I'm happy to respond to that. You've covered quite a lot of ground and a lot of points, and I can appreciate where you're coming from. I'd like to parse your comments and deal with each one separately.
The first one I'll deal with is your comment about Ottawa, because I'm the last person who would think that it should be set up here and run as a federal bureaucracy. When I talk about a single regulator, when our industry talks about a single regulator, we're talking about a national regulator. So the model I'm thinking of is a model that would have federal participation, but it would have a decision-making process that essentially would integrate all of the provinces in that model. It would be a national regulator. It could be located in Montreal, and that would be a good thing. It could be located in Vancouver. So I think the first thing to say is that my vision of it is not Ottawa-based and it is not a federal bureaucracy.