Thank you very much, Mr. Chair.
Thank you to all of our presenters. I did find your presentations very interesting and did read through your submissions.
My first question is for Mr. Conway. Of course we all know that Canada is the only major industrialized country without a common or national securities regulator, and our Conservative government has been clear that this is unacceptable. This has been borne out by the current market turmoil, which has clearly highlighted the need for improved securities regulation.
I was interested in hearing from you, in your opening remarks, that the creation of a Canadian securities regulator is imperative. I'm wondering if you would explain why we should continue on that path.