Thank you, Mr. Chair. Thank you, witnesses. It's nice to see so many former friends.
With respect to the common securities regulator, as you know, the Liberal Party certainly supports this initiative. I read in the newspapers that you have engaged counsel to draft a bill. I wonder whether you could comment on that. That would be number one.
Second, with respect to the legislative initiative, is the federal government prepared to go it alone if necessary, based upon their own legal analysis of their constitutional authorities?
Third, what does $2.8 million get you?