The second point you mentioned was the Lacroix case, and I agree. I think the Quebec Supreme Court acted vigorously and I think the AMF did a great job on that. What concerns me is the provinces do have that jurisdiction to go after white collar crime. I would agree that with the federal model--and again we're talking about a national regulator, a little different--the provinces haven't grasped the mettle as much as they should have. I'm thinking of Ontario and I'm thinking of B.C., whereas Quebec, with the way they went after Lacroix, I think was a good example. One of the things I have said is the provinces should deal with white collar crime more vigorously because they do have the authority to do it, to take on criminal cases.
The second point you mentioned was about IMET, and you're right it hasn't worked. It's been a failure. My assessment of the reason for it is, first of all, I'm not sure it was well planned and well organized, and I think the former superintendent of OSFI had a number of reasons why it had failed. Again, it comes back to coordination at the federal-provincial level. You're right, IMET had the RCMP involved in the process, but it also was engaged with provincial securities regulators and enforcement people. My understanding is that this level of coordination and cooperation between the provincial levels and the RCMP that has the responsibility with Interpol just didn't work very effectively.
So there are two things. First, I don't think the entity itself was well organized and run well. Secondly, I think it did have this fundamental federal-provincial coordinating problem that influenced it.