133.This makes it clear that, in exercising their regulatory controls over the CFD counterparty, neither the Secretary of State nor the national system operator could be deemed to be in any way managing or controlling the CFD counterparty in such a way that would class them as, for example, “shadow directors” or principal to the CFDs (in other words that the CFD counterparty is not the agent of either the Secretary of State or the national system operator).