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Transformation – The Financial Sector Charter

The Financial Sector Charter (FSC) Council met with the Ministers of Trade & Industry and Finance during July 2009 in an attempt to establish whether the Ministers still see it appropriate to gazette the Financial Sector Charter under Section 9 of the Broad Based Black Economic Empowerment Act.

Following this meeting, the Board of the FSC Council met on several occasions in an attempt to resolve the major outstanding issues relating to ownership.

Despite the meetings, and the use of two facilitators, the FSC constituencies could not reach consensus on the outstanding issues. Furthermore, a meeting scheduled to take place with the Ministers on 16 October failed to take place, having been cancelled at short notice due to the unavailability of the Ministers.

For a long time it seemed uncertain that the FSC will be gazetted as a code. This would have meant that financial institutions would have had to report using the DTI Codes at the end of the current year.

However, following a fresh approach from the FSC Council, constituencies have again embarked on a series of meetings aimed at trying to find a solution to the impasse on the ownership issues.

There now seems to be some chance that the Financial Sector Charter will be gazetted during 2010.

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