So I think an important element is training and awareness.

I would also add to that, that Matthijs already referred to it, the fact that thanks to financial institutions, they offer financial products, which they then label and market as sustainable.

In doing that, financial institutions are able increasingly dependent and relying on data that comes from underlying companies, meaning the companies, the investee companies, the companies in which funds and financial products are investing.

There is really a tension point there that, of course, financial institutions need to make sure that the quality of that sustainability information is up to standard, is sufficient, because If that is not the case, that can, of course, lead to mislabeling of these or misqualification of these financial products, which ultimately will be considered the responsibility of the financial institution.

So having sound policies and procedures in place to verify the quality of the information is also key.

Now, if you had to map the ESG regulatory landscape for financial services, what are the two or three legal developments that legal teams should be tracking most closely? Let's start with you, Walter.

Looking specifically at EU level, we have now very recently seen that regulators are perhaps taking a little bit of a step back and making some corrections because they feel that in some instances, the regulation has perhaps gone too far.

Investors and customers of financial institutions have now been given quite a lot of information about sustainability, but that additional information is has not always led to more transparency in practice in the sense that a lot of people seem to be confused by all the information that they are getting.