QUALIFYING SMALL FINANCIAL INSTITUTION(QSFI) A QSE that has at least 51% black beneficiaries is only required to obtain a sworn affidavit annually confirming the following: 1. Annual Total Revenue/ Allocated Budget/ Gross Receipts of R50 million or less; and 2. Level of percentage of black beneficiaries.
QUALIFYING SMALL FINANCIAL INSTITUTION(QSFI) is defined as any measured entity with a total annual revenue of more than R10 million but less than R50 million. QSFI’s that are Level 1 and 2 B-BBEE contributors are only required to obtain a sworn affidavit annually confirming the following: 1. Annual Total Revenue of R50 million or less; and 2. Level of black Ownership. For all the QSFIs in which the above is not applicable, those QSFIs will have to be verified and obtain a verification certificate confirming their B-BBEE Status.
Clause 1 of General Notice 408 of 2015 provides guidance on the treatment of Ownership for Specialised Enterprises for Broad Based Black Economic Empowerment (B-BBEE) purposes,of: 1.1.1 Companies limited by guarantee; 1.1.2 Higher Education Institutions; 1.1.3 Non-Profit Companies; 1.1.4 Public entities and other Enterprises exclusively owned by organs of State; and 1.1.5 Public Benefit Schemes or Public Benefit Organisations. 2. An EME is only required to obtain a sworn affidavit annually confirming the following: 2.1 Annual Total Revenue/ Allocated Budget/ Gross Receipts of R10 million or less;and 2.2 Level of percentage of black beneficiaries.
EXEMPTED MICRO-ENTERPRISE (EME) is defined as any enterprise with a total annual revenue of up to R10 million.
This guidance note is issued in terms of paragraph 14.1 of Statement 000 of the FSC that states that the Financial Sector Charter Council shall, from time to time issue Interpretive Guides / Guidance Notes / Practice Directives and Standards documents.
Learn moreSUSPENSION OF THE PROVISIONS RELATING TO GROUP REPORTING EXEMPTIONS AS CONTAINED IN THE AMENDED FINANCIAL SECTOR CODE
Learn moreAMALGAMATED 2018/19 & 2019/20 STATE OF TRANSFORMATION ANNUAL REPORT
kindly join us as we facilitate robust discussions on how the sector can improve its initiatives in its role as the key catalyst towards accelerated economic growth. We are certain that you will find the engagements fruitful as the launch will enable meaningful deliberations on the current status of transformation within the financial services sector.
GUIDANCE NOTE GN701 ON CODE SERIES FS700, STATEMENT 701 THE MEASUREMENT OF THE ACCESS TO FINANCIAL SERVICES ELEMENT OF BROAD- BASED BLACK ECONOMIC EMPOWERMENT AS IT RELATES TO BANKS
Learn moreGUIDANCE NOTE GN700(c) on CODESERIES FS 700, STATEMENT 703 THE MEASUREMENT OF THE ACCESS TO FINANCIAL SERVICES ELEMENT OF BROAD-BASED BLACK ECONOMIC EMPOWERMENT AS IT RELATES TO SHORT-TERM INSURERS
Learn moreGUIDANCE NOTE GN700(b) on CODE SERIES FS700, STATEMENT 702 THE MEASUREMENT OF THE ACCESS TO FINANCIAL SERVICES ELEMENT OF BROAD-BASED BLACK ECONOMIC EMPOWERMENT AS IT RELATES TO LONG-TERM ASSURERS
Learn moreGUIDANCE NOTE GN 700(ab) on CODE SERIES FS700, STATEMENT 701 THE MEASUREMENT OF THE ACCESS TO FINANCIAL SERVICES ELEMENT OF BROAD-BASED BLACK ECONOMIC EMPOWERMENT AS IT RELATES TO BANKS ELECTRONIC ACCESS
Learn moreGUIDANCE NOTE GN 700(aa) on CODE SERIES FS700, STATEMENT 701 THE MEASUREMENT OF THE ACCESS TO FINANCIAL SERVICES ELEMENT OF BROAD-BASED BLACK ECONOMIC EMPOWERMENT AS IT RELATES TO BANKS GEOGRAPHIC ACCESS
Learn moreGUIDANCE NOTE GN600 ON CODE SERIES FS600, STATEMENT 600 THE MEASUREMENT OF EMPOWERMENT FINANCING BANKS
Learn moreGUIDANCE NOTE GN600(f) on CODE SERIES FS600, STATEMENT 600 RULES GOVERNING THE PROVISION OF BLACK BUSINESS GROWTH FUNDING: EMPOWERMENT FINANCING
Learn moreGUIDANCE NOTE GN600(e) on CODE SERIES FS600, STATEMENT 600 MEASUREMENT OF EMPOWERMENT FINANCING AND ENTERPRISE SUPPLIER DEVELOPMENT
Learn moreGUIDANCE NOTE GN600(c) ON CODE SERIES FS600, STATEMENT 600 THE MEASUREMENT OF EMPOWERMENT FINANCING
Learn moreGUIDANCE NOTE GN600(b) on CODE SERIES FS600, STATEMENT 600 FINANCIAL SECTOR CODE AFFORDABLE HOUSING STANDARDS
Learn moreGUIDANCE NOTE GN600(a) on CODE SERIES FS600, STATEMENT 600 THE MEASUREMENT OF THE EMPOWERMENT FINANCING AND ENTERPRISE DEVELOPMENT ELEMENT FOR MEASURED ENTITIES THAT ARE NOT EXEMPTED FROM CONTRIBUTING TOWARDS EMPOWERMENT FINANCING TRANSFORMATIONAL INFRASTRUCTURE
Learn moreGUIDANCE NOTE GN500 - MEASUREMENT OF THE CONSUMER EDUCATION ELEMENT OF BROAD- BASED BLACK ECONOMIC EMPOWERMENT TEMPORARY AMENDMENTS IN RESPECT OF THE COVID-19 PANDEMIC AND RESPECTIVE GOVERNMENT REGULATIONS
