Competition Act, 1998 (Act No. 89 of 1998)RegulationsCOVID-19 Block Exemption for the Banking Sector 20203. Category of agreements or practices exempted |
The Minister hereby exempts the categories of agreements or practices set out in paragraphs 3.1 and 3.2 when undertaken by banks and paragraph 3.2 when undertaken by financial institutions 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 panedmic national disaster and which exclude communication and agreements in respect of prices unless specifically authorised by the Minister or the Minister of Finance.
[Regulation 3 chapeau substituted by section 3 of Notice No. R. 502, GG43280, dated 5 May 2020]
Payments system
| 3.1. | Agreements or practices with the sole purpose of ensuring essential payment systems continue to operate during the COVID-19 national disaster, which are limited to the development of industry monitoring, operational policies and contingency plans in respect of: |
| 3.1.1. | the continued availability of bank notes to ATMs, branches and businesses. |
| 3.1.2. | the continued provision of essential ATM, branch and corporate banking services. |
| 3.1.3. | the continued provision of electronic payments systems. |
Debtor and credit management
| 3.2. | Agreements or practices with the sole purpose of ensuring the management of debtors and extension of credit continue during the COVID-19 national disaster, which are limited to the development of industry policies and monitoring in respect of: |
| 3.2.1. | payment holidays and debt relief for business and individual debtors subject to financial stress. |
| 3.2.2. | limitations set on asset repossessions of business and individual debtors subject to financial stress. |
| 3.2.3. | the extension of credit lines to individuals and businesses subject to financial stress. |