Ms Mary-Elizabeth McMunn:

I may be able to supplement that a little bit. I believe what Mr. Cross is trying to explain is the level of verification of prospectuses you can actually do. We have to satisfy ourselves. At a very basic level, what are we trying to achieve? We are trying to ensure that investors who want to buy these securities have enough information to be able to make an informed investment. The reason we speak about the financial position of the issuer is that the first thing investors want to know is whether they can get their money back. That is why we speak about investor protection. It is incredibly important. That is why Article 6 refers to the financial position. The second thing Article 6 refers to is the rights of the issuer. If I am going to sign up to these securities, what are my rights? I should know that. The third thing is the reasons for issuance, that is, what the funds are going to be used for. If you think about what we are trying to achieve, at the heart of it, it is about giving investors a reasonable level of information. As Mr. Cross has said, we cannot verify all of those pieces of information because that would slow down what we are trying to achieve in respect of the prospectuses. A distinction should be made between judgment and the level of verification. It is important to go back to what we are actually trying to achieve for investors.