President Cyril Ramaphosa will sign the Competition Amendment Bill into law on Wednesday afternoon at the Tuynhuys Chambers in Parliament.
The National Assembly has passed the Competition Amendment Bill, allowing it to be referred to the National Council of Provinces for concurrence. The bill seeks to close loopholes in the current Competition Act, and define contraventions and uncompetitive conduct by companies more explicitly.
BUSA says it welcomes the Competition Amendment Bill, but wants watchdogs' powers to make unilateral findings kept in check.
The minister of economic development says South Africa will not weaponise its competition policy to punish other countries for making trade and tariff decisions which could harm SA.
The National Council of Provinces this week passed the Competition Amendment Bill, which will now go to the president for his assent, here's what it means for businesses.
Minister of Economic Development Ebrahim Patel has told Parliament that definitions for various anti-competitive behaviour were replaced with guidelines to close loopholes and allow court discretion in a dispute.
Business Unity SA has called for investor certainty and stability as government prepares to put the Competition Amendment Bill through Parliament.
An amendment bill coming soon will also bring economic transformation into competition regulation.
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