Yes, I can provide a brief example.
For instance, if I'm an employer and I want to set up some sort of a deferred plan, I could ask my employees to invest in a retail fund and put their savings in that. Let's say I negotiate an institutional agreement with an investment manager to create a pooled fund and invest through that mechanism. It's essentially the same thing. It's just the channel in which I'm investing is going to be different.
But if I'm a pooled fund and I'm a registered investment, I'm restricted from investing in certain markets. I can only invest in those where securities are listed on a designated stock exchange. Currently that list excludes India and China, for instance. These are two rather large emerging markets, which are ultimately slowing down in today's economy but are potentially large savings vehicles for investors. That would be excluded from my portfolio management space because it's not on a designated stock exchange list.
We're advocating modernizing some of the rules to look through to the ultimate pension investors in those pooled funds, because they are widely held. They just happen to be held through a particular channel in this case as opposed to the retail mechanism.
Expanding that list to include those markets that we think are quite fairly included under a double taxation treaty or a tax information sharing agreement with those countries, I think that affords the policy position of Finance and allows a better result for the investor itself.