Mr. Matthew Elderfield:

It would make sense to have a stock take by an independent expert or wise persons group because it takes too long, it is too protracted. It will not help with the current cases because the offences were committed under the old law but there is an opportunity to learn some lessons. I can give my short list of areas we could examine. Do we have reckless trading legislation, as the Vice Chairman mentioned? Should we have a presumption of direct disqualification for failed banks? How do our administrative sanctions work? That is just the tip of the iceberg. One would want somebody who would systematically examine that. In due course we will be able to take some actions against individuals and we are pursuing that in a couple of cases but I wish it had happened faster.