In a Notice published on 17 February, the DTI has released for comment draft regulations to the BEE Act. These regulations pertain largely to the conduct of and the referral of complaints to the newly created BEE Commission which was established by the BEE Amendment Act.
One of the functions of the BEE Commission is to maintain a registry of “major BEE transactions” above a certain value threshold still to be set. Parties to such transactions now have 15 days from the date of conclusion of the transaction to register it with the BEE Commission. The BEE Commission will then assess the transaction to determine its “adherence to the BEE Act” and will advise the parties of any concerns and of any “steps [required to be taken by the parties] to remedy the transaction, failing which the BEE Commission may proceed to initiate a investigation in terms of section 13F(1)(d) of the BEE Act”.
Therefore, transacting parties will soon have another level of compliance to adhere to and a further scrutiny performed over its commercial transactions.