At the end of your presentation, you talked about the framework of a single securities regulator, saying that it would provide a more consistent, effective and efficient means of regulating agencies, and that it would help coordinate international communication.
Those are wonderful words, but do you have specific examples to illustrate how the current system has been inconsistent, ineffective or inefficient? As we know, the OECD has said that Canada has an excellent securities system and that it has been improved by the passport system.
Were there times when communication was really bad between the 13 existing regulatory agencies?