I should say that I, too, failed to welcome you to the Chair, Mr. Griffiths, and I wish to correct that oversight.
I do not believe that WDAs that have a broker operating with them will be precluded from offering that expertise to others, but it is unlikely to happen in most circumstances. Subject to consultation, rules will be introduced and regulations laid before Parliament. We want to keep the arrangements as flexible as possible. Our only purpose is to try not to introduce the unnecessary involvement of brokers—quite the opposite—quite the opposite—but to enable smaller authorities that could use it to do so. There is no requirement and it will not happen often.
If authorities trade—something that is initiated by the Bill and is not a customary exercise for most of them—they should be able to draw on the best expertise available, and that should not be self-regulated. There should be proper regulation; no-one
will be able to declare himself a broker and make a nice tidy profit.