instruments. First, we have removed the prohibition on reclassification of financial instruments that was in the original proposal. We have responded to the suggestion made by many that a change in business model should result in reclassification. Second, as part of the transition provisions of the new standard, we have proposed that companies will be able to reclassify financial instruments out of the fair value option when making their new designations. To ensure full transparency, we will require appropriate disclosures and presentation of any reclassifications. We are addressing the treatment of 'own credit'. We have proposed the elimination of the counterintuitive result that a company can receive a gain from its own liabilities when the quality of their own credit deteriorates. This is an issue that was raised at the last ECOFIN meeting. Finally, we know that the new standard will apply to all companies with financial instruments, not just to banks. Insurance companies have expressed some concern regarding the immediate impact of the standard. We have always said that we will address any implications for the accounting for financial instruments by insurance companies once the insurance contracts project is nearer completion. Insurance companies would not be required to adopt the new standard until 2013 or 2014 at the earliest. At the same time, we have made important improvements to our original proposal to address the issue of dividends on equity investments and the measurement of unquoted equity investments -- issues that the European Commission and insurance companies cited in