Thank you very much, Mr. Chairman.
Professor Hargreaves, it's nice to have you with us, even if it's not in person.
One of the recommendations in your report talks about ineffective rights regimes being actually worse than no rights regimes at all. You suggest they seem to offer certainty and support for reliable business models, but in fact in practice they send misleading signals. Would you expand on that? If you can, tell us what you feel the major distinctions are between effective and ineffective regimes. What demarcates them?