Committee on Trade and Industry welcomes enactment of BBBEE Legislation
The Portfolio Committee on Trade and Industry welcomes President Jacob Zuma’s assent to the Broad-based Black Economic Empowerment (BBBEE) Amendment Act on January 28, 2014.
Committee Chairperson, Ms Joanmaraie Fubbs, said the amended legislation would significantly transform the economy and enable a more inclusive society.
The BBBEE Amendment Act sets out to establish the BBBEE Commission that will monitor and enforce compliance with the BBBEE legislation. The amended Act also provides for the creation of incentive schemes to support black-owned and managed enterprises and promotes the compliance by organs of state and public entities to BBBEE legislation.
The President also enacted the Lotteries Amendment Act and the Intellectual Property Laws Amendment Act in December last year. The Lotteries Amendment Act provides for the National Lotteries Board to be converted into the National Lotteries Commission including the extension of powers of the Commission’s Board, the licensing of an organ of state to conduct the National Lottery and to provide for a clear accountability process for the distributing agencies.
The Amendment Act eliminates the overlapping functions that existed between the Minister and the Board of the National Lotteries Commission and provide for the removal of reconstruction and development programme as a category entitled to be allocated money from the fund. It further provides limited discretion for good causes that have otherwise been unable to access funding from the National Lotteries Distribution Trust Fund.
The Intellectual Property Laws Amendment Act recognises and protects indigenous knowledge from exploitation in terms of copyright, trademarks and designs. It also provides for further protection of geographical indications.
These new pieces of legislation are expected to enhance broader economic participation and to support and protect vulnerable parts of our society.
For media enquiries or interviews with the Chairperson, please call:
Rajaa Azzakani
Parliamentary Communication Services
Cell: 082 560 9610
Tel: 021 403 8437
Email: razzakani@parliament.gov.za
