Battle over ETFs, exchange controls: what's really at stake - financial services expert Nerina Visser
In October, the rules changed for Exchange Traded Funds by widening access to foreign investments - but the authorities back-tracked in November reportedly under pressure from big companies in the financial services industry that have a vested interest in maintaining exchange controls. The development was seen as a blow to savers in pension funds, which are restricted in their ability to invest offshore. The investment community was asked to submit comments to the proposed changes. In this BizNews interview, Jackie Cameron speaks to a leading figure in the financial services world, Nerina Visser, who has submitted a detailed report on how South Africa can tweak the regulations. Her submission has proved popular among many of her peers. Visser sets out how the exchange control circular fits into the bigger picture of South Africa’s investment legislation.