Order, please. I would like to give other members the opportunity to ask questions.
I will now give the floor to the hon. member for Skeena—Bulkley Valley.
This bill is from the 40th Parliament, 2nd session, which ended in December 2009.
Jim Flaherty Conservative
This bill has received Royal Assent and is now law.
This is from the published bill.
Part 1 implements income tax measures proposed in the January 27, 2009 Budget. In particular, it
(a) increases by 7.5% above their 2008 levels the basic personal amount and the upper limits for the two lowest personal income tax brackets, thereby also increasing the income levels at which income testing begins for the base benefit under the Canada Child Tax Credit and the National Child Benefit supplement;
(b) increases by $1,000 the amount on which the Age Credit is calculated;
(c) increases to $25,000 the maximum amount eligible for withdrawal under the Home Buyers’ Plan;
(d) introduces amendments to the rules related to Registered Retirement Savings Plans and Registered Retirement Income Funds to allow for recognition of losses in accounts between the time of the annuitant’s death and final distribution of property from the account;
(e) repeals the interest deductibility constraints in section 18.2 of the Income Tax Act;
(f) extends the mineral exploration tax credit for one year;
(g) increases to $500,000 the annual amount of active business income eligible for the 11% small business income tax rate and makes related amendments;
(h) clarifies rules relating to timing of acquisition of control of a corporation; and
(i) creates cost savings through electronic filing of tax information.
In addition, Part 1 implements income tax measures that were referenced in the January 27, 2009 Budget and that were originally proposed in the February 26, 2008 Budget but not included in the Budget Implementation Act, 2008. In particular, it
(a) clarifies the application of the excess corporate holdings rules for private foundations;
(b) increases the amount that corporations will be able to pay as “eligible dividends”;
(c) enacts several regulatory amendments that complement and complete measures enacted in the Budget Implementation Act, 2008;
(d) introduces minor adjustments to the Tax-Free Savings Account rules and the scientific research and experimental development investment tax credit rules included in the Budget Implementation Act, 2008;
(e) implements rules in respect of donations of medicines; and
(f) reduces the paper burden on businesses by allowing a larger number of government entities to share Business Number-related information in connection with government programs and services.
Part 1 also implements other income tax measures referred to in the January 27, 2009 Budget that either were themselves previously announced or flow directly from previously announced measures. In particular, it
(a) implements technical changes relating to specified investment flow-through trusts and partnerships and new tax rules to facilitate the conversion of these entities into corporations;
(b) contains amendments to take into account financial institution accounting changes;
(c) extends the general treatment of capital gains and losses on an acquisition of control of a corporation to gains and losses that result from fluctuations in foreign exchange rates in respect of debt denominated in foreign currency;
(d) enhances the carry-forward for investment tax credits;
(e) implements amendments relating to the computation of income, gains and losses of a foreign affiliate;
(f) implements amendments to the functional currency tax reporting rules;
(g) implements minor tax amendments relating to interprovincial allocation of corporate taxable income, the Wage Earner Protection Program and the Canada-United States tax treaty’s rules for cross-border pensions;
(h) provides for an extension of time for income tax assessments that are consequential to provincial reassessments;
(i) ensures the appropriate application of the Income Tax Act’s trust rules to certain arrangements and institutions under Quebec civil law;
(j) enacts regulatory amendments relating to prescribed amounts for automobile expenses and benefits, eligible medical expenses, and the tax treatment of foreign affiliate active business income earned in a jurisdiction with which Canada has concluded a tax information exchange agreement;
(k) introduces rules to reduce the required minimum amount that must be withdrawn from a Registered Retirement Income Fund or from a variable benefit money purchase pension plan by 25% for 2008, and allows related re-contributions;
(l) extends the deadline for Registered Disability Savings Plan contributions; and
(m) modifies the provisions relating to amateur athletic trusts.
Part 2 amends the Excise Act, 2001 and the Excise Tax Act to implement measures to reduce the paper burden on businesses by allowing a larger number of government entities to share Business Number-related information in connection with government programs and services.
Part 3 amends the Customs Tariff to implement measures announced in the January 27, 2009 Budget to
(a) reduce Most-Favoured-Nation rates of duty and, if applicable, rates of duty under other tariff treatments on a number of tariff items relating to machinery and equipment imported on or after January 28, 2009;
(b) divide tariff item 9801.10.00 into two separate tariff items pertaining to conveyances and containers, respectively, and make two technical corrections, effective January 28, 2009; and
(c) modify the tariff treatment of milk protein substances, effective September 8, 2008.
