Mr. Gabriel Makhlouf:

I do not think I have looked at this in enough depth to answer the Deputy's question but the fact is that in the largest land war in Europe, which is happening in Ukraine, arising from Russia's invasion of Ukraine, the system has allowed essentially for the prospectus regulation and a number of other things to be frozen in the case of Russia. Sanctions have operated. It is not as if the prospectus itself cannot work in the circumstances the Deputy is describing. The prospectus is designed to support the capital markets union. It is focused on disclosure. Clearly, if other events happen that require the prospectus to be suspended or frozen, the powers exist. Could we design a different prospectus and disclosures regime? Probably. Would it take a long time? Probably.