"We're getting back to a normal market after an abnormal run-up of five years," he said.
"There was absolutely no intention of creating anything but a normal market," he added.
In a normal market, it would be a worthy competitor.
The six nations proposed two levels of enrichment assurance beyond the normal market.
In normal markets, most fund companies make that transfer the day the shares are sold.
This is not a "normal" market where the integrity of price signals needs to be protected.
The phrase 'under doctor's orders' expresses a real situation that is different from a normal market.
"We're getting back to a more realistic, normal market," she said.
I've been in the business for 25 years, and I'd say we're going into a normal market.
"You can't see this as exempt from normal market processes," he said.