBEE) Act of 2003.

The Codes were first published in 2007 and were designed to provide principles and guidelines, government says, that will facilitate and accelerate the implementation of broad-based BEE “in a meaningful and sustainable manner”

The Codes also state the timeframes within which those targets must be attained.

According to the notice, the 0-6 year targets came into effect on 9 February 2012.

The new targets apply to those entities whose measurement date falls after 9 February 2012.

Posted in BEE, Communications, Energy, Finance, economic, Health, Labour, Mining, beneficiation, Trade & Industry, Transport0 Comments


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