The requirement to prepare a compliance statement extends to small and medium companies. As it does not apply to branches of foreign companies, sole traders or partnerships, it could place small and medium-sized companies in Ireland at a serious disadvantage. As I said on the Order of Business, I am concerned about our competitiveness across the board. This provision could put us at a serious competitive disadvantage. As this appears to be contrary to the recommendations of the task force on small business, small and medium-sized companies, as already defined in the Companies Act, should be exempt from these requirements.