Primary briefing · Gazette
high impact 54796 · 7574 · 2026-06-08
Supervisory Levy Overhaul: Proposed 2026/2027 Amendments Under the Financial Sector and Deposit Insurance Levies Act
Comment closes
08 Jul 2026
Government Notice 7574 publishes proposed amendments to Table B of Schedule 2 and Table E of Schedule 5 of the Financial Sector and Deposit Insurance Levies Act, 2022. The amendments apply a uniform 3.2% increase in base amounts, variable amounts, and maximum levy caps for the 2026/2027 levy year across most categories of supervised financial entities — banks, insurers, pension funds, collective investment scheme managers, FSPs, and market infrastructures. More significantly, the notice introduces entirely new levy categories for external central counterparties (R100,000 base), external trade repositories, external credit rating agencies, foreign benchmark administrators, and benchmark administrators, all at 100% change (new items). The credit rating agency levy is restructured from a purely variable formula to a R2 million base amount plus 1.5% variable. The levy payable to the Office of the Pension Funds Adjudicator under Schedule 5 introduces a per-member variable of R12.46 (a 15% change). Ombud Council levies under Schedule 4 Table D will increase automatically as a consequence of the Schedule 2 amendments.
Who is affected
Banks, branches of foreign banks, co-operative banks, and mutual banksLife and non-life insurers, including microinsurersPension and retirement funds, preservation funds, beneficiary funds, and pension fund administratorsCollective investment scheme managersCategory I–IV financial services providersSecurities exchanges, clearing houses, central securities depositories, and central counterpartiesCredit rating agencies and benchmark administratorsOTC derivative providers and trade repositoriesFinancial sector regulatory and compliance practitioners What this means for practitioners
Assess the financial impact of the proposed 3.2% levy increase and any new levy categories applicable to your entity or clients.
Submit written comments to CommentDraftLegislation@treasury.gov.za by approximately 8 July 2026 (30 days from 8 June 2026).
Credit rating agencies should specifically evaluate the restructured levy (R2 million base plus 1.5% variable) and consider submissions on proportionality.
Pension fund administrators should model the new per-member variable levy of R12.46 under Schedule 5 for the Pension Funds Adjudicator.
Entities newly subject to levies (external CCPs, trade repositories, foreign benchmark administrators) should confirm whether they fall within the proposed definitions and budget accordingly.