In what follows, I shall comment on major developments that occurred during the past year, from a broad and rather general perspective. Those of you who want to go deeper in the issues raised, may wish to navigate the user-friendly links provided in this letter where you will find additional details.
They will ask difficult questions, they will be sceptical and ready to engage in sometimes unpalatable but necessary conversations and analysis. Enforcement also helps to deliver a regulatory regime which is credible and effective. We have stepped up our work in this area.