Part 4 amends the Employment Insurance Act until September 11, 2010 to extend regular benefit entitlements by five weeks. It also provides that a pilot project ceases to have effect. In addition, it amends that Act to provide that the cost of benefit enhancement measures under that Act, provided for in the budget tabled in Parliament on January 27, 2009, are not to be charged to the Employment Insurance Account. Finally, it sets the premium rate provided for under that Act for the years 2002, 2003, 2005 and 2010.
Division 1 of Part 5 amends the Financial Administration Act to authorize the Minister of Finance to take, subject to certain conditions, a number of measures intended to promote the stability or maintain the efficiency of the financial system, including financial markets, in Canada.
Division 2 of Part 5 amends the Canada Deposit Insurance Corporation Act to provide the Canada Deposit Insurance Corporation with greater flexibility to enhance its ability to safeguard financial stability in Canada. The Division also adds Tax-Free Saving Accounts as a distinct category for the purposes of deposit insurance. It also makes consequential amendments to other acts.
Division 3 of Part 5 amends the Export Development Act to, among other things, expand the Export Development Corporation’s mandate to include the support and development of domestic trade and business opportunities for a period of two years. The period may be extended by the Governor in Council. Division 3 also increases the Corporation’s authorized capital.
Division 4 of Part 5 amends the Business Development Bank of Canada Act to increase the maximum amount of the paid-in capital of the Business Development Bank of Canada.
Division 5 of Part 5 amends the Canada Small Business Financing Act to increase the maximum outstanding loan amount in relation to a borrower. It also increases individual lenders’ cap on claims. These amendments will apply to new loans made after March 31, 2009.
Division 6 of Part 5 amends a number of Acts governing federal financial institutions to improve access to credit and strengthen the financial system in Canada, including amendments that will
(a) provide new authority for further safeguards to promote the stability of the financial system;
(b) enhance consumer protection by establishing new measures to help consumers of financial products; and
(c) implement other technical measures to strengthen the financial sector framework in Canada.
Division 7 of Part 5 provides for payments to be made to provinces and territories, provides authority to the Minister of Finance to enter into agreements respecting securities regulation with provinces and territories and enacts the Canadian Securities Regulation Regime Transition Office Act.
Part 6 authorizes payments to be made out of the Consolidated Revenue Fund for various purposes, including infrastructure and housing.
Part 7 amends Part I of the Navigable Waters Protection Act to create a tiered approval process for works in order to streamline the approval process and to exclude certain classes of works and works on certain classes of navigable waters from the approval process. This Part further amends Part I of the Act to clarify the scope of the application of that Part to works owned or previously owned by the Crown, to provide for the application of the Act to bridges over the St. Lawrence River and to add certain regulation-making powers.
Part 7 also amends the Act to clarify the provisions related to obstacles and obstructions to navigation. The Act is also amended by adding administration and enforcement powers, consolidating all offence provisions, increasing fines and requiring a review of the Act within five years of the amendments coming into force.
Division 1 of Part 8 amends the Wage Earner Protection Program Act and the Wage Earner Protection Program Regulations to provide that unpaid wages for which an individual may receive payment under the Wage Earner Protection Program include unpaid severance pay and termination pay.
Division 2 of Part 8 amends the Canada Student Financial Assistance Act to, among other things,
(a) require the Chief Actuary of the Office of the Superintendent of Financial Institutions to report on financial assistance provided under that Act; and
(b) authorize the Minister of Human Resources and Skills Development to suspend or deny financial assistance to all those who are qualifying students in respect of a designated educational institution.
Division 2 of Part 8 also amends both the Canada Student Financial Assistance Act and the Canada Student Loans Act to, among other things,
(a) terminate all obligations of a borrower with respect to risk-shared loans and guaranteed loans if the borrower dies;
(b) authorize the Minister of Human Resources and Skills Development to require any person who has received financial assistance or a guaranteed student loan to provide that Minister with documents or information for the purpose of verifying compliance with those Acts; and
(c) authorize that Minister to terminate or deny financial assistance in certain circumstances.
