Fund Distribution Alert 2022-20

South Africa: Revised regulatory fees 2022 for foreign collective investment schemes

South Africa: Revised regulatory fees 2022 for foreign collective investment schemes

On 29 August 2022, the Financial Sector Conduct Authority (the “FSCA”) in South Africa revised its levies on financial institutions with the issuance of Notice 1258 of 2022.

For foreign collective investment schemes, the revision means a slight increase in the amount per fund and sub-fund which is paid in four quarterly installments. The variable amount and composition of the fee remain the same as before.

Below are the current applicable levies per quarter:

Breakdown

Amount

a)       Per Umbrella Fund

ZAR 12,915

b)      Per sub-fund

ZAR 7,005

c)       Variable based on net assets under management on behalf of South African investors

0.00031231%


As a reminder, these fees are payable in four quarterly installments on or before 31 July, 30 September, 31 December and 31 March of the levy year. The variable sum is calculated based on provided statistics, which is to be submitted to the Authority within 30 days after the end of the preceding quarter.

The latest board notice as well as previous versions are available here.

Feel free to contact us should you require additional information.

Contacts

Said Fihri

Partner
+352 22 51 51 7892
said.fihri@kpmg.lu

Stephanie Zedda

Director
+352 22 51 51 7271
stephanie.zedda@kpmg.lu

Related Content