GWP Online Academy is a company that educates its users and clients in Financial education. It is critical to understand that GWP Online Academy is not registered at the Financial Sector Conduct Authority (FSCA) as we do not provide advice, intermediary services or fund management in the process and flow of funds. GWP Online Academy merely educates the user on the use of broker platforms and how to use these platforms. We do not take into consideration your own trading experiences, personal objectives and goals, financial means or risk tolerance. It is suggested that you seek advice from a registered financial advisor to provide you with financial advice when it comes to investing in specific products. Keep in mind that past performance is no indication of future results. By subscribing to our training program, you will receive a basic study guide which will guide you through the different training programs that GWP Online Academy will conduct with you over the training period. It is critical that you use this material only in conjunction with the training lessons to be provided to you.  


The website ( website content, videos, articles, analysis, opinions, statements, trading information, news, research, comments, or any other information or content contained within content created by GWP Online Academy Pty (Ltd) is in no way whatsoever intended to be investment advice and is solely provided for the purposes of training and understanding the markets better. Do not base any investment and or trading decision on the information only based on what has been provided to you by GWP Online Academy as you always need to seek advice from a registered financial advisor specifically dealing with commodities you intend to invest in.

We accept no liability if you use the information to form trading or to invest decisions or to trade real money. You should seek your own investment advice before making any decision based on the information from a licensed financial professional who will consider your personal objectives and circumstances. It is possible to lose more than your initial investment or account deposit. Trading any financial market is risky, be aware of the risks by reading the disclosure documentation given by the product provider, and avoid trading with money you can’t afford to lose.

Trading involves the risk of loss. GWP Online Academy gives no warranties, whether express or implied, as to the performance levels or operation of the GWP Online Academy education or the information. Trading involves the risk of loss as well as potential profit. Please consult a financial professional to decide if this product is right for you, and we have a no money-back guarantee policy.

If you are viewing or trading / investing based on the content on the Website, we cannot accept responsibility for your choice of investment or any losses suffered as a result of your choice. By continuing and accepting our service and payment of any prescribed fee, you agree that you have no right whatsoever and that you indemnify GWP Trading against any claims whatsoever as a result of any damage that you or a third party might suffer as a result of trading or investing on any trading/investment platform or viewing or interpreting the educational content and statements on GWP Online Academy website or in any e-mail communications or forum communications made between GWP Online Academy Coaches, its Employees, contractors or representatives.

Any Advice or information on this Website is General Comments only – It does not take into account your personal circumstances; please do not trade or invest based solely on this information. By viewing any material or using the information within this site, you agree that this is general education material, and you will not hold GWP Online Academy responsible for loss or damages resulting from the content or general advice provided here by GWP Online Academy, its employees, directors or fellow members. Any opinions, news, research, analyses, prices, or other information contained on this Website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. By continuing and enrolling in the GWP Online Academy program, you agree that you understand the above and all risks involved in the investment. When opening your own live account, GWP Online Academy will take no responsibility for any damage or losses suffered as a result of any investments you make.


GWP Online Academy will have a once payment or monthly access fee of your chosen course per month, and a once-off administration fee is required of R400.00. This administration fee is non-refundable. You will be provided with the training material, which is meant to assist you through the monthly training programs. We reiterate that this is a non-refundable administration fee.
The duration of the courses are from 6-12 months. You will be therefore obliged to pay an amount of your chosen course per month or once off for the 6 or 12 months in addition to the R400.00 non-refundable administration fee. Any monthly debit orders that are unsuccessfully deducted will levy an additional charge of R150.00 for your account to be reactivated. GWPOnline Academy needs to accommodate different users and, if you want to cancel the training course before the expiration of the 6 months, cancellation of R1098.00 will be charged.


Forex, Futures, and Options trading has large potential rewards but also substantial likely risks. The high degree of leverage can work against you as well as for you. You must be aware of the dangers of investing in forex, Futures, and Options and be willing to accept them to trade in these markets. Forex trading involves a substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose.


In the event that GWP Online Academy has been mandated by a specific organization, such as a school, church, or college to train students or children on the methods of forex trading and/or methods to invest in the stock markets, the person, company or body mandating GWP Online Academy to train students to do so solely on the basis contained in these terms and conditions and no representations or warranties whatsoever not contained in these terms and conditions.


