Yesterday, IOSCO published a Final Report entitled, "Suitability Requirements with respect to the Distribution of Complex Financial Products." We believe it is important to state for the record that we objected to the publication of the Final Report and, therefore, that the Final Report was not approved by the Commission. In our view, the Final Report does not accurately reflect the relevant law in the U.S. Nor should the U.S. regulatory regime conform to the Final Report, the substance of which we disagree with in key respects. We especially disagree with the Final Report's failure to properly respect the distinction between retail and institutional investors when determining the suitability requirements that should apply.