Professor Philip Lane:

All the time, there are new European regulations and directors which then have a domestic counterpart, and there is movement. For example, there is a new mortgage directive that came in. There is the markets in financial instruments directive, MiFID, coming in. There are new regulations about product oversight. Quite a lot is happening but that is essentially the routine roll-out of new European initiatives which are all in the direction of providing more information and more transparency for consumers and investors. They all require us to revise our codes on a regular basis.