According to the Property Practitioners Act, 22 of 2019 which came into operation on 01 February 2022, a Property Practitioner needs to apply for a Fidelity Fund Certificate (FFC) before 31 October of the calendar year in which the current Fidelity Fund Certificate will expire.
In order to obtain a Fidelity Fund Certificate, Property Practitioners are now required to submit a valid B-BBEE Certificate.
In terms of the Property Sector Codes for Broad-Based Black Economic Empowerment, a BEE Certificate can constitute any of the following:
- A Sworn Affidavit by Exempted Micro Enterprises (EME)
- A Sworn Affidavit by Black Owned Qualifying Small Enterprises (QSE)
- A SANAS Accredited Certificate
The criteria of whether a Sworn Affidavit or a SANAS Certificate is required is determined by a business’ annual turnover, percentage Black ownership as well as in which business sector the business operates, for example, Property Sector, Construction Sector, Transport Sector etc. The various Sector Codes furthermore distinguishes between sub-sectors within the Sector. Within the Property Sector a business will for instance first have to determine whether its majority of income is generated from:
- Property Development activities; or
- Property Management/Facilities Management services; or
- Real Estate Agency, Property Brokering Entity
Please refer to the NAMA B-BBEE Infogram for a better understanding of how the B-BBEE certification process works.
To assist our members with their BEE compliance, NAMA has partnered with BEE Dynamix. NAMA Members can email Eugene Olivier at firstname.lastname@example.org for a free guide on how to complete and process the EME & QSE Affidavits referred to in point 1 and point 2 above. Members whose annual turnover exceeds the thresholds for EME’s or QSE’S Affidavits and who accordingly have to compile a scorecard and portfolio of evidence to be verified by a SANAS accredited verification agency can also contact Eugene for a free quote and a discounted consultation fee upon presentation of your NAMA membership number.
For any further queries, please e-mail email@example.com.