The Minister of Trade and Industry Dr. Rod Davies announced, in the Government Gazette of 9 June 2017 (“Publication Date”), that all Major B-BBEE Transactions must be registered with the B-BBEE Commission.
It was announced that the threshold for a “Major B-BBEE Transaction” is when the value of the transaction is equal to or exceeds R25 Million, which threshold is based on the value of the transaction excluding administration, professional and legal fees and ultimately resulting in ownership recognition when being verified for BEE purposes.
All Major BEE Transactions, concluded and entered into by and between the relevant parties after 9 July 2017, must be submitted for registration with the B-BBEE Commission within 15 (fifteen) business days after conclusion of the transaction.
Any Major BEE Transaction concluded on or after 24 October 2014, but before 9 July 2017, must be submitted to the B-BBEE Commission for registration within 60 (sixty) calendar days from the Publication Date, which constitutes that it should be registered before 8 August 2017.
The aforementioned notice also provide that multiple entities involved in a Major BEE Transaction must register the transaction with the B-BBEE Commission as a collective.