GWP Online Academy will provide training online every Tuesday and Thursday from 18h00 to 19h00, alternatively a time suitable and prearranged with GWP Online Academy. Online assistance will be provided by GWP Online Academy.GWP Online Academy, however, reserves the right to conduct the online training sessions according to its own structure and program.


Any new features or tool which are added to the current services rendered by GWP Online Academy shall be subject to the terms and conditions as contained herein. GWP Online Academy reserves the right to update, change or replace any part of these terms of service by posting updates and/or changes to our website or training program.

By accessing any trading platform, you will be required to agree to the terms and conditions set out or required by that platform. You accept those terms and conditions without any representations or warranties provided by GWP Online Academy, and does GWP Online Academy accept no responsibility about any of the terms and conditions set out therein.

By agreeing to these terms and conditions, you represent that you are at the age of majority and that you are entitled and competent to enter into an agreement with GWP Online Academy. You may not use our products or training for any illegal or unauthorized purpose, nor may you, in the use of the Service, violate any laws. You may not transmit any viruses or copy any of our study material for any commercial gain or any other purpose than for training yourself.

GWP Online Academy reserves the right to refuse service to anyone for any reason at any time.

You understand that your contact information (not including credit card information) may be transferred unencrypted and may involve transmission over various networks and changes to conform and adapt to technical requirements of connecting networks or devices. Credit card information is always encrypted during transfer over networks.

You agree not to reproduce, duplicate, copy, sell, re-sell or exploit any portions of our study material for any commercial gain or any other purpose than for training of yourself.

This agreement mandate confirms that GWP Online Academy and this School/Church/College will go into an agreement where GWP Online Academy will teach the students how to trade the forex market and to invest in the Stock market. Neither of these parties will hold each other accountable or accuse each other or take any legal steps in case of any damage, loss or misunderstanding from the Parents, students or personal of the School/Church/College.

This School/Church/College will in no way take any Legal actions against GWP Online Academy for viewing any material or using the information in a wrong manner. Within this letter, you agree that this is general education material and you will not hold GWP Online Academy responsible for loss or damages resulting from the general advice provided here by GWP Online Academy y, its employees, directors, or fellow members. Any other information contained by GWP Online Academy is provided as general market commentary and does not give investment advice. We will not accept any liability for any loss or damage or loss of profits, which may arise directly or indirectly from the use of such information.

We will give all our classes Online every Tuesday and Thursday night from 6-7 pm, or we can arrange a time that is suited for the students, there we will be reading out of our disclaimer and our bible.
E-book verses of the day in class, we are not a religious organization; we merely share our wisdom and business experience with our students.

A link will be provided for the students to log into the Zoom webinar. When this mandate is signed, we want to do an opening presentation at the school, and from our side of marketing, we want to do presentations every month or semester at your premises so that we can explain and guide anyone if they have any questions.

When asked for a monthly or yearly report of the sponsorship funds, it must be given to GWP Trading Academy for us to sponsor a certain amount out of the funds to the Top 3 performers of the year. In this letter, you agree that you have read through and understand to the full all of the above.


This website is operated by GWP Online Academy. Throughout the site, the terms “we,” “us” and “our” refer to GWP Online Academy. GWP Online Academy offers this website, including all information, tools and services available from this site to you, the user, conditioned upon your acceptance of all terms, conditions, policies, and notices stated here.

By visiting our site and/ or purchasing something from us, you engage in our “Service” and agree to be bound by the following terms and conditions (“Terms of Service,” “Terms”), including those additional terms and conditions and policies referenced herein and/or available by hyperlink. These Terms of Service apply to all users of the site, including without limitation users who are browsers, vendors, customers, merchants, and/ or contributors of content.

Please read these Terms of Service carefully before accessing or using our website. By accessing or using any part of the site, you agree to be bound by these Terms of Service. If you do not agree to all the terms and conditions of this agreement, then you may not access the website or use any services. If these Terms of Service are considered an offer, acceptance is expressly limited to these Terms of Service.

Any new features or tools which are added to the current store shall also be subject to the Terms of Service. You can review the most current version of the Terms of Service at any time on this page. We reserve the right to update, change or replace any part of these Terms of Service by posting updates and/or changes to our website. It is your responsibility to check this page periodically for changes. Your continued use of or access to the website following the posting of any changes constitutes acceptance of those changes.