Division 3 of Part 8 amends the Financial Administration Act to provide express authority for agent Crown corporations to lease their property, restrict the appointment of employees of a Crown corporation to its board of directors, require Crown corporations to hold annual public meetings, clarify Treasury Board’s duties to indemnify Crown corporation directors and officers, permit more flexibility in the frequency of special examinations of Crown corporations, and require the reports of special examinations to be submitted to the appropriate Minister and Treasury Board and made public. This Division also makes consequential amendments to other Acts.
Part 9 amends the Federal-Provincial Fiscal Arrangements Act to set out the amount of the fiscal equalization payments to the provinces for the fiscal year beginning on April 1, 2009 and amends the method by which fiscal equalization payments will be calculated for subsequent fiscal years. It also amends the method by which the Canada Health Transfer is calculated for each fiscal year in the period beginning on April 1, 2009 and ending on March 31, 2014.
Part 10 enacts the Expenditure Restraint Act. The purpose of that Act is to put in place a reasonable and an affordable approach to compensation across the federal public sector in support of responsible fiscal management in a difficult economic environment.
It sets out rules governing economic increases to the rates of pay of unionized and non-unionized employees for periods that begin during the period that begins on April 1, 2006 and ends on March 31, 2011. It also continues certain other terms and conditions at their current levels. It preserves the right of collective bargaining with regard to other matters and it does not affect the right to strike.
The Act does not preclude the continued development of workplace improvements by employers and employees’ bargaining agents through the National Joint Council or other bodies that they may agree on. It also permits bargaining agents and employers to agree to the amendment of certain terms and conditions of collective agreements or arbitral awards.
Part 11 enacts the Public Sector Equitable Compensation Act and makes consequential amendments to other Acts. The purpose of the Act is to ensure that proactive measures are taken to provide employees in female predominant job groups with equitable compensation.
It requires public sector employers that have non-unionized employees to determine periodically whether any equitable compensation matters exist in the workplace and, if so, to prepare a plan to resolve them. With respect to public sector employers that have unionized employees, the employers and the bargaining agents are to resolve those matters through the collective bargaining process.
It sets out the procedure for informing employees as to whether an equitable compensation assessment was required to be conducted and, if so, how it was conducted, and how any equitable compensation matters were resolved. It also establishes a recourse process for employees if the Act is not complied with.
Finally, since the Act puts in place a comprehensive equitable compensation scheme for public sector employees, this Part amends the Canadian Human Rights Act so that the provisions of that Act dealing with gender-based wage discrimination no longer apply to public sector employers. It extends the mandate of the Public Service Labour Relations Board to allow it to hear equitable compensation complaints and to provide other services related to equitable compensation in the public sector.
Part 12 amends the Competition Act. The amendments include
(a) introducing a dual-track approach to agreements between competitors, with a limited criminal anti-cartel provision and a civil provision to address other agreements that substantially lessen or prevent competition;
(b) providing that bid-rigging includes agreements or arrangements to withdraw bids or tenders;
(c) repealing the provisions dealing with price discrimination and predatory pricing, replacing the criminal resale price maintenance provision with a new civil provision to address price maintenance practices that have an adverse effect on competition, and repealing all provisions dealing specifically with the airline industry;
(d) introducing an administrative monetary penalty for cases of abuse of dominant position, increasing the maximum amount of administrative monetary penalties for deceptive marketing cases, and increasing the maximum fines or terms of imprisonment, or both, for agreements or arrangements between competitors, bid-rigging, criminal false or misleading representations, deceptive telemarketing, deceptive notice of winning a prize, obstruction of Competition Bureau investigations and failure to comply with prohibition orders or production orders;
(e) clarifying that, in proceedings under section 52, 74.01 or 74.02, it is not necessary to establish that false or misleading representations are made to the public in Canada or are made in a place to which the public has access, and clarifying that the “general impression test” applies to all deceptive marketing practices in sections 74.01 and 74.02;
(f) providing that the court may make an order in respect of cases of false or misleading representations to require the person who engaged in the conduct to compensate persons affected by the conduct, and may issue an interim injunction to freeze assets if the Commissioner of Competition intends to ask for such a compensation order; and
(g) introducing a two-stage merger review process for notifiable transactions, increased merger pre-notification thresholds and a reduced merger review limitation period.
