Thank you.
Thanks very much, Commissioner.
I want to start by asking about just the operation and the mechanism of exemptions. You've proposed that we repeal all exclusions and move to an exemptions-based model.
Just so I'm clear, where an exemption is claimed, your office would review whether that exemption is in fact valid. Once you make a determination, you would, if you also have order-making powers, order disclosure, which would then be subject to judicial review. In your view, it would always be subject to a court that would be making this determination at the end of the day.