Mr. Gerry Cross:

I thank Deputy Doherty for the question. As he asked the question about risk and the protection of investors, it is very important to be clear on the context in which we carry out our function in this regard and what the prospectus regulation seeks to do. It is one of the key pieces of regulation with regard to capital markets union in the European Union, and it is crucial in terms of the ongoing contribution of the economy to the European project that the prospectus regulation is effectively implemented. Very importantly, it is a regulation and not a directive.