I know, and thank you for the question.
The Coles Notes version is that we strongly support a single securities regulator, because although it has big geography, this is a very small country. We have 13 separate regulators in this area for what is in effect a single capital market. We understand completely that it is very important that there be local presence and the ability to deal locally with investors, but we feel it is very important to have a single set of rules, a single authority, for efficiency purposes. We know most of the provinces have come together to create a passport system. We think that's a first step, but it's not the last step. We think it should evolve to a single authority.
On a single authority, we're trying to convince as many of the jurisdictions as we can to come together to agree to do this. This may take some stages, but it is the right way to go in terms of its evolution. We certainly agree.