Mr. Ed Sibley:

Yes, with regard to our investment rules.

On the specific point raised by the Senator, it would depend on what the arrangement was and whether it met the criteria we are laying out. We have clear and transparent authorisation standards which are being well road-tested with Brexit. We are completely open to engaging with any firm that is prepared and has a well-thought through proposal to seek authorisation, whatever the sector. We will go through our normal standard approach to authorisation in the circumstances where someone approaches us with a well-thought proposal.