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Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)

Codes of Good Practice on Broad-Based Black Economic Empowerment

Amended Property Sector Code

5. Regulatory Issues

 

5.1 It is acknowledged that the amended Codes of Good Practice will govern the measurement of B-BBEE. In this regard the stakeholders acknowledge that to the extent that the measurement principles contained in the amended Codes of Good Practice differ materially from those in the amended sector code, the measurement principles in the amended Codes of Good Practice, will take precedence over the content of this amended sector code.

 

5.2 To the extent that any of the amended Codes of Good Practice specify further measurable elements of B-BBEE, the stakeholders commit to apply the utmost good faith in seeking to ensure that such elements are integrated into this amended sector code.

 

5.3 The parties to the amended sector code commit to review on an on-going basis any legislation, policy and standards which may have a direct impact on the empowerment outcomes of the amended sector code with intention to ensure that the property sector remains committed to the attainment of the national B-BBEE objectives and priorities.

 

5.4 This could include, but would not be limited to, government’s regulatory framework in respect of property transactions where and whenever they have to apply for rights or ask for consent from government, including access to development land and rights and zoning rights and transactions.