Learn moreGUIDANCE NOTE GN500(A) on CODE SERIES FS500, STATEMENT 500 THE MEASUREMENT OF THE CONSUMER EDUCATION ELEMENT OF BROAD- BASED BLACK ECONOMIC EMPOWERMENT
Learn moreCLARIFICATION NOTE on CODE SERIES FS300, STATEMENT 300 MEASUREMENT OF THE SKILLS DEVELOPMENT ELEMENT OF BROAD-BASED BLACK ECONOMIC EMPOWERMENT Application of the EAP Formula
Learn moreGUIDANCE NOTE GN200 on CODE SERIES FS200, STATEMENT 200 Measurement of the Management Control Element of Broad-Based Black Economic Empowerment Application of the EAP Formula
Learn moreGUIDANCE NOTE GN100 on CODE SERIES FS100, STATEMENT 100 RULES GOVERNING THE PROVISION OF BLACK BUSINESS GROWTH FUNDING: OWNERSHIP
Learn moreGUIDANCE NOTE GN000 on CODE SERIES FS 000, STATEMENT 000 - GENERAL PRINCIPLES AND THE SCORECARD COMPETENT PERSON’S REPORT
Learn moreCLARIFICATION NOTE CN500 ON CODE SERIES F500, STATEMENT 500 GENERAL PRINCIPLE FOR MEASURING SOCIO-ECONOMIC DEVELOPMENT & CONSUMER EDUCATION THIS NOTE SEEKS TO CLARIFY THE APPLICATION OF THE FUNDISA RETAIL FUND
Learn moreCLARIFICATION NOTE CN400 ON CODE SERIES FS400, STATEMENT 400 GENERAL PRINCIPLE FOR MEASURING ENTERPRISE AND SUPPLIER DEVELOPMENT Preferential Procurement: Insurance Broker and Intermediary Commission
Learn moreCLARIFICATION NOTE CN000(3) ON CODE SERIES FS000, STATEMENT 000 GENERAL PRINCIPLES AND THE SCORECARD Guidelines: Equity Equivalents Programme for Multinationals in the Financial Sector
Learn moreCLARIFICATION NOTE CN000(2) ON CODE SERIES FS000, STATEMENT 000 GENERAL PRINCIPLES AND THE SCORECARD Guidelines: Equity Equivalents Programme for Multinationals in the Financial Sector
Learn moreCLARIFICATION NOTE CN000(1) ON CODE SERIES FS000, STATEMENT 000 GENERAL PRINCIPLES AND THE SCORECARD Application of the B-BBEE Recognition Levels Formula
Learn moreThe review covers the period 1 January 2005 to 31 December 2005 and tracks the performance of the financial sector in transforming itself into a sector of the economy that ‘reflects the demographics of South Africa, and contributes to the establishment of an equitable society...
The 2006 Annual Review is the second transformation report setting out the financial sector’s progress in meeting the commitments of the Financial Sector Charter. It catalogues the sector’s progress relative to its starting point in 2005, and its state of transformation at the end of 2006...
The Charter is unique to the industry in that it addresses both the internal and external transformation requirements of the sector. The scorecard in the Charter is heavily weighted to ensuring banks and other financial services players invest in development and transformation of SA’s...
The objective of an annual review is to track the performance, compliance, implementation strategies and challenges in the financial sector. The review describes transformation performance of the different industries within the financial sector in terms of FSC performance...
The Financial Sector Transformation Council (FSTC) aims to use the Financial Sector Code (FS Code), which is closely aligned to the dti Codes of Good Practice (CoGP), to mobilise the financial sector to implement empowerment initiatives that will bridge the gap brought about by the historical...
The 2016 FSCC Annual report presents an overview of financial sector transformation performance between 2014 and 2016. During 2014 and 2015, the Council prioritized the revision of the 2012 Financial Sector Code to align it with the amended B-BBEE Act and its revised CoGP and did not publish performance reports during this period....
The 2016 Financial Sector Carter Council Annual report presents an overview of financial sector transformation performance between 2014 and 2016. During 2014 and 2015, the Council prioritised the revision of the 2012 Financial Sector Code to align it with the amended Broad-Based Black Economic Empowerment (B-BBEE) Act and its revised Codes of Good Practice (CoGP) and did not publish performance reports during this period....
The 2017/18 Financial Sector State of Transformation Annual Report is the seventh report published by the Financial Sector Transformation Council (FSTC). It is the first report since the gazetting of the Amended Financial Sector Code in December 2017, and provides findings on overall sector transformation performance between 1 December 2017 and 31 November 2018.
