Thank you, Mr. Chairman. I think it's a fair question.
It certainly was recognized in the international negotiations that led to this common reporting standard that this imposes a burden on institutions and that it has a cost. An attempt was made to try to develop principles and rules that could be applied to minimize those costs to the extent possible. Given the model of the U.S. FATCA approach, which carved out small institutions, as I say, that idea was specifically considered and debated.
The prevailing view in the international community was that if small institutions were carved out from the standards, and even though presently they may be little used by non-residents, it could create a pathway. People would know that it's safe to put money in these places and it wouldn't get reported back to your home country. There was a lot of nervousness about that.