Others provide a transition period for firms and markets to prepare for the new rules of the road. Still others will be completed in the coming months. With respect to all three sets of regulations, the emphasis will soon be shifting from rule-writing to rule compliance, interpretation, and enforcement.
Here, the benchmarks for progress and performance are less visible, at least until something goes wrong. For that reason, it is all the more important that the regulatory agencies put in place institutional mechanisms to assure strong, sensible oversight of the new regulatory framework. Thank you for your attention. I would be pleased to answer any questions you might have.