The associates still have a certain amount of autonomy. The risk management committee will not be asked to evaluate a contribution to a registered retirement savings plan, for example.
However, in terms of tax planning, a detailed analysis is conducted to determine compliance with the letter of the law. A final test determines whether the tax transaction is considered to be within the spirit of the law. That is a judgment call. As soon as we reach that stage, there is an obligation to go before the risk management committee, which must determine whether or not there is a problem with respect to the spirit of the law. That judgment is subject to interpretation. In fact, the courts have heard several cases on this test, called the general anti‑avoidance rule. Once the general anti‑avoidance rule comes into play, the risk management committee becomes involved to approve or reject the proposed planning.