Thank you.
Ms. Walmsley, you ended by saying that “there is a hodgepodge of regulations” which is a very innocuous, but general statement. Now that we're on our second round of questions, I'd like to give you the opportunity to provide a more precise answer. In fact, as legislators, we have to work with very specific things. We're here to draft laws and write rules that will be applied stringently by the competent authorities.
You used the term “hodgepodge of regulations” but I'd like you to be more precise. The passport system was developed over the course of recent years to regulate financial markets in Canada, from one province to the next. I'd like you to give me a specific example of what has not worked and a specific example of a problem that could be resolved if a single centralized securities regulator were established. This has been a matter of provincial jurisdiction since 1867. Civil law, which we are talking about today, has always fallen within the authority of the provinces. This would cause a real constitutional shakeup. I'm not asking you for your opinion on this topic: I simply want you to tell us specifically what your suggestion would change.