To my knowledge, there is of course the Securities Exchange Commission in the United States. I believe that a few states hold responsibilities, but there is a single commission. You are right to tell me that despite its existence, the national regulatory securities commission was unable to prevent the problems that occurred in the United States. That does not mean, according to the government, that we cannot improve the Canadian situation by reducing fragmentation within our country's securities regulatory system. Nonetheless, there is no silver bullet to prevent any problem from happening, and the evidence is before us.
On March 3rd, 2009. See this statement in context.