I apologize for interrupting you like this, but it is my time that is being used.
You know full well, Madam, that what you have said is inaccurate. When you are a Canadian issuer, you can issue securities in your province and have a passport for elsewhere.
Moreover, the International Organization of Securities Commissions held an international convention in Montreal. All of the big players in the international securities industry were in attendance. This was held in Montreal and the only person missing was perhaps the Canadian Minister of Finance. On this note, I would say that the Canadian bankers are exaggerating because they want to take over this business and centralize it in Toronto.
In addition, in your brief, you added that we would be better protected. You stated that “a single Canadian regulator will offer improved investor protection.” However, you know full well that the policing, namely the police who catch the white-collar criminals—come under the Criminal Code and not the securities commissions. If there are any Earl Jones types or others who are walking around, Canadian securities commission or not, these are criminals. These individuals are arrested under the Criminal Code, and this is not the job of the body that issues the security.
You are fully aware of the fact that the current system works very well. Why then do you want to compromise a system that works very well? You risk jeopardizing the system with an organization that would run counter to these things.