Objectives of this statement
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The objectives of this statement are to:

1.1             Specify interpretative principles of B-BBEE as it relates to the Financial Sector;

1.2             Specify the application of the Financial Sector Code and the basis for measurement under the Financial Sector Code;

1.3             Specify the qualifying thresholds for businesses to qualify as Exempted Micro-Enterprises (EME) or Qualifying Small Financial Institutions (QSFI);

1.4             Specify the method of measuring Start-up Enterprises;

1.5             Specify the elements of B-BBEE measurable under the Scorecard;

1.6             Specify the Scorecard;

1.7             Specify the basis for determining compliance by entities with the Financial Sector Code;

1.8             Provide for the Transitional Period before the compulsory use of the Scorecard starts;

1.9             Define the duration for the applicability of the Financial Sector Code; and

1.10          Give the Financial Sector Council the power to provide Interpretive Guides / Guidance Notes / Practice Directives and Standards Documents with regard to the application, intention and any clarification required should any ambiguities exist in any part of this Financial Sector Code.

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