TRADE and Industry Minister Rob Davies has published a draft and amended broad-based black empowerment code for the financial services sector, for public comment.
The draft code has two unique elements — empowerment financing and access to financial services — which are intended to address the peculiarities of transformation in the sector.
"On the ownership element most of the principles of the old financial services charter have been maintained subject to periodic review by the Financial Services Sector Charter Council and reporting to the minister of trade and industry on the performance and dilution of black ownership in the sector", the minister said in a statement announcing the publication of the draft code.
"The aim is to ensure support for black-owned entities (including black industrialists) and to ensure that people in marginalised areas have access to transaction, sales and service points. In this regard no less than R122bn shall be spent by the sector under empowerment financing for investment (black SMME finance, affordable housing, and infrastructure and black industrialisation), risk capital finance and BEE transaction financing", Mr Davies said.
Sixty days have been allowed for comment with the period ending on May 17.
Rob Davies. Picture: GCIS
TRADE and Industry Minister Rob Davies has published a draft and amended broad-based black empowerment code for the financial services sector, for public comment.
The draft code has two unique elements — empowerment financing and access to financial services — which are intended to address the peculiarities of transformation in the sector.
"On the ownership element most of the principles of the old financial services charter have been maintained subject to periodic review by the Financial Services Sector Charter Council and reporting to the minister of trade and industry on the performance and dilution of black ownership in the sector", the minister said in a statement announcing the publication of the draft code.
"The aim is to ensure support for black-owned entities (including black industrialists) and to ensure that people in marginalised areas have access to transaction, sales and service points. In this regard no less than R122bn shall be spent by the sector under empowerment financing for investment (black SMME finance, affordable housing, and infrastructure and black industrialisation), risk capital finance and BEE transaction financing", Mr Davies said.
Sixty days have been allowed for comment with the period ending on May 17.
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