Mr. Chairman, I will be sharing my time with my colleague, Mr. Kramp.
I would like to thank all of you for being here this morning. As you know, we are studying a matter of importance to all Canadians. I very much appreciate your taking the time to appear before us. We are only parliamentarians—not pension experts. That is why we are conducting this study. The goal is to become better informed and to develop the most effective means of helping Canadians over the long term.
My first question, which is addressed to each of you, deals with regulations, or rather, the way regulations are enforced in Canada. As you know, the federal government regulates only about 7% of private pension funds in Canada. Everything else falls within provincial jurisdiction. Therefore, 13 provinces are also involved in regulating this broad area of expertise. In Canada, our system is similar to the securities industry—in other words, deregulated, with direction being given primarily by the provinces.
First of all, do you think federal regulations are properly harmonized with those of the provinces? Second, do you believe there should be better cooperation with our provincial colleagues, if required, in terms of regulating pension funds in Canada? In your opinion, should we go so far as to create a government entity that would coordinate those regulations, or is it your view that there is no real problem with the way that the current system is currently regulated in Canada?
Ms. Miazga, would you care to answer?