Thank you, Mr. Chair.
Thanks very much, Commissioner and Ms. McCarthy, for being with us today.
I want to go back to the exclusions and exemptions because I find it very confusing. I'd like you to talk to us again about how this distinction is important in the context of the bill. I know you said in your remarks that you were against one of the exclusions, and then you went on to talk a bit about when an exemption is invoked. Could you please talk to us about that?
If you have time at the end, I am interested in what you said about considering how the proposed amendments will apply to the current backlog or current numbers we have. Could you talk a bit more about that, if you have time?
Thank you.