Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)RegulationsBroad-Based Black Economic Empowerment Regulations, 2016Regulating the Administration and Implementation of the Broad-Based Black Economic Empowerment Act and the Functions of the CommissionPart 5 - Registration of a Transaction18. Process for registration of a transaction |
| (1) | A party that enters into a major broad-based black economic empowerment transaction that is above the threshold determined by the Minister by notice in the Gazette shall, within fifteen (15) days of concluding the transaction, submit the transaction to the Commission for registration in the prescribed FORM B-BBEE 18 to comply with section 13F(1)(f) of the Act. |
| (2) | Upon receipt of the registration of a major broad-based black economic empowerment transaction, the Commission must— |
| (a) | immediately acknowledge receipt of the registration in writing to the party who submitted the transaction for registration; and |
| (b) | within ten (10) days issue the certificate of registration to the party that submitted the transaction for registration if the requirements for registration set out in FORM B-BBEE 19 have been met. |
| (3) | The Commission may within ninety (90) days after the major broad-based black economic empowerment transaction has been registered with it, assess the transaction to determine adherence to the Act, and advise the party that submitted the transaction for registration in writing of any concerns about the transaction. |
| (4) | The party issued with the written advice contemplated in subregulation (3) above must take steps to remedy the transaction within a reasonable period after receiving the advice from the Commission, failing which the Commission may proceed to initiate an investigation in terms of section 13F(1)(d) of the Act. |
| (5) | The requirement to submit the transaction for registration in terms of these Regulations does not constitute the requirement to obtain approval from the Commission before the transaction can be implemented. |
| (6) | The parties to a major broad-based black economic empowerment transaction must take steps to seek appropriate advice prior to concluding the transaction, including through advisory opinion services of the Commission provided for in the Act, as advice that may be provided by the Commission after registration does not substitute such prior advice before the transaction is concluded. |
| (7) | The Commission may, subject to valid confidentiality claim, use the information submitted for the registration of the major broad-based black economic empowerment transaction in producing a report or trends that the Commission may publish as it deems appropriate, including on its website. |
| (8) | The Commission must be notified of any material change to the broad-based black economic empowerment elements of the entity occurring after the transaction has been registered, if such material change does meet the threshold for the registration of a major broad-based black economic empowerment transaction. |