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FINANCIAL SECTOR LEVIES ACTS GAZETTED
- 10 December 2022
- Financial Sector
- SA Legal Academy
The President has assented to the Financial Sector & Deposit Insurance Levies Act and the Financial Sector & Deposit Insurance Levies (Administration) & Deposit Insurance Premiums Act. They were gazetted on 9 December 2022 but are not yet in force. Provision is made for a phased approach to commencing each Act, allowing the Minister to declare different dates for specific sections.
Once operationalised, the two new pieces of legislation will impose levies on regulated financial institutions and allocate them to various statutory bodies. They will also provide for the administration of levies and the fund itself; a mechanism to recover levies and interest on unpaid amounts; and a mechanism to grant exemptions from levies under certain circumstances.
- Financial Sector & Deposit Insurance Levies Act
- Financial Sector & Deposit Insurance Levies (Administration) & Deposit Insurance Premiums Act
Published by SA Legal Academy Policy Watch