Thank you.
Through you, Chair, it was extensive. Some of the officials yesterday were explaining the complexity of and the depth with which their consultations took place with those involved. These are very complex rules just specifically to do with REITs, as they're referred to. We need to make sure they apply properly.
Through back-and-forth consultations over a great length of time, this legislation will allow REITs to hold up to 10% of the equity value of non-qualifying property, clarifying that mortgages and similar securities that could not be held as part of the REIT's qualifying ancillary property.... Now, if that isn't technical enough for you, Mr. Adler, I'm not sure what needs to be.
But the fundamental requirement was to maintain the character of REITs and the original intent of REITs, allowing REITs to earn what is referred to as “good revenue”. The gains derived from foreign currency fluctuations are also protected in this.
That is a reflection of what the consultations brought us.
I'll pass this on to one of our officials to perhaps explain it in depth if you wish.