The regulation derivatives are complex and many countries are currently debating an appropriate regulatory framework. The ANC and its government adopted an approach to develop a detailed regulatory framework for derivatives in South Africa in a consultative manner. The ANC welcomes the role given to the Minister of Finance and the Governor of the Reserve Bank in respect of regulating this area. There are currently a number of licensing authorities such as the Financial Advisory and Intermediary Services Act, FAIS, the Finance Intelligence Centre Act, Fica, the insurance Ombudsman, licensed compliance officers, and various licences under the Banks Act. The Bill is aligned with the already existing licensing procedure.