Thank you for that question.
One area is important for sure, which is that investments in small companies are somewhat complicated by the fragmented rules on deal structures and terms we have when we're trying to look at moneys moving between Canada and the EU. If at all possible, we'd like to see further standardization across Europe to make the flow of moneys easier, because none of these things gets money from just one jurisdiction. There's syndication on the investment side, and that means we have Canadian money going into our companies going into Europe. We'd like that to be a little bit easier.
In terms of the companies themselves, how can they tackle that market? It is a large market but a fragmented one. Anything in the CETA agreement that makes the arrangements between the different parts of the EU more standardized and more consistent is something that is of value to our companies. It's not like moving a multinational into those areas. It's hard for them to get the legs to deal with all that.
So I think one of the clear messages is consistency across the EU for the conditions they have. Obviously, relative to some of the jurisdictions, the intellectual property protection is pretty good in the EU, but anything there that would make it simpler and less costly for IP protection.... Again, it's important for companies to get that protection for the markets that they wish to enter and some of the processes are very expensive for SMEs in particular.