Michael Ahern (Cork East, Fianna Fail)

I cannot say what will be contained in the regulations because this is a new instrument that is being introduced. The Senator is correct in that it is a more lightly regulated form of investment than the UCITS but at the same time they will be dependent on IFSRA's authorisation. IFSRA will also be the body responsible for regulating. We have to wait for details of the regulations to come forward.