Thank you very much.
Mr. Russell, Ian, it's good to have you back before the committee. In a news release responding to FATCA, your organization suggested that registered savings accounts like RESPs and RDSPs are exempt from the scope of FATCA. These accounts are deemed non-reportable in the IGA.
Just to be clear, individuals are still required to report them to the IRS if they are one of the million dual citizens, Canada-U.S. citizens. I just want to make that clear. Individuals still have to report, are obligated to the U.S. authorities to report any earnings, within or those accounts ultimately.