Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)

Industry Charters

Financial Services  Charter

Code Series FS000: Framework for Measuring Broad-Based Black Economic Empowerment

Statement 000: General Principles and the Scorecard

1. Objectives of this statement
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The objectives of this statement are to:

 

1.1Specify interpretative principles of B-BBEE as it relates to the Financial Sector;

 

1.2Specify the application of the Financial Sector Code and the basis for measurement under the Financial Sector Code;

 

1.3Specify the qualifying thresholds for businesses to qualify as Exempted Micro-Enterprises (EME) or Qualifying Small Financial Institutions (QSFI);

 

1.4Specify the method of measuring Start-up Enterprises;

 

1.5Specify the elements of B-BBEE measurable under the Scorecard;

 

1.6Specify the Scorecard;

 

1.7Specify the basis for determining compliance by entities with the Financial Sector Code;

 

1.8Provide for the Transitional Period before the compulsory use of the Scorecard starts;

 

1.9Define the duration for the applicability of the Financial Sector Code; and

 

1.10Give the Financial Sector Council the power to provide Interpretive Guides / Guidance Notes / Practice Directives and Standards Documents with regard to the application, intention and any clarification required should any ambiguities exist in any part of this Financial Sector Code.