Mr. Gabriel Makhlouf:

Because we are talking about a prospectus regulation that works across the EU, for a single member state to decide to do its own thing undermines the whole regulation. That is my view. I have not taken particular legal advice on this. I understand the Attorney General has taken advice on it, from what I read in the debates. The prospectus regulation does not just apply to states. It applies to corporates and to anybody who wants to issue a regulation in certain circumstances. I am not ruling out the possibility some domestic legislation could prevent an individual corporate being able to issue a security in certain circumstances, but this is real hypothetical stuff.