This is the version of this Government Notice as it was from 23 March 2020 to 4 May 2020. Read the latest available version.
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Related documents
South Africa
Competition Act, 1998
COVID-19 Block Exemption for the Banking Sector, 2020
Government Notice R355 of 2020
- Published in Government Gazette 43127 on 23 March 2020
- Commenced on 23 March 2020
- [This is the version of this document as it was from 23 March 2020 to 4 May 2020.]
1. Definition
In these Regulations any word or expression to which a meaning has been assigned in the Act shall bear that meaning and, unless the context otherwise indicates –2. Purpose
The purpose of these Regulations is to exempt a category of agreements or practices between Banks, Banking Association of South Africa and/or Payments Association of South Africa from the application of sections 4 and 5 of the Act in response to the declaration of COVID-19 pandemic as a national disaster in terms of the Disaster Management Act, solely for the purpose of:3. Category of agreements or practices exempted
The Minister hereby exempts the following categories of agreements or practices in the banking sector from the application of sections 4 and 5 of the Act if undertaken at the request of, and in coordination with, the Minister or the Minister of Finance for the sole purpose of responding to the COVID-19 pandemic national disaster and which exclude communication and agreements in respect of prices unless specifically authorised by the Minister or the Minister of Finance:Payments system
Debtor and credit management
4. Scope of the exemption
The scope of these Regulations is limited only to agreements or practices specified under paragraph 3 and which have the sole purpose of responding to the COVID-19 pandemic national disaster as set out in paragraph 2.5. Amendments to Regulations
Given the unpredictability of managing the COVID-19 pandemic, the areas of collaboration exempted in these Regulations may be expanded or reduced by the Minister by notice published in the Government Gazette in terms of these Regulations.6.
To the extent that the banking sector identifies additional agreements or practices outside paragraph 3 that are necessary to achieve the purpose of these Regulations, the banking sector may request the Minister to expand the scope of the exemption.7. Monitoring
The Banks, Banking Association of South Africa and/or Payments Association of South Africa must keep minutes of meetings held and written records of any agreements or practices falling within the scope of these exemptions.8. Representations on these regulations:
9. Short Title
These Regulations shall be called the COVID-19 Block Exemption for the banking sector, 2020.10. Commencement and duration
These Regulations shall come into effect on the date of publication in the Government Gazette.11.
These Regulations shall remain in operation for as long as the declaration of the COVID-19 in terms of the National Disaster Management Act as a national disaster subsists, or until they are withdrawn by the Minister whichever comes earlier.History of this document
05 May 2020
23 March 2020 this version
Commenced