I am not going to delve too deeply here, but the list of comments from industry and industry interest groups clearly show the emphasis that they place on the boundaries of suitability and the importance of the constrained KYC in this process. They also have regulation and precedent on their side, something which those advocating higher standards do not. In this light, the comments of those advocating higher standards appear woefully exposed to the reality of minimum standards and limited “advisor” accountability. All the while, we have the ability to market promises that cross these boundaries at will. As I have said repeatedly (blue in the face with repeating), the retail investor needs to be told that they are responsible for the investment decision and that the advice they receive is more or less limited to the alignment of the transaction with the fuzzy boundaries of the KYC.