The Advertising Standards Authority of South Africa announced on Monday, 14 November 2016, that the organisation will voluntarily begin business rescue proceedings and be placed under supervision.
It took the decision at a meeting on 18 October. “The ASA board took this decision to allow time for the process of restructuring the organisation, while reviewing and rebuilding its funding model,’ it said.
The ASA is a self-regulatory independent body, established by the marketing, communications, and media industries. It is mandated to regulate against unfair and misleading advertising which could compromise consumers and impact unfairly on competitors.
“The ASA has been safeguarding consumers’ interests and protecting freedom of commercial speech since 1968. It continues to enforce, adopt, and uphold its Code of Advertising Practice in an impartial and objective manner,’ it said.
The business rescue practitioner will engage with the affected parties and will inform the process of restructuring the organisation.