Mr. Gerry Cross:

The question fundamentally at the heart of deciding what we have been doing, and do, under the prospectus regulation is what it requires us to do. What it requires us to do is very clear. Article 6 states:

Without prejudice to ... [a couple of things] a prospectus shall contain the necessary information which is material to an investor for making an informed assessment of: (a) the assets and liabilities, profits and losses, financial position, and prospects of the issuer and of any guarantor (b) the rights attaching to the securities; and (c) the reasons for the issuance ...

The constraints within which we are operating are very clear. Of course, around that, we have to make sure it is complete, comprehensible, understandable and consistent. That is our job at the process of approval. We engage with and challenge the issuers. We ask them, "What about this issue? What about that issue?". At the end of day, however, we are mandated to determine whether or not we think the financial risks are appropriately disclosed.