GARY MOORE: No legislation enables the FSCA to beget transformation

Nowhere in SA law is it suggested that the objective of the Financial Sector Conduct Authority is to promote or support BBBEE transformationOn February 28 2022, the Financial Sector Conduct Authority issued a press release inviting the public to comment on its astonishing draft strategy for promoting financial sector transformation. The release stated that a “strategic objective of the FSCA” includes “supporting the transformation of the financial sector”.

Nowhere does the FSR Act suggest that it is an “objective of the FSCA,” let alone a “strategic objective of the FSCA”, to promote or support BBBEE transformation. The BBBEE Act also does not authorise the FSCA to publish transformation strategies. It is therefore curious that the FSCA’s press release and strategy suggest the authority is currently empowered to take action if companies do not meet BBBEE or transformation, when this assertion is entirely erroneous.

The BBBEE Act states that the trade, industry & competition minister must issue a strategy for BBBEE. The Act authorises neither the FSCA nor its responsible minister — the finance minister — to publish a strategy for BBBEE or for promoting transformation.

The BBBEE Act states that every organ of state and public entity must apply any relevant code of good practice issued under the Act “in determining qualification criteria for the issuing of licences” or other authorisations of economic activity in terms of any law.

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