We will focus as per our mandate on the financial institution from a prudential or safety and soundness point of view, because our mandate requires us to look at the possibility of institutions being able to compete. If an institution came to us and said, we can compete better from a cost and capital point of view because we're going to have to restructure as a holding company, for example, or restructure part of the operations and income trust structure, we'll look at that. We'll look at it from the perspective of what it would do to the risks in the institution and what it would do to their capability to raise capital to deal with those risks, because we're in the business of protecting the safety of moneys placed in these organizations.
The moment an institution puts part of its operations into an income trust structure or some other structure, just like if it sells other kinds of instruments, it's going to be subject to a variety of market conduct rules--disclosure rules, all those lawyer-customer kinds of rules, and so on. In our country most of those are administered by the securities commissions, not by an organization like mine.
That would be something those institutions would have to factor into account. We would broadly be interested in their compliance with those rules on an ongoing basis, no matter what those rules are, whether it's an income trust structure or something else.
But we're not in the business of enforcing compliance with specific market conduct rules. I don't have any rules to enforce; they're not set by me.