Mr. Kevin Prendergast:

My two points probably underscore those that Ms Kennedy made. First, at an international level when I talk to my peers we talk about public trust and confidence in capital markets. For many entities, our US colleagues in particular, that is what it is all about. On the second point, the regulatory environment is multifaceted. My view, based on our record, is that IAASA is strong in this area. I would be happy to have that discussion. When you hear a discussion about a wider regulatory environment, they are talking about lots of other things that are going on. I do not want to speak about other people's jobs, but I am confident about ours.