Canada is the only country I'm aware of, and certainly the only industrialized country, that does not have a common securities regulator nationally. One of the issues that this raises, as we discussed, is the fragmentation in Canada and the inability, even with the best will and the best people if they're available, to come to quick decisions and to respond quickly to events as they develop, because of the need to coordinate across 13 jurisdictions.
The other thing it does is that it makes it impossible for Canada to speak with one voice in the international fora that look at securities regulation, in particular IOSCO, which is the international association of securities regulators, where no one is speaking for Canada at present.