SMALL ENTERPRISE AMENDMENT ACT IN FORCE SOON – EXCEPT FOR OMBUD CHAPTER

SMALL ENTERPRISE AMENDMENT ACT IN FORCE SOON – EXCEPT FOR OMBUD CHAPTER

• 27 September 2024
• Small Business Development
• SA Legal Academy

A presidential proclamation has been gazetted announcing that most sections of the National Small Enterprise Development Amendment Act will come into force on 1 October 2024, among other things formally establishing a Small Enterprise Development Finance Agency. Unfortunately, however, sections of the amendment Act dealing with dispute resolution are on hold. They include provisions:

• introducing a small enterprise ombud service, and
• where certain practices have been found to impact negatively on small enterprises, enabling the Minister to prohibit or declare them unfair trading practices.

Also on hold is a section of the amendment Act repealing a schedule to the principal statute prescribing thresholds for defining enterprise size classes by sector.

Provisions in the amendment Act disestablishing the Small Enterprise Financing Agency, the Co-operative Banks Development Agency and the Small Enterprise Development Agency are scheduled to commence only on 1 December 2024.

• presidential proclamation
• amendment Act

Published by SA Legal Academy Policy Watch

Follow us on X @SALegalAcademy (you can also join us on LinkedIn and Facebook)

0 COMMENTS

LEAVE A COMMENT