Financial Sector and Deposit Insurance Levies Act, 2022 (Act No. 11 of 2022) 1. Definitions and interpretation

 

 

‘‘associated clearing house’’

means an associated clearing house, as defined in section 1(1) of the Financial Markets Act;

 

‘‘bank’’

means a bank, as defined in section 1(1) of the Banks Act;

 

‘‘branch’’

means a branch, as defined in section 1(1) of the Banks Act;

 

‘‘central counterparty’’

means a central counterparty, as defined in section 1(1) of that Act, and includes a licensed clearing house, as defined in section 1(1) of the Financial Markets Act that is approved in terms of section 110 of that Act to perform the functions of a central counterparty;

 

‘‘central securities depository’’

means a central securities depository, as defined in section 1(1) of the Financial Markets Act;

 

‘‘collective investment scheme in hedge funds’’

means a collective investment scheme declared to be a collective investment scheme in terms of section 63 of the Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002), and administered by a manager registered in terms of that Act;

 

‘‘collective investment scheme in participation bonds’’

means a collective investment scheme of a kind referred to in Part VI of the Collective Investment Schemes Control Act, 2002, and administered by a manager registered in terms of that Act;

 

‘‘collective investment scheme in property’’

means a collective investment scheme of a kind referred to in Part V of the Collective Investment Schemes Control Act, 2002, and administered by a manager registered in terms of that Act;

 

‘‘collective investment scheme in securities’’

means a collective investment scheme of a kind referred to in Part IV of the Collective Investment Schemes Control Act, 2002, and administered by a manager registered in terms of that Act;

 

‘‘co-operative bank’’

means a co-operative bank, as defined in section 1(1) of the Co-operative Banks Act, 2007 (Act No. 40 of 2007);

 

‘‘covered deposit’’

means a covered deposit, as defined in section 1(1) of the Financial Sector Regulation Act;

 

‘‘credit rating agency’’

means a credit rating agency, as defined in section 1(1) of the Credit Rating Services Act, 2012 (Act No. 24 of 2012);

 

‘‘deposit insurance levy’’

means the levy imposed under section 9(1);

 

‘‘exchange’’

means an exchange, as defined in section 1(1) of the Financial Markets Act;

 

‘‘Financial Markets Act’’

means the Financial Markets Act, 2012 (Act No. 19 of 2012);

 

‘‘financial sector levy’’

means the levy imposed under section 2(1);

 

‘‘Financial Sector Regulation Act’’

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

 

‘‘financial services provider’’

means a financial services provider, as defined in section 1(1) of the Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002), and a reference to a specific category of financial services provider means the category determined in terms of section 6A of that Act;

 

‘‘foreign collective investment scheme’’

means a collective investment scheme of the type referred to in Part VIII of the Collective Investment Schemes Control Act, 2002;

 

‘‘independent clearing house’’

means an independent clearing house, as defined in section 1(1) of the Financial Markets Act;

 

‘‘Insurance Act’’

means the Insurance Act, 2017 (Act No. 18 of 2017);

 

‘‘insurer’’

means an insurer as defined in section 1(1) of the Insurance Act;

 

‘‘levy period’’

means the period stipulated in section 6;

 

‘‘levy year’’

means the period stipulated in section 5;

 

‘‘life insurer’’

means an insurer conducting life insurance business, as defined in section 1(1) of the Insurance Act;

 

‘‘Lloyd’s’’

means the association of persons generally known as Lloyd’s, which is incorporated by the Lloyd’s Act of 1871 (34 Vict. C21), passed by the Parliament of the United Kingdom of Great Britain and Northern Ireland;

 

‘‘member’’

means a member of the Corporation, in accordance with section 166AG of the Financial Sector Regulation Act;

 

‘‘microinsurer’’

means an insurer conducting microinsurance business, as defined in section 1(1) of the Insurance Act;

 

‘‘mutual bank’’

means a mutual bank, as defined in section 1(1) of the Mutual Banks Act, 1993 (Act No. 124 of 1993);

 

‘‘non-life insurer’’

means an insurer conducting non-life insurance business, as defined in section 1(1) of the Insurance Act;

 

‘‘occupational fund’’

means a fund, as defined in section 1(1) of the Pension Funds Act, 1956 (Act No. 24 of 1956), and established by an employer, as defined in section 1(1) of that Act, for the benefit of its employees;

 

‘‘Office of the Ombud for Financial Services Providers’’

means the Office established in terms of section 20(1) of the Financial Advisory and Intermediary Services Act, 2002;

 

‘‘Office of the Pension Funds Adjudicator’’

means the Office established in terms of section 30B of the Pension Funds Act, 1956;

 

‘‘over-the-counter derivative provider’’

means an over-the-counter derivative provider declared by the Minister as a regulated person in terms of section 5(1)(b) of the Financial Markets Act;

 

‘‘pension fund’’

means a pension fund organisation, as defined in section 1(1) of the Pension Funds Act, 1956;

 

‘‘pension fund administrator’’

means an administrator, as defined in section 1(1) of the Pension Funds Act, 1956;

 

‘‘pension preservation fund’’

means a pension preservation fund, as defined in section 1(1) of the Pension Funds Act, 1956;

 

‘‘provident preservation fund’’

means a provident preservation fund, as defined in section 1(1) of the Pension Funds Act, 1956;

 

‘‘reinsurer’’

means a reinsurer, as defined in section 1(1) of the Insurance Act;

 

‘‘representative’’

means a representative, as defined in section 1(1) of the Financial Advisory and Intermediary Services Act, 2002;

 

‘‘retirement annuity fund’’

means a retirement annuity fund, as defined in section 1(1) of the Pension Funds Act, 1956;

 

‘‘Road Accident Fund’’

means the fund established by section 2(1) of the Road Accident Fund Act, 1996 (Act No. 56 of 1996);

 

‘‘special levy’’

means the levy imposed under section 2(2);

 

‘‘supervised entity’’

means a financial institution envisaged in paragraph (a) of the definition of ‘‘supervised entity’’ in section 1(1) of the Financial Sector Regulation Act of the types listed in Schedules 1 to 6; and

 

‘‘trade repository’’

means a trade repository, as defined in section 1(1) of the Financial Markets Act.