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CIPC: Filing of Prospectuses Online
- 15 August 2024
- CIPC
- South African Accounting Academy
CIPC embarked on a process to streamline the process of prospectus registration by developing an electronic filing capability to assist clients. This is in line with the dtic’s (Department of Trade, Industry and Competition) Medium Term Strategic Plan: To promote structural transformation, towards a dynamic industrial and globally competitive economy and to broaden participation in the economy to strengthen economic development.
From 1 September 2024 clients will be required to file a prospectus using the e-services at https://eservices.cipc.co.za.
Customers should continue using the e-mail address: [email protected] during the pilot phase which will run for a two-week period. During the filing period, the published turnaround times and fees as per Companies Act will still apply.
CIPC draws attention to the fact that in the event of a rejection of the final prospectus or a supplementary prospectus, clients are given 5 business days to rectify and finalize their filing. Failure to address the required changes within the stipulated timeframe will result in the necessity to lodge a new filing, for which the client will be liable to pay the published fees.
Click here to download Notice 52 of 2024:
https://www.cipc.co.za/wp-content/uploads/2024/08/Notice-52.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- The Companies Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- As an auditor, independent reviewer and accountant, you also need to monitor your client’s compliance with the Companies Act and all relevant notices/enforcements/practice notes issued by CIPC as the regulator.
- Where you perform these compliance tasks on behalf of your client, you need to ensure that you comply with all relevant notices/enforcements/practice notes and that you are aware of the latest media statements issued by CIPC as the regulator.
- Company Secretarial staff play a critical role in bridging the gap between entities and CIPC. As legislation, regulations and tax law are continuously changing and evolving, it is of utmost importance for companies and company secretarial practitioners to keep abreast of such changes in so that companies continue to meet their compliance obligations.
Relevance to Your clients:
- An entity (company or close corporation) has a duty to comply with the Companies Act, and all relevant notices/enforcements/practice notes and to be aware of the latest media statements issued by CIPC as the regulator.