Financial Sector and Deposit Insurance Levies Bill (and associated administration bill)

National Treasury invites public comments on the following draft Bills:
a) Draft Financial Sector and Deposit Insurance Levies Bill, 2022 (previously published as the Financial Sector Levies Bill in February 2021); and
b) Draft Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Bill, 2022.

Comments on the Bills will be accepted until Monday, 7 February 2022 and should be submitted to [email protected]

National Treasury has revised the Bill published as the Financial Sector Levies Bill in February 2021 and taken account of comments received. The Financial Sector Laws Amendment Bill provides for the establishment of the Deposit Insurance Fund (“the Fund”) and the Corporation for Deposit Insurance (“the Corporation”) to administer the Fund. In order to enable the Corporation to fulfil its mandate of administering the Fund, a deposit insurance levy is imposed through the Draft Financial Sector and Deposit Insurance Levies Bill. The deposit insurance levy will also cover the funding of the Corporation’s operational requirements. Financing for the Fund (in addition to other mechanisms) will be provided by its members through the imposition of a deposit insurance premium in terms of the Draft Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Bill, 2022.

Find Relevant accompanying documents here (Memoranda, SEIAS)

Media Statement: Publication of the Draft Financial Sector and Deposit Insurance Levies Bill (and associated administration Bill) for Public Comment