Yes. That's an excellent question as well.
Data portability of the regulations that we're seeing through the GDPR is the most noteworthy, I think, from a competition perspective. In theory, it can be pro-competitive. It can empower consumers to take their data from one platform to another. Obviously the devil is in the details as to how that's operationalized, but certainly it's something we're taking note of.
We're seeing it in the Canadian banking industry. For instance, the underlying premise of the open banking initiative is enabling people to move their data from one service provider to another. From a competitive perspective it's certainly very interesting. It's something we're monitoring very closely.
By the same token, we have to watch how it's operationalized. From a competitive perspective, when we look at regulations relating to privacy, another competition consideration involves the cost of compliance. It must not be so high as to effectively entrench large players and make it more difficult for smaller players to compete.