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| Regulatory agencies in terms of the Companies Act 71 of 2008 | 26 May 2009 | |
| Ina Meiring, Director - Werksmans | ||
| Set out below is a brief overview of the main functions of regulatory agencies to be established by the new Companies Act 71 of 2008 (“Companies Act”), and of the remedies and enforcement procedures which these entities will make available to any person entitled to apply for relief. The Companies Act intends to establish one new institution, namely the Companies Tribunal, and to transform the three existing entities, namely the Companies and Intellectual Property Registration Office (“CIPRO”), the Securities Regulation Panel (“SRP”), and the Financial Reporting Standards Council (“FRSC”), into new bodies to be established as discussed below. Item 12 of Schedule 5 to the Companies Act provides for transitional arrangements in respect of the existing entities. Note that the effective date of the Companies Act will not be earlier than one year following the date on which the President assented to the Companies Act (i.e. 9 April 2009). | ||
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