I do not want to repeat everything that my colleague from the Bloc Québécois has said, but it is a fact that the Supreme Court has made a decision. One of our witnesses, from Quebec's Autorité des marchés financiers, spoke very eloquently about Québec's opposition. Unfortunately, we had very little time to hear him. The same thing happened with all the witnesses and with all the clauses we were studying.
However, if we could have had a longer discussion with that witness, he would have confirmed that Quebec is not alone in opposing the establishment of a single regulator. All the provinces oppose it, in fact, except one. If we really wanted to provide financial market regulators with better coordination and better protection against systemic risks, it would have to be done with the agreement of the provinces and with the involvement of the structure that they themselves have put in place.
Establishing this office to prepare for the transition into a regulatory organization that will not achieve the purposes the government wants to see is holding up the process and the protection that our financial system needs. I have trouble understanding why the government is stubbornly moving in that direction. The Supreme Court decision clearly gives this jurisdiction to the provinces and recognizes the federal government's authority to intervene under certain conditions, such as providing protection against systemic risk.
The solution that the government is proposing at the moment runs counter not only to the letter and the spirit of the Supreme Court decision, but also to the achievement of the efficiency and the objectives that the federal government itself has set.
For those reasons, I would encourage the federal government to use the structure the provinces have established rather than stubbornly continuing in the same direction, in order to establish the organization as quickly as possible without going against the provisions and the ruling of the Supreme Court.