Yes, I think there has been a bit of a slowdown in terms of the M and A activity. I don't think it's a result of changes in our foreign investment law that have come out, or our perspective, or the decisions that were made in December. I think it's probably reflective more of the global economic climate.
I would say this. I think the fundamental thing about the changes before you is that, number one, there is more uncertainty. We said that in our letter. There is a question: am I a state-owned enterprise? That kind of uncertainty does provide a bit of a chill. We get asked a lot of questions, such as, “Can we do this investment, or are we going to be mired down in six months of unpleasant publicity and problems?”
We're comfortable giving advice on it, but clients would like to know with some certainty whether the government agrees with that advice. That's why what we've said is that to the extent there's more uncertainty, it would be helpful to have some sort of process, some sort of protocol, to have an advance ruling on that, which I think is the same thing my colleague Ailish has mentioned as well.