The Competition Appeal Court has (on appeal) reduced the penalty imposed by the Tribunal on MacNeil Agencies (Pty) Ltd (MacNeil). MacNeil was implicated in price-fixing and market allocation in the PVC and HDPE pipe products market. The penalty was reduced from ZAR 2 million to ZAR 1.25 million to give appropriate effect to mitigating factors not taken into account by the Tribunal.
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The South African Reserve Bank (SARB) has issued Directive 1 of 2020 (Directive for conduct within the national payment system in respect of domestic card transactions) under the National Payment System Act, 1998 (NPS Act) concerning issuing and acquiring domestic card transactions. The Directive introduces regulations for all card issuers, card acquirers and domestic merchants regarding card issuing, acquiring and acceptance services for domestic card transactions. The Directive aims to ensure that the provision of domestic card payment services does not endanger the National Payment System (NPS), and for this reason the SARB requires domestic card issuers to be domestic clearing system participants and that domestic merchants use local card acquirers. Who needs to comply with Directive 1 of 2020? →