I'm trying to make the distinction here between publicly traded units, publicly traded partnerships, and ordinary partnerships like a law firm, which is a private partnership.
When I listened to Mr. Morand yesterday, he didn't seem to think that his law partnership was caught by this sort of thing. Yet it's Canada's largest law firm. So I don't think characterizing it as ordinary partnerships like law firms is quite correct. And it goes on to say that where a borrowing by a partnership from a financial institution is one where the financial institution offloads a portion of the risks through its own trading system, that is not a partnership that should be caught by these rules. Yet the legislation indicates how worried you are to table this in accordance with the committee's recommendation.
So I'm concerned here that the government is--possibly intentionally, but I'll go with unintentionally--blundering into catching partnerships and trades and trust units that were never intended. Is it therefore fair to say that the only way of dealing with it presently, since the government has chosen not to deal with it, is, in effect, to support amendment L-2?