Thank you very much.
I want to be blunt. I don't have a horse in this race. I want to also say, in my attempt to make my words brief, I was also a member of the advisory panel. I also want to say that we didn't agree about everything. We were very congenial and, I think, very thankful for everyone's contributions, but we had mixed views on things.
I guess I do lean towards that idea of risk management. I guess where I would also like to put a little bit of faith in is that I'm more optimistic about that because, in this idea of concepts and wondering whether.... I think we've heard the term “teeth” being used. What's handy about not having specifics is that those concepts can be what they need to be at the time that some topic is brought up.
There's another idea in law that happens sometimes when things are too specific and we don't have a “moving forward” approach that might allow some moments where we try to improve things. There's a concept called “freezing rights”. Perhaps the most notable place we might have thought of that has been in the interpretation of fiduciary obligations, mainly to indigenous peoples.
What ends up happening is that case law has to come back to the courtroom to then redefine something, and then that case is compared to previous cases that have a very specific definition. Then the legislation has to come back. It has to be redefined. If there are regulations, then the regulations have to be evaluated, so you end up coming to the place we are here, and that's what I'm very afraid of happening.
The way I see it, law is a work-in-progress. There's a very cliché, if not cachet idea that law is like a living tree. That idea is to have faith in people like you to evaluate things and, when it's important to contribute to the regulations, we can dive deeper to decrease potential risks we suddenly see. What actually can be very intimidating to other parties is that there isn't a specific, so they might be very nervous that what is potentially going to be done by them just might qualify even if it's not mentioned. Therefore, I'm very supportive of it.