| (2) | The accounting authority of the Financial Sector Conduct Authority is the accounting authority for the designated bank account referred to in section 246(2), and has the duties referred to in Part 2 of Chapter 6 of the Public Finance Management Act. |
(4)
| (a) | The Financial Sector Conduct Authority, the Ombud Council, the Office of the Pension Funds Adjudicator, and the Office of the Ombud for Financial Services Providers must— |
| (i) | prepare an annual budget in accordance with section 53 of the Public Finance Management Act and section 239 of this Act; |
| (ii) | prepare an annual report and financial statements in accordance with section 55 of the Public Finance Management Act; |
| (iii) | submit information as required in terms of section 54 of the Public Finance Management Act; and |
| (iv) | comply with Treasury Regulations, circulars, guidelines and practice notes in terms of the Public Finance Management Act. |
| (b) | The Tribunal, although it is not a public entity in terms of the Public Finance Management Act, must also comply with the requirements in paragraph (a). |
(5)
| (a) | The Prudential Authority must prepare an annual budget and estimates of expenditure for the financial year in accordance with section 239, and an annual report and financial accounts in accordance with section 55. |
| (b) | The Chief Executive Officer is responsible for ensuring that the expenditure of the Prudential Authority is in accordance with its approved budget. |
(5A)
| (a) | The Corporation must prepare an annual budget and estimates of expenditure for the financial year in accordance with section 239 and in compliance with subsection (4)(b), and financial accounts, financial statements and an annual report as contemplated in sections 166AU and 166AV. |
| (b) | The financial accounts and financial statements of the Corporation must also include the financial accounts and financial statements of the Fund, and the annual report of the Corporation must also report on the activities, operations and performance of the Fund. |
[Section 248(5A) 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 (15)(a) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]
| (6) | The Tribunal, the Ombud Council, the Office of the Pension Funds Adjudicator, and the Office of the Ombud for Financial Services Providers must provide the Financial Sector Conduct Authority with its levies that will be imposed for the operation of the financial sector body two months prior to the start of a financial year in respect of which the levies will be imposed. |
[Section 248(6) 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 (15)(b) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]
| (7) | In addition to the matters which must be included in the annual report and financial statements of the Financial Sector Conduct Authority referred to in section 55 of the Public Finance Management Act, the annual report must set out and contain a statement showing— |
| (a) | the total number of supervised entities who paid levies imposed in accordance with section 237(1)(b); |
| (b) | the total funds distributed from the designated bank account referred to in section 246(2) to the designated bank account of each financial sector body referred to in section 246(1); and |
| (c) | any other matter determined by the Minister. |
| (8) | In addition to the matters which must be included in the annual reports and financial statements or financial accounts of a financial sector body referred to in subsections (4) and (5), the annual report of a financial sector body must contain a statement showing— |
| (a) | the total number of persons who paid fees determined by that financial sector body in the financial year; |
| (b) | the total number of supervised entities who paid levies imposed by that financial sector body in that financial year; |
| (c) | the total fees collected by the financial sector body; |
| (d) | the total levies collected on behalf of and received by the financial sector body; and |
| (e) | any other matter determined by the Minister. |
| (8A) | In addition to the matters which must be included in the financial accounts, financial statements and annual reports of the Corporation referred to in subsection (5A), the annual reports of the Corporation must contain a statement showing— |
| (a) | the total number of members who paid deposit insurance levies and deposit insurance premiums imposed in that financial year; |
| (b) | the total deposit insurance levies collected by the Reserve Bank on behalf of and received by the Corporation; |
| (c) | the total deposit insurance premiums collected by the Reserve Bank on behalf of the Corporation and which were paid to the Fund; and |
| (d) | any other matter determined by the Minister. |
[Section 248(8A) 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 (15)(c) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]
| (9) | A financial sector body must publish its annual budget on its website, and must publish its determined fees and imposed levies and deposit insurance premiums in the Register and on its website. |
[Section 248(9) 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 (15)(d) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]
