Mr. William Beausang:

My view would be that the fact that, or the requirement to have a robust and effective regulatory regime, and to be able to demonstrate that internationally, would be very important to the credibility and the reputation of the IFSC. So, if there were concerns that too loose an approach was being taken, or too flexible approach was being taken in the IFSC, that would move the IFSC in the direction of being an offshore financial centre rather than an on-shore properly regulated financial centre-----