The Financial Sector Transformation Council (FSTC) published Reporting Notice 1 of 2023 regarding broad-based black economic empowerment (B-BBEE) compliance reports for the period 1 December 2021 to 30 November 2022.
All entities operating in the financial sector must submit their B-BBEE compliance reports for the 2021/22 period to the FSTC by cob 13 October 2023.
Reports must be submitted via email to reporting@fstc.org.za using the subject: FSTC 2021/22 Reporting – NAME OF ENTITY. All reporting entities must also complete the online CEO questionnaire by using the link provided.
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
- CEO Questionnaire
- 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
- CEO Questionnaire
All entities that do not submit the required reports to the FSTC will be discounted by one B-BBEE level. The FSTC can also name entities that have not submitted reports.
All enquiries relating to the submission of the required documents should be directed to the FSTC at reporting@fstc.org.za or 087 062 5950.