Dr. John Evans:

This goes to Senator Mullen's point about the extra-territoriality. A platform like that would have the option of saying it wants to be regulated by this regulator or that regulator. It can pick a member state where it wants to do that. If it does not do that and a regulator in a member state spots something going on, it can choose to go after that. If that company is trading in the EU, which in this scenario it is, it is subject to European law.