South Africa's Competition Commission is seeking extraterritorial powers to prosecute foreign banks whose actions affect South Africans.
Earlier this month, the Commission responded by urging the tribunal to set a precedent to allow it to prosecute foreign institutions if their actions affect South African citizens.
"If the agencies believe the country's current competition law does not provide for such authority, they should work with the other parts of South Africa's government to consider making the necessary amendments to the law," Broadman told CNBC.
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