I'll give you an answer, but the answer allows me to explain why we think the 49% rule that was proposed by the CRTC--and that we endorse--would be much better than the rules we have today. The very short story is that Bell Canada is the operating entity, and under today's rules the maximum is 20%. BCE is the publicly traded company, and under today's rules the maximum allowable limit is 33%. You'd think that we'd been operating at our limit of 33% for all these years.
In fact we were not for this reason: BCE owned a broadcasting license, and for that reason was capped at 20%. The reason we owned the broadcasting license was that we wanted to take advantage of tax losses we were suffering in our TV business.
The short story is that we were forced to choose between more foreign investment or tax treatment. We chose tax treatment, and now we have a 33% limit because that's been resolved. We're nowhere near the 33% limit.
If we had the 49% rule we're endorsing today, we would have had the flexibility to manage the maximum foreign investment and manage any other benefits under the tax rules or anything else. That's why this is a much better model than what we have today.