In all candour, there has been a measure of empathy for our concerns by the agency, but steadfastly they have felt our concerns could be treated in regulation. This is even after we arranged for bond counsel to spend significant time in a teleconference with agency staff to explain the sensitivity of financial markets to the language that is present in the bill.
They have been empathetic, they have listened, but I think there may be some difference of view of how this should be approached, whether through regulation or through statute.
The members all know far better than I that statute is a serious matter, addressed by Parliament, by the people's representatives. It is not easily and quickly changed, and because of that it would give financial markets a sense of stability.
The regulatory process, while consultative, can happen more quickly with more frequency, and I don't think it would convey the stability that a change in the statute would convey to the financial markets.