ANNUAL SUBMISSION OF VERIFIED B-BBEE COMPLIANCE REPORTS
The Financial Sector Transformation Council (FSTC) has issued a notice calling for the submission of B-BBEE Reports for the measurement period 1 December 2020 to 30 November 2021.
All reporting entities should complete and submit this CEO Survey, as well as the following documents:
Type of Entity
Description
To be submitted
Exempt Micro Enterprises (EMEs)
Any enterprise with total annual revenue of up to R10 million (i.e., R10 million or less). A start-up enterprise must be measured as an EME for the first year following the commencement of its operations, regardless of the expected total revenue of the start-up enterprise.
Level 1 and 2 Qualifying Small Financial Institution (QSFIs)
A measured entity with total annual revenue of more than R10 million but less than R50 million. A QSFI that is 100% black owned qualifies for level 1 B-BBEE recognition. A QSFI that is more than 50% black owned (where there is an existing equity deal in place) or at least 51% Black Owned (for all deals concluded after 1 December 2017), but less than 100% black owned, qualifies for level 2 B-BBEE recognition.
Other entities, including QSFIs that are not Level 1 or 2.
B-BBEE Verified Certificate.
The QSFIs that are not level 1 or 2 will have to obtain a verification certificate to confirm their B-BBEE status from an accredited verification agency.
Submission should be made no later than the close of business on Friday, 12 August 2022. All reports should be submitted electronically via the FSTC Dropbox link: https://www.dropbox.com/request/YYZggWgIZT3BwJrh4AP5, with the folder named: FSTC 2020/21 Reporting – (name of entity).
Entities that have made a submission to the FSTC are advised to upload the documents to the above FSTC Dropbox link.
