Contingency Fees Act, 1997
R 385.00
Banks Act, 1990 (Act No. 94 of 1990)RegulationsRegulations relating to banks - 2013Chapter V : Prescribed Fees60. Annual licence |
| (1) | The licence fee contemplated in section 35 of the Act shall be calculated in accordance with the formula specified below— |
|
R30 million |
x total capital and liabilities in rand per item 88 of form BA 100 |
|
R2000 billion |
|
with a minimum fee of R6 000 and a maximum fee of R300 000 per annum.
The amount of capital and liabilities, as reported in item 88, column 3, of form BA 100 for the month ended December of the year preceding the year in respect of which the licence fee is payable, shall be used in the relevant calculation of the licence fee.
| (2) | A bank that exists on 1 January of a particular year shall pay the licence fee, prescribed in subregulation (1), before the end of February of each relevant year. |
| (3) | A bank that is registered on a date after 1 January of a particular year shall in respect of such year, and before the end of the month in which it is so registered, pay a licence fee calculated in accordance with the formula— |
|
R30 million |
x |
(total capital and liabilities in rand at |
x |
(X) |
|
R2000 billion |
|
the date on which it is so registered) |
|
12 |
in which formula "X" represents the number of full months remaining in such year after the month in which the bank is so registered, with a minimum fee of R6 000 and a maximum fee of R300 000.
| (4) | A bank that fails to pay the full amount of the applicable licence fee within the period allowed in terms of subregulation (2) or subregulation (3), respectively, for the payment thereof shall pay, in addition to such licence fee, for each month or part of a month during which the licence fee remains so unpaid a penalty calculated at the rate of 10 per cent of the amount of the licence fee that it has failed to pay as aforesaid, and reckoned from the final date allowed in terms of subregulation (2) or subregulation (3), respectively, for the payment of such licence fee: Provided that the amount of the penalty so payable shall not be more than the amount of the licence fee due. |
| (5) | Any money payable in terms of this regulation is inclusive of VAT, shall be a debt due to the Authority and shall be recoverable by action in any competent court by the Authority of Banks. |
[Section 60(5) substituted by section 2 Notice No. 724, GG44003, dated 18 December 2020]
| (6) | The licence fee and any penalty collected under this regulation shall accrue for the benefit of the Authority. |
[Section 59(6) substituted by section 2 Notice No. 724, GG44003, dated 18 December 2020]
| (7) | Representative offices of foreign institutions established in the Republic of South Africa shall annually, not later than 31 January of each year, pay to the South African Reserve Bank a fee of R6 000, irrespective of the initial date and month of registration as a representative office in a particular year. |
| (8) | An institution applying successfully for the first time to be registered as a representative office in terms of section 34 of the Act will not be registered as such until the annual licence fee contemplated in subregulation (7) has been paid to the South African Reserve Bank. |
| (9) | An institution that fails to pay the full amount of the applicable licence fee within the period allowed in terms of subregulation (7) for payment thereof shall pay, in addition to such licence fee, for each month or part of a month during which the licence fee remains so unpaid a penalty calculated at the rate of 10 per cent of the amount of the licence fee that it has failed to pay as aforesaid, and reckoned from the final date allowed in terms of subregulation (7) for the payment of such licence fee: Provided that the amount of the penalty so payable shall not be more than the amount of the licence fee due. |
