Thank you. Section 2, the principles of effective regulation. Some of this is not altogether dissimilar from Mr Suter's evidence and there may be reasons for that, given where he comes from, as it were, but can we see where we are? Under section (a), which is between paragraphs 2.2 and 2.3, these are the principles which relate to the governance and accountability of the regulatory body, and then (b) is operational independence, so what you are looking for here is a sort of subset of second order principles. Looking on the first order of principles we looked at on the previous page: independence governance and decision-making, clear public accountability, clear regulatory objectives and clear and transparent processes.
All of this is relatively uncontroversial and plainly right, if I may say so, but is there anything which you would wish to draw out, either collectively or individually?