Financial Sector and Deposit Insurance Levies Act, 2022 (Act No. 11 of 2022)Part C : Provisions applicable to all levies11. Exemption from levies |
| (1) |
| (a) | The Financial Sector Conduct Authority may, in writing, on application by a supervised entity or on its own initiative, exempt a supervised entity or a type or category of supervised entities, from the payment of all or a part of the financial sector levy specified in Schedules 2 to 5, or the special levy referred to in section 8(2)(a), in respect of a levy year or a part of a levy year. |
| (b) | The Prudential Authority may, in writing, on application by a supervised entity or on its own initiative, exempt a supervised entity or a type or category of supervised entities, from the payment of all or a part of the financial sector levy specified in Schedule 1, or the special levy referred to in section 8(2)(b), in respect of a levy year or a part of a levy year. |
| (c) | The Corporation may, in writing, on application by a member or on its own initiative, exempt a member or a type or category of members from the payment of all or part of the deposit insurance levy specified in Schedule 6, in respect of the period referred to in section 9(3), or a part of that period. |
| (2) | A supervised entity or a member must, in the application referred to in subsection (1), provide the information that the Financial Sector Conduct Authority, the Prudential Authority or the Corporation, as the case may be, may determine, in the form and manner so determined. |
| (3) | The Financial Sector Conduct Authority, the Prudential Authority or the Corporation, as the case may be, may only exempt a supervised entity or a member if the Financial Sector Conduct Authority, the Prudential Authority or the Corporation is satisfied that the exemption from the financial sector levy, the special levy or the deposit insurance levy— |
| (a) | will alleviate undue financial or other hardship or prejudice to the supervised entity or member, or financial customers due to circumstances outside the control of that supervised entity or member; |
| (b) | is not contrary to the public interest; |
| (c) | is necessary for— |
| (i) | developmental, financial inclusion and transformation objectives to facilitate progressive or incremental compliance with the Financial Sector Regulation Act or a financial sector law; or |
| (ii) | other reasons that may contribute to the achievement of the objects of Financial Sector Regulation Act; and |
| (d) | is necessary to facilitate the affordability of the financial sector levy, the special levy for the supervised entity or the affordability of the deposit insurance levy for the member. |
| (4) | The Financial Sector Conduct Authority, the Prudential Authority and the Corporation must publish, in accordance with the requirements under the Financial Sector Regulation Act, each exemption that is issued by them under this section. |