Yes. In my view, the issue is a very small one. It relates to the headers and address information contained in e-mails. Their suggestion relates to the materiality test, which applies to other kinds and classes of representation. So when you're looking, for instance, at the body of a message, you look at all of it and you say the representation made is material and it is false, therefore it is offside.
To our view, the information that's contained in a subject line or return address information in particular is, by virtue of how it's positioned, material. It's material if you think you're getting an e-mail from the Royal Bank instead of from We-are-robbers.com. It is material if it says, “Special program for the first 100 persons who sign up”, if that is false. It isn't that we've dropped materiality; it's just that we don't see how what is in the subject line and what is in the addresses is anything other than material.