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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.
Published by SA Legal Academy Policy Watch
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