It was, excitable punters suggested, the biggest relaxation in exchange controls that SA has seen in recent times. Until it wasn’t. Last week’s circular that proposed to reclassify inward-listed instruments as domestic — which would have allowed local pension funds much greater access to offshore investments — was suspended "with immediate effect" this week. The National Treasury and the Reserve Bank say that’s to "reduce the scope for ambiguity related to compliance with the prudential framework for regulated funds". We asked etfSA director Nerina Visser what’s going on.
What did it mean, initially?..
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