Mr. Gerry Cross:

When we receive the draft prospectus, there is a process we go through that includes determining whether the prospectus is of low, medium or high risk. In other words, we ask whether retail investor exposure is particularly relevant. Then we go through a process of assessing the prospectus for completeness, comprehensibility and consistency. We then engage with the issuer and ask whether various issues have been well enough disclosed. It is important that material risks to the financial position of the issuer be disclosed. Fundamentally, the investor in this context needs to know the financial risks being taken in making the investment. Very much at the heart of our rule is making sure there is sufficient disclosure so that the financial risks can be understood.