[COM 280A] Levies280A 

280A

(1) In the case of every purchase and sale of securities recorded on a securities exchange or notified to it under its rules, the purchaser and the seller are each liable to pay to the Reserve Bank a levy at such rate as may be specified by order of the Minister to be published in the Gazette as a percentage of the consideration for such purchase and sale; and different rates may be specified in respect of different classes of securities.

(2) The securities exchange must collect and account to the Reserve Bank for the levy referred to in subsection (1).

(3) The amount of any levy payable under this section is recoverable as a civil debt due to the Reserve Bank.

(4) The Minister may make rules providing for—

• (a)the payment of the levies under this section; and
• (b)the keeping, examination and audit of the accounts of a securities exchange relating to the collection of such levies.

(5) For the purposes of subsection (1), the rate of percentage that applied under the Capital Markets Decree 2009 immediately before the commencement date is taken to be the rate of percentage that applies from the commencement date unless specified by order of the Minister published in the Gazette.

[s 280A insrt Act 3 of 2016 s 7, effective 1 January 2016]