Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)

Chapter 16 : Fees, Levies and Finances

Part 2 : Finances

247. Finances of financial sector bodies

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(1)The money of each financial sector body consists of—
(a)amounts received by the financial sector body as fees and levies;
(b)funds accruing to the financial sector body from any other source; and
(c)interest on amounts standing to the credit of the financial sector body in an account.

 

(2)The money of a financial sector body may be applied only as follows:
(a)To the general administrative and operating costs of the financial sector body;
(aA) in respect of deposit insurance levies received by the Corporation, to the general administrative and operating costs of the Fund;

[Section 247(2)(aA) inserted by the Schedule: Amendment of Laws: Section 4 of the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022), Notice No. 1512, GG47696, dated 9 December 2022 - effective 1 April 2024 per section (d), item (14) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]

(b)to exercise the powers, perform the functions, and fulfil the duties of the financial sector body in terms of the financial sector laws; and
(c)to repay amounts paid to it in error.