May I do them the other way round? I think the second is the easier one.
The second is very straightforward. If you have established to public satisfaction, as it were, all of the things that Colette was talking about a few moments ago, in other words your governance and independence framework, that in reality is not going to go very far if actually someone is controlling the purse strings on a regular basis and in effect can infer or imply that resourcing or money may be withheld or changed in one form or another should decisions be made which are not the ones that may be preferred, and I think this is extremely important. I think a very important dimension of independence and effectiveness is financial security.
You can't have an in perpetuity arrangement, and I think we suggest a multi-year period, I think we might mention somewhere three or four years, such that there is a moment when a proper exercise takes place which asks what is the necessary funding for the body? And that's about efficiency and value for money. But after that, there should not be interference with that budget, to ensure that the operational daily decision-making is not subject to any risk, any risk of threat or intimidation or anything of that kind. It's slightly strong words, but I think you understand what I mean.
So that is a very important building block in independence and effectiveness.
In terms of membership, incentives and obligations, I think as we go on to observe in the paper, this is more difficult, and this is again an issue which many people have discussed: how do you make sure that everybody relevant is inside the regulatory regime? It's obviously crucial that that is the case. It's not going to work very well if significant parties are not inside the regulatory regime and therefore we have to think about making sure that there are workable -- is the word we use -- incentives or obligations to ensure that the relevant people are included.
We go on to discuss that, but perhaps I'll pause at that point to emphasise that I think that is obviously a crucial, crucial factor.