Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 16 : Fees, Levies and FinancesPart 1 : Fees and levies245. Exemption from fee or deposit insurance premium |
[Section 245 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 (12)(a) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]
| (1) | A financial sector body may, on application by a person who is liable to pay a fee, exempt the person from the payment of a fee, or a part of a fee, to the extent and subject to conditions determined by the financial sector body. |
| (2) | An application referred to in subsection (1) must include the particulars determined by the financial sector body. |
| (3) | A financial sector body may only grant an exemption from the payment of a fee, or a part of a fee, for sound reasons. |
| (4) | The Corporation may in writing, on application by a member, exempt a member from the payment of all or part of the deposit insurance premiums specified in Schedule 5, in respect of the premium period referred to in section 166BG(3), or a part of that period. |
[Section 245(4) inserted 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 (12)(b) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]
| (5) | A member must, in the application referred to in subsection (4), provide the information that the Corporation may determine, in the form and manner so determined. |
[Section 245(5) inserted 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 (12)(b) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]
| (6) | The Corporation may only exempt a member if the Corporation is satisfied that the exemption from the deposit insurance premium— |
| (a) | will alleviate undue financial or other hardship or prejudice to the member, or financial customers due to circumstances outside the control of that member; |
| (b) | is not contrary to the public interest; |
| (c) | is necessary for— |
| (i) | developmental and financial inclusion, as well as transformation objectives to facilitate progressive or incremental compliance with the Act, or another financial sector law; or |
| (ii) | other sound reasons; and |
| (d) | is necessary to facilitate the affordability of the deposit insurance premium for the member. |
[Section 245(6) inserted 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 (12)(b) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]
| (7) | The Corporation must publish, in accordance with the requirements under this Act, each exemption that is issued by the Corporation in terms of this section. |
[Section 245(7) inserted 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 (12)(b) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]