Regulatory Alerts2022-05-27
Withdrawal of Joint Communication 7 of 2020
The Financial Sector Conduct Authority, Prudential Authority, and South African Reserve Bank withdraw Joint Communication 7 of 2020, ending the precautionary measures previously required from financial and payment institutions. This withdrawal aligns with the automatic expiration of disaster regulations after South Africa lifted its National State of Disaster on 5 April 2022. Consequently, regulated entities are no longer bound by the communication's specific operational directives for limiting coronavirus transmission.
Withdrawal of Joint Communication 7 of 2020 (Precautionary measures by financial institutions and payments institutions to limit the spread of the coronavirus (COVID19)) The Financial Sector Conduct Authority, the Prudential Authority and the National Payment System Department of the South African Reserve Bank, hereby withdraw Joint Communication 7 of 2020 which set out measures to be taken by financial institutions and payment institutions when performing financial services and services relating to the national payment system. The National State of Disaster was lifted on 5 April 2022 and the Regulations and directions made pursuant to the National State of Disaster automatically lapsed one month after the national state of disaster was terminated. Fundi Tshazibana Unathi Kamlana CEO Commissioner Prudential Authority Financial Sector Conduct Authority Tim Masela Head: National Payment System Department South African Reserve Bank Date of publication: 27 May 2022 1