Mr. Denis Duggan:

We unfortunately would not know per seif they are not in compliance. Again, this is more of an anecdotal figure, but in January we increased the price for a late registration. That is what we refer to as an adult registration instead of a breeder registering a foal. Such was the level of demand from breeders coming forward to register horses between two- and five years old, we had to extend that price increase deadline on two occasions into the middle of March. In one case, I think we had a six-year-old being registered. We increased the price to discourage what is, in essence, bad behaviour. It is a legal requirement for the foal to be registered within its year of birth. However, with the price being the same whether registered in the second, third or fifth year, there was no incentive for breeders to do the right thing and register within the year of birth. There is an incentive in the thoroughbred world, because the price changes with a thoroughbred once you pass certain deadlines. We followed a similar track. We will perhaps have a better sense of it next year, when we see if there is a reduction in the number of adults coming forward. Foals should ideally be registered within the year of birth.