the steps that are required prior to proclamation of the Act. These include, among others finalising a budget for the implementation of the legislation and securing approval through the budgetary processes; identifying the staffing requirements of the regulators as well as smart regulation so that we avoid setting up a large and expensive standing bureaucracy; identifying the regulations to be developed and doing public consultation on those regulations; and engaging the finance and retail sectors to ensure that the implementation maximises the benefits of the Act and minimises the cost of the Act.