Institutional Support for Business Regulation and Consumer Protection
the dti?works hand-in-hand with regulatory institutions within government to achieve its mandate of providing sound, coherent, predictable and transparent business regulatory solutions.
These institutions include the following:
- The National Consumer Tribunal (NCT), which adjudicates on credit and consumer matters, to ensure equity in the credit market and balances the rights and responsibilities of credit providers and consumers;
- The National Credit Regulator (NCR), which regulates the consumer credit industry, to improve consumer protection in the end-user credit market and provide effective debt counselling and review mechanisms;
- The National Gambling Board (NGB), which provides a regulatory framework for gambling practices and monitors the socio-economic effects of gambling on citizens;
- The Competition Commission, which is responsible for the investigation, control and evaluation of prohibited practices, exemption applications, mergers and acquisitions;
- The Competition Tribunal, which is an adjudication body responsible for promoting and maintaining competition through the implementation of the Competition Act;
- The World Intellectual Property Organisation (WIPO), which facilitates South Africa’s contribution to an international regime for IP;
- The Estate Agency Affairs Board (EAAB), whose main role is to regulate the activities of estate agents and protect the public against unscrupulous members of this profession;
- The National Lotteries Board (NLB), whose role is to regulate the lotteries regime and facilitate the distribution of lottery funds for worthy causes and developmental purposes;
- The Companies and Intellectual Property Commission, which deals with registration of companies, adherence to financial standards, provision of business rescue interventions and enforcement of non-compliance;
- The Companies and Intellectual Property Tribunal, which is responsible for adjudicating matters arising from the Companies Act;
- The Takeover Regulation Panel and the Financial Reporting Standards Council, which will also be established pursuant to the Companies Act and assume responsibility for regulating affected transactions and the issuance of standards; and
- The National Consumer Commission, which ensures well-functioning markets that are fair, competitive and responsible to consumers.
The Companies and Consumer Protection Acts (2008) will bring about five additional regulatory agencies, as per the above list:
- Companies and Intellectual Property Commission;
- Companies and Intellectual Property Tribunal;
- Take-Over Regulation Panel;
- Financial Reporting Standards Council; and
- National Consumer Commission.