Yes, I actually skipped over that. It's a pretty complex area. It basically involves how you go about taxing income from collective investment vehicles.
The challenge for governments is how you find a balance. On the one side you want to make sure that tax does not act as a barrier to the effective operations of capital markets, particularly the national capital markets, but on the other side you want to make sure that the people who use these markets are in fact paying their fair share of taxes. The TRACE project is intended to achieve those twin objectives.