Dear Valued Clients,
The first two months of the year have been very eventful from the BEE side. A number of important gazettes have been passed that have a bearing on many of our clients, and this is a summary of what has been released from the DTI to date. The first gazette is the repeal of two sector codes; the next are draft regulations for public comment, and the last gazettes for February being draft sector codes for public comment:
Repeal of Chartered Accountancy and Construction Sector Codes:
The Department of Trade and Industry (dti) has repealed the Chartered Accountancy and Construction sector codes with effect from 17 February 2016.
The Minister of the Department of Trade and Industry issued a the Government Gazette No.39703 indicating that these two sector codes no longer exist, and therefore cannot be used for verification purposes. The DTI further released a clarification note on the 22nd February 2016 explaining that companies in the affected sectors, with financial years ending before 30 April can utilize the 2007 Generic Code, but can also opt for the 2013 Amended Codes. Those financial years ending after the 30th of April can only utilize the 2013 Amended Codes of Good Practice.
Draft Regulations – for comment
The DTI also release the Broad Based Black Economic Empowerment Regulations for public commentary. These regulations only have a 30 day commentary period, from the date of issue, on the 17th February 2016. Comments can be sent to Ms LC Madonsela directly.
Draft ICT and Transport Codes – for comment
The Transport sector draft (gazette number 39744) was also issued on the 26th of February 2016 for public comments. The public has 60 days to comment on the published document.
We trust you will find all this information of use. Empowerdex is available to assist you in making sense of some of the proposed changes. Do contact your nearest office for assistance.