The Financial Sector Transformation Council (FSTC) published Reporting Notice 1 of 2022 regarding broad-based black economic empowerment (B-BBEE) compliance reports for the period 1 December 2020 to 20 November 2021.
All entities operating in the financial sector must submit their B-BBEE compliance reports for the 2020/21 period to the FSTC by cob 12 August 2022.
Submission
In previous years, reports were submitted via email. The FSTC has since changed the method to submit reports and will no longer accept reports via the reporting email address.
Reports and supporting documents must be submitted as a folder, electronically to the dropbox link: https://www.dropbox.com/request/YYZggWgIZT3BwJrh4AP5
The folder must be named: FSTC 2020/21 Reporting – (name of entity).
Requirements
1.Exempted Micro Enterprise (EME) – those with a total annual revenue of up to R10 million, must submit:
2.Qualifying Small Financial Institution (QSFI) – those with an annual revenue of more than R10 million but less than R50 million, must submit:
- QSFI sworn Affidavit
- Completed CEO survey
- NB: QSFIs that are not level 1 and 2 will have to be verified and obtain a verification certificate to confirm their B-BBEE Status.
3.Generic Enterprise (GE) – those with annual revenue of R50 million or more, must submit:
- B-BBEE verified Certificate
- B-BBEE verified Scorecard
- Completed detailed data summary
- Completed CEO survey
Non-compliance
All entities that do not submit the required reports to the FSTC will automatically be discounted by one B-BBEE level in the next rating period.
The FSTC can also name entities that have not submitted reports.
Queries
All enquiries relating to the submission of the required documents should be directed to the FSTC at reporting@fstc.org.za or 011 838 6696.