Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022)

2. Administration of levies
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(1)
(a) The Financial Sector Conduct Authority is responsible for the collection and administration of the financial sector levy and the special levy 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, to 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.
(b) The financial sector levy referred to in section 4(1)(a) of the Financial Sector and Deposit Insurance Levies Act, 2022, and the special levy referred to in section 8(2)(a) of that Act, must be collected and administered by the Financial Sector Conduct Authority and paid to the financial sector bodies referred to in paragraph (a) in accordance with section 246 of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017).

 

(2)
(a) The Reserve Bank is responsible for the collection and administration, on behalf of the Prudential Authority, of the financial sector levy and the special levy referred to in sections 2 to 8 and 11 read with Schedule 1 to the Financial Sector and Deposit Insurance Levies Act, 2022, to provide for the funding of the Prudential Authority.
(b) The Reserve Bank is responsible for the collection and administration, on behalf of the Corporation, of the deposit insurance levy referred to in section 9 read with Schedule 6 to the Financial Sector and Deposit Insurance Levies Act, 2022, to provide for the funding of the operations of the Corporation and the administration of the Fund.
(c) The financial sector levy referred to in section 4(1)(b) of the Financial Sector and Deposit Insurance Levies Act, 2022, the special levy referred to in section 8(2)(b) and the deposit insurance levy referred to in section 9 of that Act, must be collected and administered by the Reserve Bank in accordance with section 246 of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017).