The majority of our regulatory interaction is with the Financial Sector Conduct Authority (FSCA), and more recently the Prudential Authority, either directly or through our involvement with the Association for Savings and Investment South Africa (ASISA).
We are committed to playing an active role in shaping the South African financial services industry by working with industry partners and the FSCA. A number of Coronation employees serve on various ASISA Board committees, standing committees and working groups, and we have engaged in numerous significant legislative consultations. This includes the Retail Distribution Review, the Financial Intelligence Centre Act Amendment Bill, changes in the tax treatment of Collective Investment Schemes and the Financial Sector Regulation Bill (Twin Peaks), which creates the Prudential Authority and a dedicated market conduct regulator, namely the FSCA. In line with our offshore fund offering and our strategy to grow our global franchise, we are members of the Investment Company Institute. This helps us to remain abreast of international industry and regulatory developments and to adjust our practices and strategy in a timely manner.