Part 13 amends the Investment Canada Act so that the review of an investment will be applied only to the more significant investments. It also amends the Act to allow more information to be made public. This Part also provides for the review of foreign investments in Canada that could threaten national security and allows the Governor in Council to take any measures that the Governor in Council considers advisable to protect national security, such as prohibiting a non-Canadian from implementing an investment.
Part 14 amends the Canada Transportation Act to provide the Governor in Council with flexibility to increase the foreign ownership limit from the existing levels to a maximum of 49%.
Part 15 amends the Air Canada Public Participation Act in relation to the mandatory provisions in the articles of Air Canada regarding constraints imposed on the issue, transfer and ownership of shares. It provides for the repeal of the provisions requiring that the articles of Air Canada contain provisions imposing limits on non-resident share ownership and the repeal of the provisions requiring that the articles of Air Canada contain provisions respecting the enforcement of these constraints.
All sorts of information on this bill is available at LEGISinfo, an excellent resource from the Library of Parliament. You can also read the full text of the bill.
Bill numbers are reused for different bills each new session. Perhaps you were looking for one of these other C-10s:
Budget Implementation Act, 2009Government Orders
The Acting Speaker Denise Savoie
Order, please. I would like to give other members the opportunity to ask questions.
I will now give the floor to the hon. member for Skeena—Bulkley Valley.
Nathan Cullen NDP Skeena—Bulkley Valley, BC
Madam Speaker, I have a brief question for my colleague about employment insurance.
The government has said it is improving the program but it is ignoring the facts. The fact is, the majority of workers do not have access to the program. In our region, northwest British Columbia, 60% of workers do not qualify.
How can the government even talk about a benefit?
Luc Desnoyers Bloc Rivière-des-Mille-Îles, QC
Madam Speaker, I would like to thank my colleague for his question. It is clear when we look at what the Conservatives and Liberals have been proposing with this budget for the past number a weeks, there is nothing there to help workers. Absolutely nothing.
The waiting period plays an important role and, as he mentioned, accessibility is a significant issue. Currently, only approximately 40% of workers can access employment insurance. Unfortunately, the members from the opposite side of the House are telling us that by impoverishing workers we are helping both the workers and the economy. In my opinion, we will not manage to do anything by impoverishing the unemployed. We will do something when we help them.
Budget Implementation Act, 2009Government Orders
The Acting Speaker Denise Savoie
The hon. member for Mississauga South has one minute to ask a brief question.
Paul Szabo Liberal Mississauga South, ON
Madam Speaker, my question has to do with the arts community. The member mentioned it briefly. I think this really goes to the heart of integrity and trust. The Prime Minister referred to those in the arts community as being subsidized whiners. I wonder if the member would care to comment on whether or not this is a way in which he has demonstrated to Quebeckers and the rest of Canadians that he really cares about them.
Budget Implementation Act, 2009Government Orders
The Acting Speaker Denise Savoie
The hon. member for Rivière-des-Mille-Îles has 30 seconds to respond.
Luc Desnoyers Bloc Rivière-des-Mille-Îles, QC
Madam Speaker, I believe that culture played an important role in the last election campaign. Unfortunately, the Conservatives denied, and continue to deny, how important culture is.
Economically, it represents 300,000 jobs in Quebec, which is a significant number. Unfortunately, the Conservative government at the time, just like the Liberals today, are brushing artists aside with the budget for various reasons—
Budget Implementation Act, 2009Government Orders
The Acting Speaker Denise Savoie
Order. It being 1:30 p.m., the House will now proceed to the consideration of private members' business as listed on today's order paper.
The House resumed from February 27 consideration of Bill C-10, An Act to implement certain provisions of the budget tabled in Parliament on January 27, 2009 and related fiscal measures, as reported (without amendment) from the committee, and of the motions in Group No. 1.
Paul Szabo Liberal Mississauga South, ON
Madam Speaker, I am pleased to participate in the debate on Bill C-10. It has been an interesting journey for us to get to the point where we have a budget for us.
This is a very interesting story. When we go back to before the last election, in this House we actually passed a fixed election date law. The election was supposed to be held on October 19, 2009.
We had an election. One has to wonder, if we look at all the things that have happened, whether there is something more to the story. I looked at it very carefully and listened to how the government explained this.
In the November economic statement, the government indicated that there would be four years of surplus ahead of us and that everything was fine. The Prime Minister was happy that a recession had not occurred in Canada and had clearly indicated that if we ever to go into recession it would have already happened. That was out of line with virtually every private forecaster and with the parliamentary budget officer who has been under attack by the government. I do not know why.
