Learning outcomes. After watching this video you will be able to understand the importance of reporting and compliance. So, after benchmarking, now the issue is about reporting. It's absolutely critical that you report regularly to your investors what your performance is. And not only in good times, even in bad times and explain very clearly the reasons why, you know, there has been a positive as well as negative performance. Now a related matter about which I'm not going to spend a lot of time but it's very, very critical, you know, I'm not saying it's not important but it's outside the scope of these classes, is compliance. Every country will have lots and lots of rules and regulations regarding investment, especially when you're dealing with other's money. This is because there has been lot of fraudulent schemes, so-called Ponzi schemes, where people take somebody's money and show, claim high returns and then, you know, they pay back when a new investor comes, they take a second investor's money and pay back that investor and they keep this going as long as it works. And when lot of investors come and ask for money these Ponzi funds run out of cash. This is something which has been seen everywhere. Almost everywhere such schemes have risen and that's why the regulations around this are very tight in every country. So, it's important that you figure out what the laws governing these regulations are. Of course, I'm not suggesting that you sit and read the laws and figure out, which may not be possible, that's not your core competency. You have to go to the right set of consultants, lawyers, whoever who can help you in this matter. Compliance is absolutely critical. It may so happen that one small mistake in compliance may bring down your very, very successful strategy or business. So,this is a hindrance if you're a very small investor, if you do not have too much funds, compliance can be costly. Unfortunately, this is a hindrance but there is no way around this. One has to fulfill the regulations, laws of the land, wherever you are. So, that's why I suggest start with your own money, money of your family and friends, the rules and regulations governing these will be usually liberal and once you establish yourself, once you have enough funds, enough people investing in your funds, then you can think of raising money from the public. And consult appropriate consultants, lawyers, whoever is competent, who know about the laws and regulations of your land, of the country where you are in before starting a venture in the field of algorithm entry. And then, the rules will be not only about, you know, rules can be on taxes, rules can be on registration of the business, even exchanges may have rules, reporting requirements, audit requirements and so on and so forth. In fact, compliance in a way it's expensive but it's also a signal. If you are compliant, let's say audited number, you can use that number to raise more money. So there is a positive side to compliance as well. It's not just, you need not to consider it as simply a cost, so, but it's absolutely critical that you follow all the rules and regulations applicable to investments.