Well, thanks, Mr. Chair.
This is relatively straightforward, although the drafting would make it look complicated. It's simply an amendment I'm putting forward to ensure that if the FATCA is repealed in the United States—and after all, it is a U.S. law in origin, facing its own constitutional challenges down there—the amendment would seek to clarify what would occur in the event that it is struck down in the United States, and ensure that the changes made to implement the intergovernmental agreement would be repealed in such a case.
What would happen as well, incidentally, if the amendment were accepted, is it would restore the pre-existing information exchange, because it deletes references to FATCA measures that are inserted in that paragraph of the IGA.
Once again, it simply addresses the eventuality of a successful constitutional challenge in the United States, of which many are proceeding, and just takes us back to the status quo with our law, if that were to occur in the United States.