Mr. John Newham:

I will come in on that, if that is okay. With regard to the referrals, as of today, eight referrals have been made to the Director of Corporate Enforcement. More will be made as time goes on, as Mr. McFadden has pointed out.

On how the Office of the Director of Corporate Enforcement, ODCE, and the CRO will work together, I have just explained how they currently work together. This will not change radically. Both organisations are members of the Company Law Review Group, where topics are presented and discussed. Both organisations raise issues with each other directly where matters are at the interface between organisations. They also refer matters to ourselves in the Department in respect of issues at a policy level. For example, if the ODCE felt a particular area of law in respect of enforcement functions was ineffective, it might raise that with ourselves. We might then refer to the Company Law Review Group or deal with the matter ourselves by amending the legislation. It is the same case with the CRO. There are a number of bridges between the organisations and that will continue. Does that answer the Chairman's question?