n Acta Juridica - The potency of co-ordination of enforcement functions by the new and revamped regulatory authorities under the new Companies Act : enforcement and regulatory regime : part IV
|Article Title||The potency of co-ordination of enforcement functions by the new and revamped regulatory authorities under the new Companies Act : enforcement and regulatory regime : part IV|
|© Publisher:||Juta Law Publishing|
|Publication Date||Jan 2010|
|Pages||433 - 445|
One of the main aims of the Companies Act 71 of 2008 is regulation. This is clearly visible from the move by the legislator, in this piece of legislation, towards the decriminalisation of company law. Under the Companies Act 61 of 1973 enforcement was mainly by means of criminal sanctions. In the 2008 Companies Act, several regulatory authorities have been introduced and some of the ones that were already in existence have been revamped, as a way of ensuring that the provisions of the Act are enforced. These regulatory authorities are the Companies and Intellectual Property Commission (s 185), which is the regulatory authority that bears the bulk of ensuring that there is enforcement of the 2008 Act, the Takeover Regulation Panel (s 196), the Companies Tribunal (s 193), and the Financial Reporting Standards Council (s 203). These are all administrative bodies with their own individual functions. It is thus important to ensure that the functions of these regulatory authorities are co-ordinated. In this article, each regulatory authority is discussed with the main emphasis being on the actual function of the regulatory authority. From this discussion it will be clear that there are areas where there are apparent overlaps. A brief discussion of how the enforcement function of the High Court will be affected by the regulatory authorities follows. This is followed by a discussion of how the enforcement functions may be carried out to allow for co-ordination of the functions.
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