In terms of Section 15A of the Financial Services Board Act the FSB may impose levies on the institutions it supervises, to cover the costs of supervision. These levies are calculated and payable annually. Each FSP will receive a Levy Invoice during September with payment falling due in October of each year.
A portion of the levies payable by Category II, IIA and III FSPs is based on the market value of the investments (or assets) under discretionary management (in the case of Category II and IIA FSPs) and/or administration (in the case of Category III FSPs).
All Category II, IIA and III FSPs are therefore required to submit a return to the FSB indicating the total ZAR market value of investments under management and/or administration as at 30 June 2017. Investments under management and/or administration held in foreign currency must be calculated at the exchange rate published in the press as at 30 June 2017.
The return must be submitted to the FSB by no later than 31 July 2017 and can be done via the FAIS ePortal, by fax (012 422 2973) or by email to nolwazi@email@example.com. It is important that the FSPs name and FSP number are clearly indicated.
We remind FSPs to ensure that their contact details with the FSB are up-to-date to ensure that all correspondence, including levy notification, is received and can be addressed within the prescribed timeframe.