No, I will leave him out.
The Vincent Lacroix case is indeed a feather in Quebec's cap. But you will agree that it does not deal with Canadian securities law, a matter that your predecessor as critic raised. This is a real concern with which all jurisdictions in Canada have to come to grips.
Criminal law, I am sure you will agree, is the responsibility of the Royal Canadian Mounted Police at the moment. So there is at least one role for the federal government.
I understand what you are saying about competence and "compétence". There is no army of federal public servants ready at a moment's notice to take on the challenge of running a securities regulator. Nor is there any intention to do so. That is why the distinction between a common regulator and a federal one is important. The idea of a common regulator is to use existing resources, whether in Quebec, in Ontario, in Alberta, in British Columbia, or anywhere else, using a different governance structure that brings them all together in one body. As we see it, that is the structure that would work best for Canada.
That is perhaps where the problem lies. Basically, it is all about the governance structure. How, in Canada, can we develop policies more quickly so we can become involved internationally with greater effect? Because it is there that, to an increasing extent, the major provisions for regulating capital markets are being negotiated.
We could talk about aspects of the governance structure for a long time. I will stop here to allow discussion and to catch my breath.