BBBEE Commission Regulations salient features
The BBBEE Commission Regulations commenced 9 June 2016 and provide, amongst others, for:
- Condonation of late performance of conduct or act prescribed by BEE Commission;
- BBBEE compliance reporting duties for publicly listed companies, government and SETAs;
- Approach to be taken for confidential information – release rights may be legally questionable at times;
- Commission to have 1 year to handle complaints, from assessing a complaint to making a finding;
- Prescribed major BBBEE transactions to be submitted for registration within 15 days of concluding it;
- Up to 10 years in duration for government entity permission to raise qualification criteria for procurement and other economic activities; and
- Up to 10 years in duration for government entity exemption or deviation from applying codes of good practice.
GN689 GG40053 / 6 June 2016 (Incorporated into the BBBEE Act and Regulations)
All material subject to our Legal Disclaimers.