Thank you very much.
My questions are with respect to some of the definition issues and the “to come” regulations. I would certainly give the government this much grace: This is not an easy area in which to draft legislation. I think we all have to be aware of that. I would put that at the outset of my comments.
I think there are a number of definitional issues that will cause considerable struggles going forward, and without having the prescribed regulations in front of us, it will make it even more challenging. Some of the ideas that are weakly defined include “business activity” and “material assets”, among others. I have another definitional issue, but maybe I'll start there.
Maybe you can give me some assurance and say, “No, Mr. Lawrence, this is completely clear”, or maybe, if you share any of these issues, you can expand upon them. I'd welcome comments from any or all of the panellists.