BY Parusha Desai Valodia
broad-based black economic empowerment (BBBEE)
South Africa: further extension of time for B-BBEE submissions and filings during the lockdown
On 27 March 2020, we reported on a notice published by the Broad-Based Black Economic Empowerment (“B-BBEE”) Commission, permitting stakeholders to register major B-BBEE transactions and/or submit an annual B-BBEE compliance report within 30 calendar days following the end of the lockdown period (ie, 31 May 2020).
On 5 May 2020, the B-BBEE Commission published a further notice permitting:
- parties to a major B-BBEE transaction concluded between the period 11 March 2020 to 30 April 2020 (and any time during the implementation of the national level 4 lockdown) to register this transaction by 30 June 2020, notwithstanding the prescribed period contemplated in regulation 18(1) of the B-BBEE Regulations; and
- all JSE-listed entities, organs of state, public entities and SETAs that were required to submit their annual B-BBEE compliance report between the period 26 March 2020 to 30 April 2020 (and any time during the implementation of the national level 4 lockdown) to submit such compliance reports by 30 June 2020, notwithstanding the prescribed period contemplated in regulation 12 of the B-BBEE Regulations.
Furthermore, all stakeholders who were required to respond to any:
- allegations pursuant a compliant;
- any findings issued pursuant to an investigation; or
- alignments of its major B-BBEE transactions following recommendations received from the B-BBEE Commission,
during the implementation of the national level 5 lockdown, must submit these responses to the B-BBEE Commission via e-mail. Unlike with the registrations of the major B-BBEE transactions and the submission of B-BBEE compliance reports, the notice does not prescribe a date by which such responses must be submitted to the B-BBEE Commission. Accordingly, we encourage all stakeholders who are required to submit any responses to the B-BBEE Commission to engage with the B-BBEE Commission regarding the timing of same.
Please note that the B-BBEE Commission’s office is not yet accessible to members of the public and, accordingly, any documents/correspondences relating to a complaint, transaction, compliance report or any other process must be submitted via email for the attention Mr Madidimalo Ramare at Mramare@beecommission.gov.za.
Please contact ENSafrica’s B-BBEE practice group if you require any assistance with your B-BBEE submissions and/or filings.
Reviewed by Sanjay Kassen, head of ENSafrica’s B-BBEE practice group.
Parusha Desai Valodia
Senior Associate | Corporate and Commercial | B-BBEE practice group
+27 82 560 4129