Securities Financing Transactions Regulation

You mentioned one, James.

So we have a holistic review of transaction reporting across EMIR, MIFID, and SFTR.

We've really tried to have a dialogue with the industry to make sure we identify those areas where we have duplications, inefficiencies, data points that are not necessary that we are collecting, try to simplify the framework and we are very conscious that reporting is probably one of the areas most costly and so this is where we've tried to put all our efforts to make sure we do something that is meaningful and simplified with the principle of report once and then we deal with sharing with other supervisors who need and have a legitimate right to that data.

We have a similar approach in the fund space.