Mr. William Beausang:

The intention in moving away from the annual declaration, which can get quite out of date over the course of a year, is that persons who are subject to the legislation should make disclosures three times a year. If there is no change in their circumstances which is appropriate for reporting, there is no requirement for return. If there is a change, that information is made available to the regulatory authority on a much more timely basis than heretofore.