Finally, some good news!  About licensing?  Yes, as you shall soon see. You may or may not be aware that there has been a lot of discussion behind the scenes of late regarding the retail banks' approach to the licensing of Advisers.  That's you.  Most (all) of that discussion has revolved around the 'belief' that Advisers will operate directly under the umbrella of a dealer group.  That's us at Newpark. That has some serious implications.  It means that Newpark would assume joint liability for your conduct and culture.  It means costs would skyrocket.  It means that you would effectively become