Maryna holds the BA, LLB, LLM degrees and is an Executive Consultant at the Cape Town branch of STBB. She is an admitted Attorney, Notary Public, Conveyancer and Insolvency Practitioner with many years of experience in the fields of property law, conveyancing and the laws relating to corporate compliance (especially in respect of the FICA and POPIA laws). Up until 2018 she was also head of the firm’s national marketing portfolio. She is a seasoned public speaker and presenter, both in person and online. She prepares text for the majority of STBB’s internal and external publications and is editor and co-writer for two pivotal publications in the South African real estate industry – the ABC of Conveyancing (JUTA) and Delport’s South African Property Law and Practice (JUTA).

STBB Newsflash | Clarity on B-BBEE requirements for Property Practitioners

In March this year, the Property Practitioners Regulatory Authority (‘the PPRA’) asserted during a webinar, that possession of a valid and compliant B-BBEE certificate is a statutory prerequisite for the issuance of a Fidelity Fund Certificate (‘FFC’), without which property practitioners may not trade. In this context, a valid certificate is one issued by an accredited verification entity, whilst a compliant certificate refers to compliance with the B-BBEE levels recorded in the B-BBEE Property Sector Code.

The Property Practitioners Act (‘the Act’) stipulates in section 50(x) that the PPRA may refuse to issue a FFC to property practitioners who are not in possession of a valid B-BBEE certificate. The PPRA advised that it interprets this provision to require possession of both a valid and compliant B-BBEE certificate.

The PPRA this week advised that it has reconsidered its interpretation of the section 50(x) requirement and accepts that a valid B-BBEE certificate is one obtained from an accredited agency, and that no minimum B-BBEE score applies. In other words, it need not be compliant with the levels stated in the Property Sector Code for purposes of section 50(x).

Rebosa (the Real Estate Business Owners of South Africa) recorded that it and industry role-players are 100% committed to the goal behind transformation in the industry and look forward to achieving these in consultation with the PPRA. It notes that B-BBEE certification may not be the best tool and that it supports the PPRA making use of the Property Sector Transformation Fund to facilitate true transformation.

Contact us at info@stbb.co.za for assistance.

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