According to a media statement posted yesterday on the Department of Trade and Industry website, the Broad-Based Black Economic Empowerment (B-BBEE) Amendment Act No. 46 of 2013 (Amendment Act), which was gazetted on 27 January 2014, will be proclaimed into law by the President on Friday 24 October 2014. Please click here to read our alert dated 29 January 2014 which highlights the salient features of the Amendment Act.
According to the media statement, the provisions of section 3(b) of the Broad-Based Black Economic Empowerment Act, No. 53 of 2003, as amended by the Amendment Act (Act), will only come into force in October 2015. Section 3(b)(2) of the Act provides that the Act will prevail in the event of a conflict between the Act and any other law in force immediately prior to the date of commencement of the Amendment Act, if the conflict specifically relates to a matter dealt with in the Act. Please click here to read the statement.