The Department of Trade and Industry has opened up new rules for public comment.
The Department of Trade, Industry and Competition has opened the Draft Companies Amendment Regulations for 2023 up for public comment.
Broadly, the proposed regulations aim to “improve the ease of doing business through well-established principles, achieve equity between directors and senior management and counter money laundering and counter-terrorism”. The General Laws Amendment Act was part of a slew of new legislation to bring South Africa’s financial regulatory environment in line with international standards. It was proposed by Finance Minister Enoch Godongwana ahead of South Africa’s greylisting by the Financial Action Task Force .
Within the Companies Act, its regulations – some dating back to 2011 – are being amended to ensure further regulatory compliance and extra checks and balances for businesses in the country.
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