Summary:
The Companies and Intellectual Property Commission (CIPC) has issued a notice to advise all prospective applicants for Business Rescue Practitioners (BRPs) licenses, and all relevant stakeholders in respect to the educational requirements that are a requisite to be licensed as a BRP.
Article:
CIPC has as one of its key objectives in terms of section 186(c) to promote education and awareness of company and intellectual property laws, and related matters.
In reference to regulation 126 (4) (a)-(b), when processing an application for practitioner licensing, the Commission takes due regard to the qualifications of the applicant and must be satisfied with the education and experience of the applicant before it can issue a license. The educational requirement entails that the applicant must have acquired a professional qualification within a legal, accounting or business management profession. The qualification must at a minimum be a relevant bachelors’ degree of a National Qualification Framework (NQF) level 7 endorsed by the South African Qualifications Authority (SAQA).
All foreign qualifications must be evaluated and verified by SAQA to ensure the level of the National Qualifications framework at which the foreign qualifications should be recognized. Certificates on workshops, seminars, short courses do not constitute professional qualifications that enable an individual for business rescue practitioner licensing.
The Commission kindly informs all prospective applicants that educational qualifications are a requisite to be licensed as a BRP and all applicants should take due regard of their qualification and whether their qualifications meet the SAQA criteria. Applications for licensing that do not meet the criteria will be rejected.
Click here to download Notice 62 of 2024:
https://www.cipc.co.za/wp-content/uploads/2024/09/Educational-Qualifications-for-BRP.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
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