Finance committee  Thank you, Mr. Chair. First, I'd like to specify that I'm not a lawyer, so I can't give a legal opinion on the decision of the court. However, I have read the decision, and the Supreme Court did confirm a role for Parliament with respect to the regulation of securities, particularly as it pertains to preserving the integrity and stability of capital markets.

Finance committee  The short answer is no, because there are very specific limits attached to the passport regime. The system does not affect the enforcement of legislation. So the passport regime isn't necessarily intended to improve the law enforcement framework. In addition, the passport regime has nothing to do with the governance framework related to the study of new policies, the development of regulations or their approval.

Finance committee  The Supreme Court said that, if the objective was to create a Canada-wide organization with provincial and federal jurisdictions under the same umbrella, the two levels of government should work together.

Finance committee  Good morning. My name is Nicolas Marion. I work as a chief at the Capital Markets and International Affairs Division of the Department of Finance. I am joined by Allan Prochazka, also from the Department of Finance.

Finance committee  Thank you for your question. I am not a lawyer, so I cannot speak to the legal aspect. However, when you read the Supreme Court's decision, you can see that the court clearly said that securities regulation was a responsibility shared by the provinces and the federal government.