An exception has been made to the current situation that no South African Intellectual Property (IP) may be exported without South African Reserve Bank permission.
IP rights such as trademarks, patents and designs are valuable assets and can generate or sustain income streams. However, do the rights in and to these assets constitute capital? If so, is exchange control approval required where these rights are exported?
Regulation 10(1)(c) of the Exchange Control Regulations (the Regulations), promulgated in terms of Section 9 of the Currency and Exchanges Act no. 9 of 1933, is aimed at the protection of South African capital reserves and provides that:
“10(1)(c) – No person shall, except with permission granted by the Treasury and in accordance with such conditions as the Treasury may impose –
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Exchange Control Regulations, Oilwell