On Sep. 19, RSA CIPC issued notice on mandatory filings.
RSA CIPC issued notice on enforcement of beneficial ownership filings, registers.
Follows Aug. 2023 RSA DTI announced changes to companies law, see #117619.
Also follows May 2023 RSA CIPC guide to beneficial owner filing rules, see #174284.
Mandatory Filings
Filing beneficial ownership filings and securities / beneficial interest registers became mandatory from May 24, 2023 upon promulgation of Amended companies regulations.
Promulgation gave full effect to General laws (anti-money laundering and combating terrorism financing) amendment act 22 of 2022.
Entities incorporated after promulgation of amended Companies regulations must file beneficial ownership information within 10 business days after date of incorporation.
Same applies re updating of beneficial ownership records when there are changes.
Pre-existing entities, which had their anniversary date after the promulgation of the amended Companies Regulations, have to also file beneficial ownership information.
Effectiveness
Enforcement of beneficial ownership filings, securities registers as from Oct. 1, 2023.
Feb. 7, 2024 Filing Reminder
On Feb. 7, 2024, RSA CIPC issued follow-up enforcement notice to Sep. 2023 notice.
Noted many entities are yet to file securities register/beneficial ownership information.
From Apr. 1, 2024, entities which have not complied with beneficial ownership filing requirement will be prevented from completing process of filing their annual returns.
Enforcement actions will be taken against entities which continue to be non-compliant.
All entities in the CIPC register must have filed beneficial ownership information by May 24, 2024 as this is the anniversary date of publication of the amended Companies Regulations which made the filing of beneficial ownership information mandatory.
Feb. 19, 2024 Reviewer System
On Feb. 19, 2024, RSA CIPC announced roll-out of beneficial ownership review system.
Allows for examination and review of sample beneficial ownership filings, assisting and advising corporate vehicles on the correctness and accuracy of their filings.
Alongside review process is concept of allowing for re-filing of incorrect / incomplete submissions, to correct any mistakes and ensure compliance with legislation.
Beneficial ownership filings rejected / queried for whatever reason, may be re-filed.
Document dated Feb. 19, 2024, received from RSA CIPC Feb. 22, summarized Feb. 27.
