Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 16 : Fees, Levies and FinancesPart 1 : Fees and levies246. Management of fees, levies, deposit insurance premiums and deposit insurance levies |
[Section 246 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 - effective 1 April 2024 per section (d), item (13)(a) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]
| (1) | Fees determined in accordance with section 237(1)(a), and interest accrued on fees in terms of section 244 must be collected by the financial sector body and paid into a bank account designated for that purpose, which is in the name and control of the financial sector body. |
(2)
| (a) | Levies imposed in accordance with the Financial Sector and Deposit Insurance Levies Act, which are referred to in section 237(3A)(a), and interest accrued on those levies in terms of section 244(4)(a), must be collected by the Financial Sector Conduct Authority and paid into a bank account designated for that purpose, which is in the name and control of the Financial Sector Conduct Authority. |
[Section 246(2)(a) 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 2023 per section (d), item (13)(b) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]
| (b) | Levies imposed in accordance with the Financial Sector and Deposit Insurance Levies Act, which are referred to in section 237(3A)(b), and interest accrued on those levies in terms of section 244(4)(b), must be collected by the Reserve Bank and paid into a bank account designated for that purpose, which is in the name and control of the Prudential Authority. |
[Section 246(2)(b) 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 2023 per section (d), item (13)(b) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]
| (c) | Deposit insurance levies imposed in accordance with the Financial Sector and Deposit Insurance Levies Act, which are referred to in section 237(3A)(c), and interest accrued on those levies in terms of section 244(4)(c), must be collected by the Reserve Bank and paid into a bank account designated for that purpose, which is in the name and control of the Corporation. |
| (d) | Deposit insurance premiums imposed in accordance with section 166BG, which are referred to in section 237(3B)(a), and interest accrued on those premiums in terms of section 244(5), must be collected by the Reserve Bank and paid into the bank account of the Fund referred to in section 166BD(3). |
[Section 246(2)(c) and (d) 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 (13)(b) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]
| (3) | Each financial sector body’s allocation of the levies in terms of section 12 of the Financial Sector and Deposit Insurance Levies Act and interest contemplated in subsection (2)(a), must be transferred by the Financial Sector Conduct Authority to the financial sector body’s designated account in accordance with a payment schedule agreed between the financial sector body and the Financial Sector Conduct Authority. |
[Section 246(3) 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 (13) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]
| (4) | The designated bank accounts referred to in subsections (1) to (3) must be approved by the National Treasury. |