All financial institutions under the Amended Financial Sector Codes must report annually to the Financial Sector Transformation Council (also known as the FSTC). The aim of reporting is for the Council to establish and report on the transformation in the specific sector.
Failure to report will cause the entity to automatically be subjected to the discounting principle. This means that the entity will automatically drop one BEE level in the next rating following the year in which the entity failed to report.
The relevant entities under the Financial Sector must submit either an affidavit or a certificate, depending on the annual turnover. If the Council requires further information, they will request the necessary.
Therefore, it is important for all financial institutions to ensure that they are aware of the deadline to report to the FSTC and ensure that the necessary affidavit or certificate is obtained before the deadline.
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