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The Minister of Trade and Industry Dr Rob Davies invites members of the public to make inputs and comments on the Draft Amended Financial Services Sector Code (“FSC”) . The Service Sector Code has been gazetted in terms of Section 9 (5) of the Broad Based Black Economic Empowerment (B-BBEE) Act 53 of 2003 as amended by B-BBEE Act 46 of 2013. Minister Davies says the Draft Amended FSC has unique features and deviations that intent to address transformation peculiarities that exist in the sector.

“On the ownership element most of the principles of the old FSC have been maintained subject to periodic review by the Financial Services Sector Charter Council and reporting to the Minister of Trade and Industry on the performance and dilution of Black ownership in the sector”, says Davies.

According to Minister Davies, the FSC has two unique elements called Empowerment Financing and Access to Financial Services.

“The aim is to ensure support for Black Owned entities (including Black Industrialists) and to ensure that people in marginalised areas (LSM 1-5) have access to transaction, sales, and service points. In this regard no less than R 122 billion shall be spend by the sector under Empowerment Financing to investment (black SMME finance, affordable housing, and infrastructure and Black industrialisation) and Risk Capital Finance and BEE transaction financing”, .

The closing date for the 60 days commentary period is 17 May 2016.

http://www.thedti.gov.za/gazzettes/39818.pdf

Issued by the Department of Trade and Industry