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Financial Services Board Act, 1990 (Act No. 97 of 1990)

Notices

Levies for Financial Institutions, 2020

10. Levy on collective investment schemes in securities

 

(1)

(a) The levy, in respect of collective investment schemes in securities referred to in Part IV of the Collective Investment Schemes Control Act, is a total amount of R17 132 325, for all such schemes administered by a manager registered in terms of section 42 of that Act at any time during the levy year.
(b) The amount is payable in four quarterly instalments on or before 30 September, 31 October, 31 December and 31 March of the levy year.
(c) The quarterly amounts are calculated on the basis of statistics as at the end of the preceding quarter and are apportioned among all managers registered at that date.

 

(2) The levies due are calculated as follows:
(a) 10% apportioned equally among all managers;
(b) 60% apportioned according to the number of portfolios administered by each manager; and
(c) 30% apportioned in proportion to the total assets administered by each manager.