I would strongly urge you to pursue that.

Is receipt of such a notice a 'material event' that might affect the financial situation or the value of a company's shares in the mind of investors?

I think as a general matter, it is very unlikely that mutual funds are systemically significant to the degree that would justify this designation.

Well, I am concerned about this apparent developing disparity between the regulatory regimes.

It strikes me as an incredible cost to the financial institutions that have to understand these, digest these, hire the manpower to then comply with these.

Thank you very much, Mr. Chairman, for giving me the opportunity in particular to welcome Mr. Thomas Deas.

I understand that, but are you concerned that in the absence of comparable European regulation that we have the opportunity for regulatory arbitrage across borders?

The clear implication is that more time to study the impact of this provision is definitely warranted.

Such an important change did not receive the thoughtful and thorough consideration in Congress it deserved.

We urge quick action to enact this important piece of legislation.

For this to happen, though, and I repeat again and again, the SEC needs the resources to do their job effectively.

The Dodd-Frank Act has gone a long way to addressing, I think, some of the issues that caused the financial crisis.