Assessment: The Amended Financial Sector Code for Broad-Based Black Economic Empowerment 20_21

Which of the following is a vehicle by which government, labour, business and community organisations seek to cooperate, through problem-solving and negotiation, on economic, labour and development issues facing South Africa?

Please state if the following statement is true or false.

Broad-Based Black Economic Empowerment (B-BBEE) is a mechanism aimed at addressing inequalities and mobilising the energy of all South Africans to contribute to sustained economic growth, development and social transformation in South Africa.

Which of the following organisations falls within the scope of the Financial Sector Code (FSC)?

i. An asset management company

ii. A law firm who holds money in intermediate trusts

iii. A Financial Industry Trade Association

iv. A company providing reinsurance to insurers.

Please complete the sentence. Stan Investments, a multinational company has an annual turnover of R180 million annually. R9million of the turnover is directly from trading operations in South Africa. According to the Financial Sector Code, Stand Investments are classified as a(n)-

Which ONE of the following elements must be measured on the last date of the measurement period?

Which ONE of the following statements concerning the ownership element measured in terms of the Amended Financial Sector Code is correct?

Please complete the sentence. Banks and life insurers can top up the shortfall in its ownership points though the provision of-

In terms of Statement FS200, the Management Control Scorecard, the following criteria are used for deriving a score for management control:

i. Junior management

ii. Other Executive Management

iii. Board participation

iv. Operational management

Which one of the following sources is used to calculate an entity’s management control score in terms of the Amended Financial Sector Code?

Which of the following statements concerning the key measurement principle of the skill development element are correct?

i. The compliance target includes external training for black people that are not employed by the measured entity.

ii. To receive points on the skills development scorecard, the skills plan must be approved by the relevant SETA.

iii. Skills development expenditure may be recounted to measure the socioeconomic Development element.

iv. When combining the categories of management to measure this element, the lower target will apply to the combined category.

Please complete the sentence. Skills development for black unemployed and black people with disabilities are also included in the calculation of the score for skills development?

Which of the following approved report/s must be maintained as criteria for the Skills Development Score?

i. Workplace Skills Plan

ii. Annual Training Report

iii. Pivotal Report

iv. Employment Equity Report

Wealth Bank has decided to send the black employees in their Service Department for a Communication Workshop as part of their Skills Development Plan for the year 2020/2021.Which one of the following expenses are regarded as legitimate training expenses?

Please complete the sentence. Qualifying Enterprise Development and Supplier Development Contributions will be recognised as a percentage of the measured entity’s previous year’s annual-

Professional Furniture was identified as an Empowering supplier for furniture. The company currently employees 25 persons. What does this mean in the context of the Amended Financial Sector Code?

Very Sure Insurance has a Net Profit after Tax of R2b for the 2018/2019 financial year.  The amount of their Socio-Economic Development and Consumer Education contribution amounts to which one of the following?

Fresh Bank is a bank for the Agriculture sector and wants to start a Socio-Economic Development Programme.  The options are available to them for consideration is detailed below. Which option is the least suitable for Fresh Bank to pursue?

In terms of the Financial Sector Code, which is the primary criteria used to determine whether the lending activity will count towards the affordable housing targets?

What will the key measurement of success be for the measurement of access to financial services element as it relates to short-term insurers?

What is the percentage compliance target for Qualifying Small Financial Institutions in terms of black female representation in executive management?