Regulators join forces to ensure B-BBEE compliance
The CIPC MOU regulates the exchange of certain information and the interface of a system in order to, inter alia, enable the B-BBEE Commission to access the CIPC business registration information for purposes of executing its mandate and performing its functions as set out in the Broad-Based Black Economic Empowerment Act, 2003 (the “B-BBEE Act”). Furthermore, the CIPC MOU provides that the CIPC and the B-BBEE Commission:
Notably, earlier in 2017, the B-BBEE Commission also entered into a memorandum of understanding with the Competition Commission (the “CC MOU”). The focus of the CC MOU is twofold and seeks to regulate the manner in which these bodies will interact with one another in respect of:
As regards the investigation, evaluation and analysis of merger transactions, the CC MOU is intended to facilitate the establishment of a consultative platform from which the Competition Commission and the B-BBEE Commission may share information, learnings and insights relevant to their respective focus areas.
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