Financial Sector and Deposit Insurance Levies Act, 2022 (Act No. 11 of 2022)Part C : Provisions applicable to all levies12. Allocation of amounts levied to financial sector bodies |
| (1) | The Financial Sector Conduct Authority must allocate to a financial sector body, referred to in paragraphs (b) to (f) of the definition of ‘‘financial sector body’’ in section 1(1) of the Financial Sector Regulation Act, the amounts received by the Financial Sector Conduct Authority and paid into the account referred to in section 246(2) of the Financial Sector Regulation Act, in respect of supervised entities liable to pay the financial sector levy and the special levy for the levy year or levy period. |
| (2) |
| (a) | The financial sector levy amount that must be allocated by the Financial Sector Conduct Authority to the— |
| (i) | Financial Sector Conduct Authority, is the amount determined in accordance with section 4, in respect of Schedule 2; |
| (ii) | Tribunal, is the amount determined in accordance with section 4, in respect of Schedule 3; |
| (iii) | Ombud Council, is the amount determined in accordance with section 4, in respect of Schedule 4; and |
| (iv) | Office of the Pension Funds Adjudicator and the Office of the Ombud for Financial Services Providers, is the amount determined in accordance with section 4, in respect of Schedule 5. |
| (b) | The financial sector levy amount that is collected by the Reserve Bank and allocated to the Prudential Authority, is the sum of the amounts payable by supervised entities to the Prudential Authority, referred to in section 4(1)(b). |
| (3) |
| (a) | The special levy amount that must be allocated by the Financial Sector Conduct Authority in respect of each financial sector body, referred to in subsection (1), is an amount equal to 7.5 per cent of the financial sector levy amount allocated to that financial sector body in terms of subsection (2)(a). |
| (b) | The special levy amount that is collected by the Reserve Bank and allocated to the Prudential Authority is the sum of the amounts payable by supervised entities to the Prudential Authority, referred to in section 8(2)(b). |
| (4) | The deposit insurance levy amount that is collected by the Reserve Bank and allocated to the Corporation is the sum of the amounts payable by members to the Corporation, referred to in section 9. |
| (5) |
| (a) | Interest on unpaid financial sector levy, special levy or deposit insurance levy amounts must be determined in accordance with section 244 of the Financial Sector Regulation Act. |
| (b) | Interest on unpaid amounts payable by supervised entities, referred to in subsections (2)(a) and (3)(a), must be allocated by the Financial Sector Conduct Authority to the financial sector body, referred to in subsections (2)(a) and (3)(b), to whose allocation the interest on unpaid financial sector levy or special levy amounts relates. |
| (c) | Interest on unpaid amounts payable by supervised entities, referred to in subsections (2)(b) and (3)(b), that is collected by the Reserve Bank, must be allocated to the Prudential Authority. |
| (d) | Interest on unpaid amounts payable by members, referred to in subsection (4), that is collected by the Reserve Bank, must be allocated to the Corporation. |