Thank you very much, Mr. Chair.
I have a lot of questions, but I am very limited in my time, so I have to be very strategic about this. I'll go with Ms. Hubberstey first.
We, as legislators, are charged with the implementation of public policy. We operate on this continuum of options that we have, from voluntary at one end of the spectrum to legislation at the other end of the spectrum. The code of conduct is clearly voluntary. Credit card companies say it restricts; you're saying it encourages competition. Could you speak about that and about why you differ in that way?