Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 17 : MiscellaneousPart 6 : Amendments, repeals, transitional and saving provisions293. Transfer of assets and liabilities of Financial Services Board |
| (1) | At the date on which this section comes into effect, the assets and liabilities of the Financial Services Board cease to be assets and liabilities of the Board and become assets and liabilities of the Financial Sector Conduct Authority without any conveyance, transfer or assignment. |
| (2) | A person or authority who, in terms of a law or of a trust instrument or in any other way is required to keep or maintain a database in relation to assets or liabilities must, and may without any application or otherwise, record in the database the transfer of the asset or liability in terms of subsection (1). |
| (3) | A transfer of an asset in terms of subsection (1) does not give rise to any liability to duty or tax. |
(4)
| (a) | The Minister or a person authorised by the Minister for the purposes of this section may certify in writing that a specified asset or liability of the Financial Services Board became an asset or liability of the Financial Sector Conduct Authority on the date on which this section came into effect. |
| (b) | A certificate in terms of paragraph (a) is conclusive proof that a specified asset or liability of the Financial Services Board is an asset or liability of the Financial Sector Conduct Authority. |