Hon Dr DAVID CLARK (Minister of Commerce and Consumer Affairs): Indeed, as the member Andrew Bayly intimated in his first question, before he got carried into the flow of the argument, indeed that matter is dealt with in the Supplementary Order Paper. The bill previously treated agents the same way as employees, being subject to prescriptive control from financial institutions. However, through discussions with industry, we identified a number of concerns with that position, such as uncertainty over who would even be covered by the term "agent". So retaining that approach would also have undermined Cabinet's policy decision to take a less prescriptive approach. In relation to intermediaries, some intermediaries act as agents for financial institutions almost directly while others are more fully independent. So I consider a less prescriptive and more flexible approach is appropriate in relation to agents, and that's consistent with the principles-based nature of the regime generally.