Our store is hosted on Shopify Inc. They provide us with an online e-commerce platform that allows us to sell our products and services to you.


By agreeing to these Terms of Service, you represent that you are at least the age of majority in your state or province of residence, or that you are the age of majority in your state or province of residence and you have given us your consent to allow any of your minor dependents to use this site.

You may not use our products for any illegal or unauthorized purpose, nor may you, in the use of the Service, violate any laws in your jurisdiction (including but not limited to copyright laws).

You must not transmit any worms or viruses or any code of a destructive nature.

A breach or violation of any of the Terms will result in an immediate termination of your Services.


We reserve the right to refuse service to anyone for any reason at any time.

You understand that your content (not including credit card information) may be transferred unencrypted and involve (a) transmissions over various networks and (b) changes to conform and adapt to technical requirements of connecting networks or devices. Credit card information is always encrypted during transfer over networks.

You agree not to reproduce, duplicate, copy, sell, resell or exploit any portion of the Service, use of the Service, or access to the Service or any contact on the website through which the service is provided, without express written permission by us.

The headings used in this agreement are included for convenience only and will not limit or otherwise affect these Terms.


We are not responsible if information made available on this site is not accurate, complete, or current. The material on this site is provided for general information only and should not be relied upon or used as the sole basis for making decisions without consulting primary, more accurate, more complete or more timely sources of information. Any reliance on the material on this site is at your own risk.

This site may contain certain historical information. Historical information, necessarily, is not current and is provided for your reference only. We reserve the right to modify the contents of this site at any time, but we have no obligation to update any information on our site. You agree that it is your responsibility to monitor changes to our site.


Prices for our products are subject to change without notice.

We reserve the right at any time to modify or discontinue the Service (or any part or content thereof) without notice at any time.

We shall not be liable to you or to any third-party for any modification, price change, suspension, or discontinuance of the Service.

PRODUCTS OR SERVICES (if applicable)

During the scope of your training of 17 weeks, the following will be dealt with:

Price action, Trend lines, Channels, Support and resistance, RSI Divergents, Risk Calculators, Risk Management, Leverage, Head and Shoulders, Pennant Breakout, Pull Back, Taking Profit, Pending Orders, Forex Check List, Rules of Trading, Time Frame, and Trading Psychology.

Course material may vary from time to time and may depend on the knowledge of the user. Please note that if you are not satisfied with the course contents after receipt of your training material, you may elect to cancel the agreement and training course provided that you do so within 7 days after the date of receipt of the material.

We do not warrant that the quality of any products, services, information, or other material purchased or obtained by you will meet your expectations or that any errors in the Service will be corrected.


GWP Online Academy reserves the right to refuse any order you place with them. GWP Online Academy may, in its sole discretion, limit or cancel quantities purchased per person, per household, or per order. These restrictions may include orders placed by or under the same customer account, the same credit card, and/or orders that use the same billing and/or shipping address. If GWP Online Academy makes a change to or cancel an order, GWP Online Academy may attempt to notify you by contacting the e-mail and/or billing address/phone number provided at the time the order was made. GWP Online Academy reserves the right to limit or prohibit orders that, in its sole judgment, appear to be placed by dealers, resellers or distributors.

You agree to provide current, complete and accurate purchase and account information for all purchases made at GWP Online Academy store. You agree to promptly update your account and other information, including your email address and credit card numbers and expiration dates, so that GWP Online Academy can complete your transactions and contact you as needed.


GWP Online Academy may provide you with access to third-party tools over which it neither monitor nor has any control nor input.

You acknowledge and agree that GWP Online Academy provides access to such tools” as is” and “as available” without any warranties, representations or conditions of any kind and without any endorsement. GWP Online Academy shall have no liability whatsoever arising from or relating to your use of optional third-party tools.

Any use by you of optional tools offered through the site is entirely at your own risk and discretion and you should ensure that you are familiar with and approve of the terms on which tools are provided by the relevant third-party provider(s).

GWP Online Academy may also, in the future, offer new services and/or features through the website (including the release of new tools and resources). Such new features and/or services shall also be subject to these Terms of Service.


