On 23 October 2007, EU’s Internal Market Directorate published an independent study on the impact on the audit market of current audit firm ownership rules. The study, produced by Oxera, found that current rules, which limit ownership to auditors only, are a barrier to growth and investment. Other barriers include reputation, the need for international coverage, international management structures and risk. The study also suggested that the current structures made financing expensive and that it would be cheaper for external investors to fund expansion. Controversially, the report concluded that alternative ownership structures are unlikely to hinder auditor independence, since it considered that appropriate safeguards could be established.