Fund Distribution Alert 2021-22
South Africa: Revised regulatory fees 2021 for foreign collective investment schemes
South Africa: Revised regulatory fees 2021 for foreign collective investment schemes
On 11 August 2021, the Financial Sector Conduct Authority (the “FSCA”) in South Africa revised its levies on financial institutions with the issuance of Notice 465 of 2021.
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 12,300 |
| b) Per sub-fund | ZAR 6,671 |
| 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.
Said Fihri
Partner
+352 22 51 51 7892
said.fihri@kpmg.lu
Stephanie Zedda
Director
+352 22 51 51 7271
stephanie.zedda@kpmg.lu
