Thank you, Mr. Chair.
Just as a point of clarification, Mr. Rudin, further to your answer to a question from Monsieur Laforest a few moments ago, who was asking about a common securities regulator, I know the sensitivities that the Bloc raise about this, and I remind them that what we're suggesting is voluntary. We're not forcing it down anybody's throat.
On your answer to that question, correct me if I'm wrong, but my understanding is that there is a common securities regulator in the United States, that being the U.S. Securities and Exchange Commission. Could we just clarify that? Also, how do we fit with our other trading partners in the G-7 and G-20 by not having a common securities regulator?