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Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)

Chapter 16 : Fees, Levies and Finances

Part 1 : Fees and levies

237. Fees, levies and deposit insurance premiums

[Section 237 heading substituted by the Schedule: Amendment of Laws: Section 4 of the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022), Notice No. 1512, GG47696, dated 9 December 2022, per section (d), item (4) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]

 

(1)

(a) Fees may be charged by a financial sector body in accordance with this Part to fund the performance of any functions under this Act, the relevant financial sector laws and the Financial Sector and Deposit Insurance Levies Act, including in relation to the performance of functions in terms of a financial sector law which does not explicitly authorise the charging of fees.
(b) Levies may be imposed in accordance with this Part, read with the Financial Sector and Deposit Insurance Levies Act, to fund the operations of the financial sector bodies and, in the case of the deposit insurance levy, to fund the operations of the Corporation and the administration of the Fund in terms of section 166BC.

[Section 237(1) substituted by the Schedule: Amendment of Laws: Section 4 of the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022), Notice No. 1512, GG47696, dated 9 December 2022 - effective 1 April 2024 in respect of deposit insurance levies and deposit insurance premiums for the Corporation for Deposit Insurance per section (d), item (4) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]

 

(2) A financial sector body must publish fees that have been determined in the Register and on its website.

[Section 237(2) substituted by the Schedule: Amendment of Laws: Section 4 of the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022), Notice No. 1512, GG47696, dated 9 December 2022 - effective 1 April 2023 per section (d), item (4) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]

 

(3) Fees are payable to the financial sector body at the time specified by the financial sector body, or at a time agreed to by the financial sector body.

[Section 237(3) substituted by the Schedule: Amendment of Laws: Section 4 of the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022), Notice No. 1512, GG47696, dated 9 December 2022 - effective 1 April 2023 per section (d), item (4) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]

 

(3A)

(a) The levies referred to in sections 2 to 8 and 12 of the Financial Sector and Deposit Insurance Levies Act, 2022, read with Schedules 2 to 5 to that Act, which provide for the funding of the Financial Sector Conduct Authority, the Tribunal, the Ombud Council, the Office of the Pension Funds Adjudicator, and the Office of the Ombud for Financial Services Providers, are payable to the Financial Sector Conduct Authority on the dates and in the manner specified by the Financial Sector Conduct Authority in terms of section 242, or on the date agreed to by the Financial Sector Conduct Authority.
(b) Levies referred to in sections 2 to 8 and 12 of the Financial Sector and Deposit Insurance Levies Act, 2022, read with Schedule 1 to that Act, which provide for the funding of the Prudential Authority, are payable to the Prudential Authority, through the Reserve Bank, on the dates and in the manner specified by the Prudential Authority in terms of section 242, or on the date agreed to by the Prudential Authority.
(c) The deposit insurance levy referred to in sections 9 and 12 of the Financial Sector and Deposit Insurance Levies Act, read with Schedule 6 to that Act, and section 166BC is payable to the Corporation, through the Reserve Bank, on the dates and in the manner specified by the Corporation, or on the date agreed to by the Corporation.

[Section 237(3A) substituted by the Schedule: Amendment of Laws: Section 4 of the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022), Notice No. 1512, GG47696, dated 9 December 2022 - effective 1 April 2024 per section (d), item (4) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]

 

(3B)

(a) The deposit insurance premium referred to in section 166BG and Schedule 5 is payable to the Corporation, through the Reserve Bank, on the dates and in the manner specified by the Corporation, or on the date agreed to by the Corporation.
(b) The Corporation must publish the deposit insurance premiums that have been collected in the Register and on its website.

[Section 237(3B) substituted by the Schedule: Amendment of Laws: Section 4 of the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022), Notice No. 1512, GG47696, dated 9 December 2022 - effective 1 April 2024 per section (d), item (4) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]

 

(4) Different fees may be determined for different types or categories of persons or supervised entities.

 

(5) Different levies may be imposed for different types or categories of supervised entities or members in accordance with the Financial Sector and Deposit Insurance Levies Act, 2022.

[Section 237(5) substituted by the Schedule: Amendment of Laws: Section 4 of the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022), Notice No. 1512, GG47696, dated 9 December 2022 - effective 1 April 2023 per section (d), item (4) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]

 

(6) Different deposit insurance premiums may be determined for different types or categories of members.

 

[Section 237 substituted by the Schedule: Amendment of Laws: Section 4 of the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022), Notice No. 1512, GG47696, dated 9 December 2022 - effective 1 April 2023 in respect of fees and levies for financial sector bodies other than the Corporation for Deposit Insurance per section (d), item (4) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]