Mr. Gerry Cross:

I do not believe it would make it through. In our assessment of whether risks are appropriately disclosed, whether the things that are required to be covered under the regulation are covered and whether there is completeness and consistency, I suspect we would find gaps. However, it is not our job under the regulation to see whether the information is accurate. The regulation is very clear about that. It is very clear that liability ultimately remains with the issuer. In a way, it is a mixed regime. The issuer remains liable to get it right. It is our job to make sure the prospectus is of good quality.