Thank you, Deputy Presiding Officer. I'm pleased to bring these regulations to the Siambr this afternoon. It would create a financial assistance scheme to support the sector in Wales under the UK Fisheries Act 2020. Having left the European Union, we're taking the opportunity to design an investment scheme specifically for Wales. The scheme is designed to deliver a broad range of policy options and allow the flexibility to target specific priorities. I believe this approach is necessary to navigate the systemic changes and uncertainties we are currently facing. 

The dynamic aspect of the scheme will be the funding rounds. There is scope for significant variation in how these funding rounds will be operated, so the delivery of the financial assistance can be tailored to the purpose for which it's intended. Each funding round will be designed with engagement from stakeholders to meet the requirements of the sector and Government priorities, with the feedback from each application window being considered to inform future funding rounds. 

I'm very grateful to the Legislation, Justice and Constitution Committee for expediting the report on these draft regulations so that, subject to the will of the Senedd, we can move ahead with implementing the scheme. Diolch.