Levies are calculated and payable annually to the FSB based on the market value of investments under management.
The levy is applicable to:
- Category II & IIA FSPs – the investments under the discretionary management of all Cat II discretionary FSPs, as well as that of Cat IIA Hedge Fund managers.
- The investments under administration of all Cat III administrative FSPs.
In order for the FSB to calculate the 2016/2017 levy of these respective categories of FSPs, it is required that these FSPs submit the total market value of investments under management and/or administration as at 30 June 2016. Investments under management and/or administration which are held in foreign currency must be calculated in your Assets Under Management (AUM) at the exchange rate published in the press as at 30 June 2016.
The submission must reflect the market value of the investments, including cash, managed and/or administered in terms of FAIS.
This information must be submitted no later than 31 July 2016 via the online submission system.
Please note that the FSB has also commented that any FSP whose AUM differs substantially from that provided on their compliance reports, or where the AUM in the compliance and other reports have a zero balance for levy purposes, will be viewed in a serious light and regulatory action will be taken against those FSPs.