Under the widely held rule, no one can take more than 10% of one of the big banks. ADIA, the Abu Dhabi Investment Authority, manages about $627 billion. CIC, China Investment Corporation, manages about $350 billion. The Japanese government pension fund I think manages $1.3 trillion or $1.4 trillion, as an example. These are big players. In Canada, the CPP Investment Board manages about $160 billion, or something like that, maybe a little less this week. These are very significant players.
Besides the ministerial discretion, if the Abu Dhabi Investment Authority wanted to take 10% of a Canadian bank, and CIC wanted 10%, and the Japanese government pension fund wanted to buy 10%, and there were a couple more of these sovereign wealth funds, is there any legislative or regulatory barrier to one of the big Canadian banks effectively having more than 50% of its shares owned by a consortium of foreign sovereign wealth funds after this change? Is there any specific regulatory barrier?