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CIPC: Progress update on objectives outlined in the media release published on 6 August 2022
- 07 August 2024
- CIPC
- South African Accounting Academy
On 10 August 2022, the CIPC published a Media Release titled “COMPLIANCE NOTICE ISSUED TO NOVA PROPGROW GROUP HOLDINGS LTD”, with a subheading “Inter-Regulator Investigation Following Failure to Satisfy the Commission from a Notice to Show Cause Regarding Reckless Trading or Trading Under Insolvent Circumstances”.
The Commission’s mandate, though the inter-regulator investigation covered other pieces of legislation that regulated various parts of the Property Syndication Industry, remains confined to the Companies Act, 71 of 2008 (as amended) (“the Act”).
One of the major activities stated in the publication was to embark on an inter-regulator investigation, the purpose of which would be the realisation of a legally accurate and equitable outcome for investors, the companies and directors.
The publication stated other various activities that would ensue to achieve certain itemised objectives, an update of which is included under each item in this media release.
A date suitable for all affected parties, regulators and interested parties (limited to organs of State) is yet to be set.
Access the Compliance notice issued to Nova Propgrow Group Holdings LTD on https://www.cipc.co.za/wp-content/uploads/2022/08/Media-Release-Sharemax_Nova-Propgrow-Group-Holdings-Ltd_.pdf
Click here to download Media Release 5 of 2024.
Relevance to Auditors, Independent Reviewers & Accountants:
- Where you perform 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.