In the first proposed amendments to the Companies Act 2008 since coming into force in 2011, it is proposed that the Companies Tribunal be given the power to adjudicate matters referred to it by the BEE Commission. This amendment would enable the BEE Commission to refer matters to the Tribunal, particularly where complaints and reported transactions contravene both the Companies and BEE Acts.
This demonstrates an effort by the BEE Commission to collaborate more closely with other regulators. Recently, the BEE Commission has concluded memorandums of understanding with various regulators, including the Special Investigating Unit and the Competition Commission. It is likely that the proposed amendment will be similarly extended by a formal agreement which regulates information-sharing and cross-consultation between the regulators.
These regulatory developments are positive indicators of an intention to foster regulatory collaboration, which will promote the objectives of the BEE Act and other transformative legislation.