2 April 2009
The National Treasury would like to advise that, contrary to media reports
the Financial Sector Charter (FSC) has not collapsed because of the 31 March
2009, deadline; the deadline as in fact much earlier, 31 August 2008. The
Department of Trade and Industry (the dti) issued a statement on 31 August
2008, indicating that it would be processing the FSC as per section 9 of the
Broad Based Economic Empowerment (BBBEE) Act as a sector charter.
The dti media statement on the end of transitional period for Broad-Based
Economic Empowerment: 31 August 2008 clearly states the following:
5.2 Although a lot of work still remains to be done, the department has so
far received at least seven industry sector charter applications for gazetting
under section 9 of the B-BEE Act. These are: the Financial Sector Charter
(FSC), Construction Charter, Agri-BEE (Agriculture), Property, Forestry,
Transport and information communication technology (ICT).
5.3 Charters that have applied for gazetting before the end of the
Transitional Period ending 31 August 2008 will be processed accordingly and
afforded a 60-day public commentary process as per section 9 of the B-BBEE Act
coupled with a 30 day technical analysis process. Thereafter the Charters will
be gazetted as sector codes.
It is the National Treasury's considered view therefore that the FSC is
still in force and has not collapsed. To date, the National Treasury has not
received any new information that the dti will not follow through with its
intention as indicated in the 31 August 2008 media statement.
For more information please contact:
Lindani Mbunyuza
Tel: 012 315 5645
Cell: 083 327 9987
Issued by: National Treasury
2 April 2009