Certain content, products, and services available via GWP Online Academy Service may include materials from third parties.

Third-party links on this site may direct you to third-party websites that are not affiliated with GWP Online Academy. GWP Online Academy is not responsible for examining or evaluating the content or accuracy and does not warrant and will not have any liability or responsibility for any third-party materials or websites or for any other materials, products, or services of third parties.

GWP Online Academy is not liable for any harm or damages related to the purchase or use of goods, services, resources, content, or any other transactions made in connection with any third-party websites. Please review the third-party’s policies and practices carefully and make sure you understand them before you engage in any transaction. Complaints, claims, concerns, or questions regarding third-party products should be directed to the third-party.


If at GWP Online Academy request, you send certain specific submissions (for example contest entries) or without a request from GWP Online Academy, you send creative ideas, suggestions, proposals, plans, or other materials, whether online, by email, by postal mail, or otherwise (collectively, ‘comments’), you agree that GWP Online Academy may, at any time, without restriction, edit, copy, publish, distribute, translate and otherwise use in any medium any comments that you forward to GWP Online Academy. GWP Online Academy is and shall be under no obligation (1) to maintain any comments in confidence; (2) to pay compensation for any comments; or (3) to respond to any comments.

GWP Trading may, but have no obligation to, monitor, edit or remove content that it determine in its sole discretion are unlawful, offensive, threatening, libellous, defamatory, obscene or otherwise objectionable or violates any party’s intellectual property or these Terms of Service.

You agree that your comments will not violate any rights of any third-party, including copyright, trademark, privacy, personality or another personal or proprietary right. You further agree that your comments will not contain libelous or otherwise unlawful, abusive or obscene material or contain any computer virus or other malware that could in any way affect the operation of the Service or any related website. You may not use a false e-mail address, pretend to be someone other than yourself, or otherwise mislead us or third-parties as to the origin of any comments. You are solely responsible for any comments you make and their accuracy.GWP Online Academy takes no responsibility and assumes no liability for any comments posted by you or any third-party.


Your submission of personal information to GWP Online Academy is governed by the terms and conditions contained herein.


Occasionally there may be information on GWP Online Academy site or in the Service that contains typographical errors, inaccuracies or omissions that may relate to product descriptions, pricing, promotions, offers, product shipping charges, transit times and availability. GWP Online Academy reserves the right to correct any errors, inaccuracies or omissions, and to change or update information or cancel orders if any information in the Service or on any related website is inaccurate at any time without prior notice (including after you have submitted your order).

GWP Online Academy undertakes no obligation to update, amend or clarify information in the Service or on any related website, including without limitation, pricing information, except as required by law. No specified update or refresh date applied in the Service or on any related website should be taken to indicate that all information in the Service or on any related website has been modified or updated.


In addition to other prohibitions as set forth in the Terms of Service, you are prohibited from using the site or its content: (a) for any unlawful purpose; (b) to solicit others to perform or participate in any unlawful acts; (c) to violate any international, federal, provincial or state regulations, rules, laws, or local ordinances; (d) to infringe upon or violate GWP Trading’s  intellectual property rights or the intellectual property rights of others; (e) to harass, abuse, insult, harm, defame, slander, disparage, intimidate, or discriminate based on gender, sexual orientation, religion, ethnicity, race, age, national origin, or disability; (f) to submit false or misleading information; (g) to upload or transmit viruses or any other type of malicious code that will or may be used in any way that will affect the functionality or operation of the Service or of any related website, other websites, or the Internet; (h) to collect or track the personal information of others; (i) to spam, phish, pharm, pretext, spider, crawl, or scrape; (j) for any obscene or immoral purpose; or (k) to interfere with or circumvent the security features of the Service or any related website, other websites, or the Internet. GWP Trading reserves the right to terminate your use of the Service or any related website for violating any of the prohibited uses.


GWP Online Academy does not guarantee, represent or warrant that your use of our service will be uninterrupted, timely, secure or error-free.

GWP Online Academy does not warrant that the results that may be obtained from the use of the service will be accurate or reliable.

You agree that from time to time we may remove the service for indefinite periods of time or cancel the service at any time, without notice to you.

