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CIPC: Securities register and beneficial interest register
- 25 July 2023
- Accounting
- South African Accounting Academy
CIPC released its Beneficial Ownership Register on the 1st of April 2023. Initially, the functionality only provided for the submission of beneficial ownership information, and did not cater for entities with no beneficial ownership to declare to file their securities/members registers, or beneficial interest registers (as applicable).
The enhanced functionality is applicable to entities (affected companies or non-affected companies) that have no beneficial ownership information to declare.
The filling of Beneficial Ownership (BO) Information functionality is available on www.cipc.co.za under e-Services, and additional information on how to file; frequently asked questions and other guidance documents are available on the CIPC website.
Click here to download Notice 40 of 2023:
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/customer letters 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/customer letters 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/customer letters issued by CIPC as the regulator.
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update
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https://cpd.accountingacademy.co.za.