2.2 In most early PFI deals there was no contractual requirement to share refinancing gains. It was, therefore, a major change when the private sector accepted in 2002 the introduction of the Code which provided for sharing refinancing gains on these deals. The Code is not legally binding and its ongoing operation depends, therefore, on the support of the private sector. Some private sector parties have told us that they would withdraw their commitment to the Code if any future changes are made which could adversely affect their ability to benefit from refinancings or if it were extended, for example to include equity transactions which are currently defined as falling outside the Code. The Treasury have emphasised to us that the Code has not and will not be changed. They have repeated this view in recent Treasury guidance.