Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)
Threshold for Major B-BBEE Transactions
Notice No. 551 of 2017
Notice No. 551
9 June 2017
Department of Trade and Industry
I, Dr Rob Davies, Minister of Trade and Industry, by virtue of the powers vested in me in terms of Section 13F(1)(f) of the Broad-Based Black Economic Empowerment Act, 2003 as amended by B-BBEE Amendment Act No. 46 of 2013, hereby Gazette the Threshold for Major B=BBEE Transactions.
|1.||All Major B -BBEE transactions, as per code 100 of the Codes of Good Practice as amended, which Transaction Value equals or exceeds R25 Million, must be registered with the B-BBEE Commission. This excludes Statement 103.|
|2.||Multiple parties/entities involved in the Transaction need to register the Transaction as a collective with the B -BBEE Commission.|
|3.||All Major B -BBEE transactions concluded on or after the proclamation date of the B-BBEE Act, 2003 as amended, namely 24th October 2014, but before the final publication date of this Notice, which equals or exceeds the above threshold must be registered with the B-BBEE Commission within 60 calendar days of the final publication of this Notice.|
|4.||Any person may voluntarily register any Major B-BBEE transaction consistent with the above threshold, concluded before 24th October 2014 with the B-BBEE Commission.|
|5.||Parties/entities involved in the Transaction must submit documents for the registration of a Major B-BBEE transaction according to the requirements prescribed by the B-BBEE Commission|
"A Major B -BBEE Transaction" means any transaction between entities/parties that results in Ownership Recognition in terms of Statement 100. The Threshold of registering the Transaction with the B -BBEE Commission is based on the Transaction Value excluding administration, professional and legal fees.
For Statement 102, Transaction Value means the value of the Sale of Asset/Business/Equity Instrument.
The above threshold may be amended from time to time by Notice in the Gazette as determined by the Minister.
Dr Rob Davies, MP
Minister of Trade and Industry