Financial Sector and Deposit Insurance Levies Act, 2022 (Act No. 11 of 2022)

Schedules

Schedule 2 : Financial Sector Levy Calculation for Supervised Entities in respect of Financial Sector Conduct Authority (Section 4(1)(a))

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SCHEDULE 2

FINANCIAL SECTOR LEVY CALCULATION FOR SUPERVISED ENTITIES IN RESPECT OF FINANCIAL SECTOR CONDUCT AUTHORITY

(Section 4(1)(a))

1.	Application

Table B must be applied to calculate the levy payable by a supervised entity that is—

(a)	a bank or a branch;

(b)	a co-operative bank;

(c)	a mutual bank;

(d)	a non-life insurer;

(e)	a life insurer;

(f)	a microinsurer that conducts life insurance business only, non-life insurance business only, both life insurance business and non-life insurance business or reinsurance business;

(g)	an exchange;

(h)	a central securities depository;

(i)	an independent clearing house;

(j)	an associated clearing house;

(k)	a central counterparty;

(l)	a trade repository

(m)	an over-the-counter derivative provider;

(n)	a credit rating agency;

(o)	a pension fund: occupational fund;

(p)	a pension fund: preservation fund;

(q)	a pension fund: provident preservation fund;

(r)	a pension fund: retirement annuity fund;

(s)	a pension fund administrator;

(t)	a collective investment scheme in securities;

(u)	a collective investment scheme in hedge funds;

(v)	a foreign collective investment scheme;

(w)	a collective investment scheme in property;

(x)	a collective investment scheme in participation bonds;

(y)	a category I or IV financial services provider;

(z)	a category II, IIA or III financial services provider;

(zA)	a category I or category IV financial services provider in respect of only the following financial products subcategories:

(i)	Long-term insurance subcategory A; or

(ii)	friendly society benefits; or

(zB)	a financial services provider (authorised in multiple categories).

2.	Alleviation of double levy payment in respect of clearing house

A clearing house that is approved in terms of section 110(6) of the Financial Markets Act to perform the functions of a central counterparty or a licensed independent clearing house who is also licensed as a central counterparty is liable to pay the levy applicable to a central counterparty, but is not liable to pay the levy applicable to an associated clearing house or an independent clearing house.

3.	Levy payment in respect of reinsurer

A reinsurer that is licensed under the Insurance Act to conduct both life insurance business and non-life insurance business must be levied separately for its life insurance business and non-life insurance business.

N6889 Table B i