Thank you, Mr. Chairman.
I would have liked to have had enough time to ask the housing cooperatives some questions. Perhaps I will have some time.
My comments will be directed to the president of the Canadian Bankers Association.
You are no doubt aware that the president of the Investment Industry Association of Canada, Mr. Ian Russell, appeared before us last Thursday. I asked him whether or not he did in fact represent the securities commissions for all the provinces and territories, as well as the AMF, and he told me that this was the case. I also asked him whether this group used one single system, namely the passports system, and whether his association, using the system, did business with the International Organization of Securities Commissions. I asked him whether this was the organization that had harmonized all of its regulations and rates. I asked him whether in fact he represented a Canadian sector that ran very smoothly, and he replied as follows:
“Our industry, I think, functions well.”
Earlier, we heard from the president of the Quebec Employers' Council. He said that the added value that could eventually be provided by a single securities commission, in this case a Canadian commission as the federal government sees it, in comparison to the current system, remained to be seen. He said that national and international observers felt that the system worked well. Scarcely an hour ago, he stated that he had serious concerns about the negative ramifications that the federal initiative could have on Quebec's financial and economic sector.
I have in the past been a securities issuer. However we know full well—you know this as well, Madam—that regardless of where the securities are issued, whether it be Rivière-du-Loup, Calgary, Burlington, Edmonton, Vancouver or Saskatoon, we are now dealing with one body in Canada. You said that the system is fragmented. With all due respect, I think that you are a little bit behind the times as far as the facts are concerned. It may have been fragmented 20 years ago, but that is no longer the case now.
What prompts you to state today that the system is fragmented and not operating well, whereas everyone feels that it is in fact running very smoothly?