BUSINESS EDGE OCTOBER 2024

This communication highlights the latest statutory amendments and ancillary developments relevant to the SERR Synergy legal compliance products and services. 

Property Sector 

The Property Practitioners Regulatory Authority (“PPRA”), on 13 August 2024, provided the Real Estate Business Owners of South Africa (“REBOSA”) Board with written confirmation concerning the Broad-Based Black Economic Empowerment (“B-BBEE”) requirements and issuance of Fidelity Fund Certificates. The PPRA clarified that the term ‘valid’ in the context of BEE certificates does not imply ‘compliant’ and that industry participants are merely required to submit BEE certificates that are valid. 

In a media statement, REBOSA contends that “agencies with a turnover of more than R2.5 million per annum can obtain a ‘valid’ BEE certificate from a registered SANAS verification agency without having to meet the minimum 40 points (BEE Level 8) on the scorecard”.  

Agencies can therefore obtain a Level 9 Non-Compliant valid BEE certificate to qualify for the issuing of a Fidelity Fund Certificate.

 

Legal Sector Code

The Minister of Trade, Industry and Competition, in Government Gazette No. 51271 dated 20 September 2024, published the B-BBEE Legal Sector Code of Good Practice in terms of section 9(1) of the Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003 as amended by Act No. 46 of 2013) 
(“the B-BBEE Act”). 

The Minister states that the Legal Sector Code (“LSC”) shall come into effect on 20 September 2024; however, all B-BBEE verification certificates legally issued prior to the publication of this LSC in terms of the Generic Codes, shall remain valid and applicable for the period of their validity, notwithstanding the implementation date specified in the Government Gazette.

In such an event, the relevant Legal Sector Measured Entity (“LSME”) shall be required to apply for the relevant B-BBEE verification certificate under this LSC upon expiry of the B-BBEE verification certificate which was issued in terms of the Generic Codes. LSMEs that had not been measured for B-BBEE compliance prior to the publication of this LSC, shall be measured in terms of this LSC with effect from the date of publication.

We have also published an article for ease of reference: The New Legal Sector B-BBEE Codes: Transforming the Legal Landscape.

Click here to view more

Registering a Major B-BBEE Transaction

The Broad-Based Black Economic Empowerment Commission (“the Commission”) published its first Explanatory Notice in August 2024, providing guidance to parties / entities on the documentation and timelines for processing and registering a Major B-BBEE Transaction with the Commission.

The Notice describes a Major B-BBEE Transaction as any transaction as per Code Series 100 (including Statement 102), the value of which equals or exceeds twenty-five million rands (R25 million). The threshold value is based on the value of the transaction excluding administration, professional and legal fees. For Statement 102, the value of the transaction means the value of the sale of asset / business / equity instrument. 

The B-BBEE Act requires the Commission to maintain a registry of Major B-BBEE transactions. The Commission therefore indicated that such registry would allow for the monitoring of B-BBEE ownership compliance, levels of transformation and the extent to which benefits of Major B-BBEE transactions flow to the black persons who are part of these deals, in compliance with the objectives of the B-BBEE Act.  
 

Compensation for Occupational Injuries and Diseases Act, 1993 (Act No. 130 of 1993) (COIDA)

•    The Regulations on Irritant-Induced Asthma for the Compensation Fund (Irritant-Induced Regulations) and the Regulations on Work-Aggravated Asthma for the Compensation Fund (Work-Aggravated Asthma Regulations) were published and promulgated on 7 June 2024.

•    The Minister of Employment and Labour amended Schedule 4 of COIDA relating to the manner in which compensation for accidents that occur as from 1 April 2024 as well as occupational diseases diagnosed as from 1 April 2024, is calculated. The minimum and maximum amounts payable are set out in Government Gazette No. 50909 dated 5 July 2024 and will be implemented as from 1 April 2024.

 

Hazardous Substances Act, 1973 (Act No. 15 of 1973)

•    The Minister of Health declared leaded paint or coating material as a Group II hazardous substance. The Notice, which comes into operation one year after the date of the final publication, applies to all paints and coating materials.

 

Occupational Health and Safety Act, 1993 (Act No. 85 of 1993)

•    The Minister of Employment and Labour, in Government Gazette No. 50930 dated 12 July 2024, amended Regulation 24 of the Asbestos Abatement Regulations, 2020 regarding ‘prohibitions’, by inserting the underlined wording:

No person may--

(f) use electrical power tools, such as angle grinders, or any other fast-moving equipment to cut, grind or drill asbestos-containing material; provided that slow moving tools may only be used where the activity is part of asbestos containing material removal for final disposal;

[…]

(j) make any installation or fitting on or onto asbestos containing materials.

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