Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)

Industry Charters

Financial Services  Charter

Code Series FS000: Framework for Measuring Broad-Based Black Economic Empowerment

Statement 000: General Principles and the Scorecard

14. Interpretive Guides / Guidance Notes / Practice Directives and Standard Documents
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14.1The Financial Sector Council shall, from time to time issue Interpretive Guides / Guidance Notes / Practice Directives and Standards documents.

 

14.2These documents shall be mainly (but not solely) for the purpose of addressing any ambiguities that may exist with regard to the interpretation and application of key measurement principles and/or qualifying criteria contained in any Code Series or Code Statement in this Financial Sector Code.

 

14.3In issuing such documents the Council shall be obliged to provide interpretations that are consistent with the substance of these codes rather than just the legal form.

 

14.4The Financial Sector Council shall monitor the overall B-BBEE ownership levels of the sector as reported by measured entities by performing an Ownership review every two years from the date of gazetting of this code. Should the review show that B-BBEE ownership in the sector has diluted, then the continued inclusion of paragraph 3.5.2.1. of code 100, statement 100 must be considered in view of the overall transformation objectives of the ownership pillar."