:16:39. > :33:54.It is different in different countries. I think one of the
:33:55. > :34:00.uncertainties that we would have to deal with is whether our legal
:34:01. > :34:04.advice was robust that the route that you takes, that a reverse
:34:05. > :34:07.inquiry enables you to do business from the UK when an existing client
:34:08. > :34:13.approaches you, but those kind of conduct of business rules are quite
:34:14. > :34:17.fraught. Did you really speak to me, or did I hint that you should come
:34:18. > :34:21.and have a conversation, and so on. We would be nervous about getting
:34:22. > :34:31.into a situation where we did not have charity. In the investment
:34:32. > :34:34.management business, the reverse is quite straightforward, particular
:34:35. > :34:40.with UK firms dealing with the United States. There are currently
:34:41. > :34:43.rules that enable you to do that, there is a big difference in
:34:44. > :34:49.investment management between the professional client and the retail
:34:50. > :34:54.client. If we are talking about institutional clients, there is
:34:55. > :35:00.certainly a process on which you can do business on a reversal basis, but
:35:01. > :35:04.we stay on the side of caution. If there is any doubt that with
:35:05. > :35:08.hindsight if regulator might decide that they are not going to allow
:35:09. > :35:13.that interpretation, we are on the side of caution and avoided because
:35:14. > :35:20.it is an unstable framework on which to base this.
:35:21. > :36:31.You can continue watching this session online.
:36:32. > :36:37.Hello and welcome to BBC Parliament's live coverage from the
:36:38. > :36:38.House of Commons. In an hour, the Shadow Chancellor will ask an urgent