The government started to change its tune as things started to come out. All of a sudden, in the January budget, instead of four years of surplus, we are looking at four years of deficit and at a recession.
The government says that we are in good shape. The Prime Minister's original assessment was that our banks were stronger than the banks in the rest of the world, so we did not have anything to worry about. On top of that, all these other countries that are boasting about being ready for the impending recession and the financial crisis, will be spending a lot of money. Since we are a trading nation, all the money they spend will benefit trade with us because we are a good trading country. It was basically an explanation that somehow we did not need do anything. We just needed to sit back and let other countries do the job and Canada will be just fine.
As we well know, that is not the case. In the January budget, we now have four years of deficit. The government's latest jingle line is that this is a global economic crisis. That means that everybody who is a player in the global economy is in crisis, and we are all there.
This is an absolute miracle, when we consider that last November there was no problem. We had an economic statement that said there was no problem. However, between November and January, when the budget came out on January 26, there was a global financial crisis. Instantaneously, the entire world was in a global financial crisis with no indication whatsoever that there was any problem out there. This is a lot of hogwash. The whole world does not go into an economic crisis without people knowing it.
The government knew it and the parliamentary budget officer knew it and told the government about it. The Governor of the Bank of Canada knew about it and told the government about it. I have heard from far too many people that the Prime Minister simply did not want to listen to the facts. He did not mind if the finance minister was left hung out to dry by giving numbers that were clearly a terrible indication.
The House knows that under the rules of budget day, the budget secrecy provisions, and even in general developments, the finance minister should never make commentary that may have some impact on the marketplace or on other financial indicators or instruments that might be involved. It is hard to believe that he actually gave that November economic statement that was basically panned by virtually everybody who knows anything about economic forecasting. It was clearly wrong but the government will not admit it now.
We now have a situation where the Prime Minister has said that we need to rush this through because we need to get the money flowing, and if we do not do it, there will be an election. I thought that was a little over the top because the official opposition has decided, notwithstanding the flaws in the budget, to support this one because we need to get that economic stimulus package moving and in place.
The only alternative would be to defeat the government now, go into another election and probably not come back until just before the summer or maybe even after the summer, depending on what happens. That would be unacceptable for the people of Canada. We need to put the people's interests before partisan interests.
However, the Prime Minister is still playing this partisan game saying that he has to get this going because he has to take care of the country and he is the only one who can take care of the country. I am not sure whether or not that is the assessment of the people.
As a consequence, when we think about it, there were indicators. Most people, who had any investments in RRSPs or direct investments, probably received the economic forecast letters that I received and I have seen others receive where it said that we have had a long good run of balanced budgets. We ducked the last recession that the U.S. had. We had low interest rates. We had the highest employment rate in 30 years and everything was going very well. We paid down debt and gave tax breaks. However, eventually it has to turn. Fat builds up in the system, the system gets lazy, the system gets undisciplined and things happen. Of course we are now into a more cyclical scenario.
Is it not a shame that the government broke its own law and called an election a year before it should have called it? Then, is it not a shame that it decided that it was going to go forward with an economic statement that made absolutely no sense, but wasted time? Then Parliament was prorogued, for how long again, so that the government could go back and figure out what would be its next political step. It came back with a budget.
What is in the budget? It is not just budget information. It turned out to be like an omnibus bill. There were things in there that had nothing to do with the budget, nothing to do with the financial crisis, and nothing to do with the need to get an economic stimulus package out.
It included an all out attack on pay equity. It included an all out attack on the public service, on the Competition Act, and even on the Navigable Waters Protection Act, things that have taken up time because they are in the budget and members have to address them, but they should not have been there in the first place. They could have been separate bills.
The Prime Minister says that he wants to get the stimulus out. Canadians want that stimulus out. However, we cannot just flip a switch and say, “Here's the cheque, go do it”. Obviously, we have to pick the projects, we have to appropriate the money, we have to come to an agreement and work out the details. Could that be going on now before the budget is passed? Could that be going on now before the cheque is cut? Absolutely.
As a matter of fact, if the government is not happy about that, why is it that over the last two years there was $2 billion of infrastructure spending that was budgeted, approved, appropriated and a cheque ready to be cut but never spent? It never got spent. It is called lapsed, promised but not spent.
