Once finalized, implementation of the plan will become part of the supervisory expectations for the banking organization. As with other supervisory expectations, failure to submit or implement a satisfactory plan could be the basis for enforcement action. We issued the compensation guidance in proposed form and will be accepting comments on the guidance through November 27.
I can understand that the market participants with global businesses would like to see progress towards a global infrastructure; but they have also been very clear in telling us that the major cross-border costs in securities markets arise from lack of harmonisation.