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

Chapter 16 : Fees, Levies and Finances

Part 1 : Fees and levies

242. Assessments of levy or deposit insurance premium
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[Section 242 heading substituted by the Schedule: Amendment of Laws: Section 4 of the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022), Notice No. 1512, GG47696, dated 9 December 2022, per section (d), item (9) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]

 

(1)A financial sector body must issue to each supervised entity  or member that is liable to pay a levy or deposit insurance premium for the financial year an assessment of a levy or deposit insurance premium payable by the supervised entity or member.

 

(2)The assessment notice issued to a supervised entity or member must state the date on which the levy or deposit insurance premium is due and must be paid, which period must not be less than 30 days from the date of receipt of the notice of assessment by the supervised entity or member.

 

[Section 242(1) and (2) substituted by the Schedule: Amendment of Laws: Section 4 of the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022), Notice No. 1512, GG47696, dated 9 December 2022 - effective 1 April 2024 per section (d), item (9) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]