Mr. Oliver Gilvarry:

The issue is that the local offer is the local framework. The company is caught then and does not have a prospectus that allows it to offer security across the Union. It is limited to the domestic framework. The benefit of the prospectus regulation is that it does not matter where a company does its listing. An Austrian company that does its prospectus in Ireland can list in an Irish, UK or German market, and sell and have no problems across the Union. The prospectus is the prospectus. The local offer framework limits the company. Companies do not get that flexibility, so it is no use for a big Austrian-based multinational to say that if it only needs €7 million, it will just do it in Ireland or Germany. It is going to be caught because then it is just in that market where it will want more. The other benefit of the prospectus regulation is that it is seen as the standard internationally. Europe has this framework and, therefore, that is the framework. If I am buying a security that is subject to a prospectus issued under the prospectus regulation, I have comfort with the framework Europe has put in place on that.