ASF was invited by the United States Securities and Exchange Commission to discuss further our submission requesting accommodation of the Australian proposed credit risk retention standard. We discussed repeating the method of pre-filing under a US inter-agency agreement that previously permitted Australian issuers to get indicative clearance from US regulators for deals in to the US. SEC also quizzed us further on the Australian mortgage market and RMBS product. Specifically, we requested that they permit the continued use of risk retention and transaction structures currently employed in Australian RMBS and ABS. They seemed receptive but also cautioned that the other five agencies that make up the US financial regulatory architecture needed to be comfortable too. ASF proposes therefore to liaise with OCC, FDIC, FRB and others.