Mr. Gerry Cross:

In a way, it is more hybrid. What motivates most of the issuers we deal with? The conversation we often have is that they are very concerned they may ultimately find themselves at the wrong end of a legal suit with their investors. A very significant driving force in how the overall market works is that contractual relationship between the issuer and the investor and the knowledge that, if the issuer said something wrong and money is lost, the issuer can be sued. That is the major context. The regulation inserts us into the middle to make sure that prospectuses meet those quality standards. It is complex for everyone. It is very different from the context of funds. In that case, we are responsible for ensuring that what is coming in is how it should be.