Thank you, Mr. Chairman. I'll be sharing my time with Ms. Block.
I have one question for you, Mr. Duguay, and I thank you for coming this morning.
In the Calgary Herald this morning, Heather Douglas, president and CEO of the Calgary Chamber of Commerce, talks about, as she calls it, the “wise persons” committee that looked at a single regulatory agency for the stock markets across the country. I want just a yes or a no, or tell me if she's missed something in this thing. She writes:
Here's what the chamber suggests will happen by appointing a single securities regulator: Immediately enhance Canada's excellent reputation for prudent fiscal management and attract global investment capital. Enable critical and timely decisions with coordinated actions to rebuild investor and public confidence. Simplify regulatory compliance and save fees when member companies and all regulated entities no longer operate in as many as 13 jurisdictions. Use sound policy-making to ensure the needs of the jurisdictions are integrated into a cohesive and responsive set of securities regulations.
You talked earlier about regulations. Does the bank have a position on a single securities regulator?