You expressly agree that your use of, or inability to use, the service is at your sole risk. The service and all products and services delivered to you through the service are (except as expressly stated by us) provided ‘as is’ and ‘as available’ for your use, without any representation, warranties or conditions of any kind, either express or implied, including all implied warranties or conditions of merchantability, merchantable quality, fitness for a particular purpose, durability, title, and non-infringement.

In no case shall GWP Online Academy, its directors, officers, employees, affiliates, agents, contractors, interns, suppliers, service providers or licensors be liable for any injury, loss, claim, or any direct, indirect, incidental, punitive, special, or consequential damages of any kind, including, without limitation lost profits, lost revenue, lost savings, loss of data, replacement costs, or any similar damages, whether based in contract, tort (including negligence), strict liability or otherwise, arising from your use of any of the service or any products procured using the service, or for any other claim related in any way to your use of the service or any product, including, but not limited to, any errors or omissions in any content, or any loss or damage of any kind incurred as a result of the use of the service or any content (or product) posted, transmitted, or otherwise made available via the service, even if advised of their possibility. Because some states or jurisdictions do not allow the exclusion or the limitation of liability for consequential or incidental damages, in such states or jurisdictions, GWP Online Academy liability shall be limited to the maximum extent permitted by law.

Return and Refunds policy

The provision of goods and services by GWP Online Academy (Pty) Ltd is subject to availability. In cases of unavailability, GWP Online Academy (Pty) Ltd will refund the client in full within 30 days. Cancellation of orders by the client will attract a 10% administration fee.

Payment options accepted

Payment may be made via Visa and MasterCard.

Card acquiring and security

Card transactions will be acquired for GWP Online Academy (Pty) Ltd via PayGate (Pty) Ltd who are the approved payment gateway for all South African Acquiring Banks. PayGate uses the strictest form of encryption, namely Secure Socket Layer 3 (SSL3) and no Card details are stored on the website. Users may go to to view their security certificate and security policy.

Customer details separate from card details

Customer details will be stored by GWP Online Academy (Pty) separately from card details which are entered by the client on PayGate’s secure site. For more detail on PayGate refer to

Merchant Outlet country and transaction currency

The merchant outlet country at the time of presenting payment options to the cardholder is South Africa. Transaction currency is South African Rand (ZAR).


GWP Online Academy (Pty) takes responsibility for all aspects relating to the transaction including the sale of goods and services sold on this website, customer service and support, dispute resolution, and delivery of goods.

Country of domicile

This website is governed by the laws of South Africa and GWP Online Academy (Pty) chooses as its domicilium citandi et executandi for all purposes under this agreement, whether in respect of court process, notice, or other documents or communication of whatsoever nature.


You agree to indemnify, defend and hold harmless GWP Online Academy and its parent, subsidiaries, affiliates, partners, officers, directors, agents, contractors, licensors, service providers, subcontractors, suppliers, interns and employees, harmless from any claim or demand, including reasonable attorneys’ fees, made by any third party due to or arising out of your breach of these Terms of Service or the documents they incorporate by reference or your violation of any law or the rights of a third-party.


In the event that any provision of these Terms of Service is determined to be unlawful, void or unenforceable, such provision shall nonetheless be enforceable to the fullest extent permitted by applicable law, and the unenforceable portion shall be deemed to be severed from these Terms of Service, such determination shall not affect the validity and enforceability of any other remaining provisions.


The obligations and liabilities of the parties incurred prior to the termination date shall survive the termination of this agreement for all purposes.

These Terms of Service are effective unless and until terminated by either you or us.

If in GWP Online Academy sole judgment you fail, or GWP Online Academy suspects that you have failed to comply with any term or provision of these Terms of Service, it also may terminate this agreement at any time without notice and you will remain liable for all amounts due up to and including the date of termination; and/or accordingly may deny you access to our Services (or any part thereof).


The failure of us to exercise or enforce any right or provision of these Terms of Service shall not constitute a waiver of such right or provision.

These Terms of Service and any policies or operating rules posted by us on this site or in respect to The Service constitutes the entire agreement and understanding between you and us and govern your use of the Service, superseding any prior or contemporaneous agreements, communications and proposals, whether oral or written, between you and us (including, but not limited to, any prior versions of the Terms of Service).

Any ambiguities in the interpretation of these Terms of Service shall not be construed against the drafting party.


