Mr. Colm Kincaid:

I know the Chair understands this point. These funds would be subject to whatever rules are in place for whatever asset class they are purchasing, whether it is apartment blocks, forestry, fisheries, etc. In our investor protection mandate, while we would step in if we saw a fund set up and authorised in Ireland or became aware of one in another jurisdiction misappropriating or misinvesting, if that is a phrase, investors' moneys, we do not have a role in prescribing what such funds invest in. That would be prescribed in the constituting documents of such a fund. I hope that is helpful in explaining the landscape at least.