Financial Sector and Deposit Insurance Levies Act, 2022 (Act No. 11 of 2022)Part C : Provisions applicable to all levies10. Amendment of Schedules |
| (1) |
| (a) | The Minister may amend a Schedule, with the concurrence of the financial sector body concerned, and after having published a proposed amended Schedule in the Gazette for public comment for a period of at least 30 days, either by submitting an amended Schedule to Parliament for approval, or in accordance with subsection (4). |
| (b) | Parliament must approve, adopt amendments to or reject an amended Schedule within three months of the date of tabling of the amended Schedule. |
| (c) | If Parliament does not pass a resolution approving, adopting amendments to, or rejecting the amended Schedule within three months of the date of tabling, Parliament is deemed to have approved the amended Schedule, and— |
| (i) | the Minister may publish the amended Schedule in the Gazette; and |
| (ii) | the amended Schedule takes effect from the date of publication in the Gazette. |
| (d) | Section 13 of the Money Bills and Related Matters Act, 2009 (Act No. 9 of 2009), applies in relation to the consideration by Parliament of an amended Schedule that is tabled for approval. |
| (e) | If Parliament approves or adopts amendments to the amended Schedule as tabled, the Schedule approved or adopted by Parliament must then be published by the Minister in the Gazette, and the Schedule takes effect on the date of publication in the Gazette. |
| (2) | The Minister may make an amendment under subsection (1)— |
| (a) | to give effect to a proposal for levies made by the financial sector body referred to in paragraphs (b) to (h) of the definition of ‘‘financial sector body’’ in section 1(1) of the Financial Sector Regulation Act (in respect of Schedules 2 to 6) or the Prudential Authority (in respect of Schedule 1), as contemplated in section 239(2) of the Financial Sector Regulation Act, and which proposal has been submitted to the Minister in terms of section 239(5) of that Act; |
| (b) | to specify the meaning of any terms contained in the Schedule; |
| (c) | to provide for a levy for a financial institution designated under section 2(2) of the Financial Sector Regulation Act, or which becomes a supervised entity as a result of an amendment to the Financial Sector Regulation Act or another financial sector law, or the enactment of a new financial sector law; |
| (d) | to align the Schedule with the categories of supervised entities and activities that are regulated in terms of the Financial Sector Regulation Act or another financial sector law; or |
| (e) | to align references in the Schedule with the definition of ‘‘financial sector body’’ in section 1(1) of the Financial Sector Regulation Act. |
| (3) | An amendment envisaged in terms of this section includes the substitution, insertion or repeal of a Schedule or part of a Schedule. |
| (4) |
| (a) | A Schedule may be amended by the Minister by notice in the Gazette to give effect to an increase referred to in paragraph (b), and does not require submission to Parliament for approval, but a copy of the notice must be tabled in Parliament for information purposes. |
| (b) | In accordance with paragraph (a), the levies in the Schedules to this Act must be increased by the arithmetic mean of the Consumer Price Index as published by Statistics South Africa in the preceding calendar year, unless the Minister by notice in the Gazette, determines that there must be no increase or an increase less than that annual rate of increase. |
| (c) | An amended Schedule referred to in paragraph (a) takes effect on the date of publication of the notice in the Gazette. |