Thank you, Mr. Chair. I'll try to be brief in order to turn it over to my colleague.
Mr. Jarislowsky, obviously we're doing some pre-budget consultations and some discussions around the rapid rise of our dollar, but one of the other issues that we think, and certainly our finance minister has indicated.... Canada is the only industrialized country without a common international securities regulator. In the past you've indicated that a common securities regulator with real teeth would be a lot more effective in protecting Canadian investors than the multitude of provincial and territorial regulators we have now that have no teeth...or from that perspective to be able to prosecute folks, at least in federal jurisdiction. You've also indicated, too, in a speech, and I'll quote, that “most of the 13 securities commissions do little other than make people fill out forms and take in fees”. I see I got a smile out of you there. That's great.
Having a national regulator, one of the aspects that we've talked about and that our finance minister has talked about, is the ability of one regulator in this country, with some teeth, to be able to bring forward and ensure that we've got security measures in place that would make sense from a regulatory perspective.
Could you comment on that?