GWP Online Academy (Pty) Ltd may, in its sole discretion, change this agreement or any part thereof at any time without notice


These Terms of Conditions, as well as any matter or dispute arising from the services of GWP Online Academy in terms of this agreement, shall be governed by and construed in accordance with the laws of the Republic of South Africa.


GWP Online Academy details are as follows:

GWP Online Academy (Pty) Ltd;

Registration Number: 2017/438416/07;

Telephone number: 081 049 4030;

Physical Address: 140 Earls Court, Airway Road Extension, George, Western Cape, 6529;

E-mail address:


This Privacy Policy describes how your personal information is collected, used, and shared when you visit or make a purchase from (the “Site”).


When you visit the Site, GWP Online Academy automatically collects certain information about your device, including information about your web browser, IP address, time zone, and some of the cookies that are installed on your device. Additionally, as you browse the Site, GWP Online Academy collects information about the individual web pages or products that you view, what websites or search terms referred you to the Site and information about how you interact with the Site. GWP Online Academy refers to this automatically-collected information as “Device Information.”

GWP Online Academy collects Device Information using the following technologies:

    – “Cookies” are data files that are placed on your device or computer and often include an anonymous unique identifier. For more information about cookies and how to disable cookies, visit

    – “Log files” track actions occurring on the Site, and collect data including your IP address, browser type, Internet service provider, referring/exit pages, and date/time stamps.

    – “Web beacons,” “tags,” and “pixels” are electronic files used to record information about how you browse the Site.

Additionally, when you make a purchase or attempt to make a purchase through the Site, we collect certain information from you, including your name, billing address, shipping address, payment information (including credit card numbers), email address, and phone number. GWP Online Academy refers to this information as “Order Information.”

When GWP Online Academy talks about “Personal Information” in this Privacy Policy, GWP Online Academy is talking both about Device Information and Order Information.


GWP Online Academy uses the Order Information that it generally collects to fulfill any orders placed through the Site (including processing your payment information, arranging for shipping, and providing you with invoices and/or order confirmations).  Additionally, GWP Online Academy uses this Order Information to:

Communicate with you;

Screen our orders for potential risk or fraud; and

When in line with the preferences you have shared with us, provide you with information or advertising relating to GWP Trading’s products or services.

GWP Online Academy uses the Device Information that it collects to help us screen for potential risk and fraud (in particular, your IP address), and more generally, to improve and optimize its Site (for example, by generating analytics about how GWP Online Academy customers browse and interact with the Site, and to assess the success of its marketing and advertising campaigns).


GWP Online Academy shares your Personal Information with third parties to help us use your Personal Information, as described above.  For example, GWP Online Academy uses Shopify to power our online store–you can read more about how Shopify uses your Personal Information here:  GWP Online Academy also uses Google Analytics to help us understand how its customers use the Site–you can read more about how Google uses your Personal Information here:  You can also opt-out of Google Analytics here:

Finally, GWP Online Academy may also share your Personal Information to comply with applicable laws and regulations, to respond to a subpoena, search warrant, or other lawful requests for information we receive, or to otherwise protect our rights.


As described above, GWP Online Academy uses your Personal Information to provide you with targeted advertisements or marketing communications; it believes may be of interest to you.  For more information about how targeted advertising works, you can visit the Network Advertising Initiative’s (“NAI”) educational page at

You can opt-out of targeted advertising by:






Additionally, you can opt-out of some of these services by visiting the Digital Advertising Alliance’s opt-out portal at


Please note that GWP Online Academy does not alter our Site’s data collection and uses practices when it sees a Do Not Track signal from your browser.


If you are a European resident, you have the right to access personal information we hold about you and to ask that your personal information be corrected, updated, or deleted. If you would like to exercise this right, please contact us through the contact information below.

Additionally, if you are a European resident GWP Online Academy notes that it is processing your information in order to fulfil contracts GWP Online Academy might have with you (for example, if you make an order through the Site) or otherwise to pursue its legitimate business interests listed above.  Additionally, please note that your information will be transferred outside of Europe, including Canada and the United States.


When you place an order through the Site, GWP Online Academy will maintain your Order Information for our records unless and until you ask it to delete this information.


GWP Online Academy may update this privacy policy from time to time in order to reflect, for example, changes to its practices or for other operational, legal, or regulatory reasons.