If the government was clearly committed to doing something about the financial crisis that we now face, and when the January budget came out and the Prime Minister recognized or apparently recognized at that point that there was this financial crisis, why is that he did not accelerate or get out the already approved money and not have to wait for this? That would have put shovels in the ground or at least all the work would have started to move forward. There is no reason why money should not be out there.
The other issue that I would like to comment on is what I read in the paper, which I found a little disturbing. It was on the front page of the Globe and Mail where a minister of the Crown had a meeting with the representatives of 65,000 academic and general staff of universities and colleges. He started yelling at them and telling them that they did not understand the budget.
Why is it that we want to change the channel when the issues are creating jobs, saving jobs that are at risk, and taking care of the most vulnerable in our society in this financial crisis? Those are the priorities. The tools are available. The Prime Minister has to stop playing games saying that there are somehow delays going on here. This budget has gone through faster than any other budget in the history of our country. The official opposition is supporting it. It will pass quicker than any other budget. The tools are there. The government should get on with the job.
Paul Crête Bloc Montmagny—L'Islet—Kamouraska—Rivière-du-Loup, QC
Madam Speaker, I listened with interest to my hon. colleague's speech. However, there is one aspect of the budget and the group of amendments that bothers me considerably. Although we hear about a desire to bring in a budget to stimulate the economy and really focus on the important aspects of economic stimulus, the Conservative government has decided to take an approach modelled after American budgets, that is, with measures that are not necessarily connected to the specific goal, and, as we say back home, measures that could be used to pull a fast one.
This includes creating a national securities commission, even though a consensus has been reached on this among the Government of Quebec, economic stakeholders in Quebec, all political parties in the Quebec National Assembly, and the Bloc Québécois. This consensus is based, for one thing, on the fact the OECD has ranked Canada second best in the world for securities regulation.
Now, with the support of the Liberals, the Conservative government is using the budget implementation bill as an opportunity to change this system, to change this arrangement and ultimately throw away a system that is working well, even though we are in a time when, if something works in the securities sector, we should leave it alone, instead of replacing it with something else.
How can my colleague explain his party's position, which is to support such a measure?
Paul Szabo Liberal Mississauga South, ON
Madam Speaker, the member is quite right. This is another area where there is not consensus by all of the provinces. There is quite a divide in terms of the provincial view on this and I know that Quebec has a unique situation in which its securities regulation function actually includes more aspects of the financial administration or markets other than the banking system, which is federal, as he knows.
He has simply raised another example of matters that should not have been put in the budget. It was not necessary to put it in the budget. It should have been discussed and studied in committee. It should have had the kind of vetting that is necessary to make a wise decision, which is what we say in our prayer every time.
I agree with the member. I think the government shows yet again that it is not prepared to address the financial crisis. It wants to switch the channel to other issues which do not help to create jobs.
Meili Faille Bloc Vaudreuil—Soulanges, QC
Madam Speaker, I have a question for my hon. colleague from Mississauga South. The first group of amendments refers to a section of the act that deals with tax havens.
Can he talk about his party's position on that issue?
Paul Szabo Liberal Mississauga South, ON
Madam Speaker, I would be happy to sit down and talk with the member about tax havens. It is certainly an important area for us to ensure that there is fairness and equity within the taxation system of Canada.
Let me simply reiterate that 40% of the stimulus package is infrastructure. I am not sure whether the $3 billion surplus without the designated scrutinies or due diligence is the safest way to go. There are other opportunities to continue to get the money out without creating a situation where people are focusing on the rules and history rather than on how we get those projects approved and running so those that are shovel ready can commence as soon as possible in the best interests of all Canadians.
Budget Implementation Act, 2009Government Orders
Yellowhead Alberta
Conservative
Rob Merrifield ConservativeMinister of State (Transport)
Madam Speaker, I listened to the debate and want to go back to the securities regulator question. The Bloc is saying we do not need it, but we are going into a very difficult economic time internationally and a time when Canada has to be as competitive as it possibly can be. To have a single securities regulator seems to be the only appropriate way to move forward.
I come from a province that agrees with its own securities regulator, but this is a voluntary process. My question to my hon. colleague is this. He is standing and saying that we do not need a national securities regulator. Would he go against the wishes of his province in that area?