Yes, Mr. Paillé.
I would respond by saying that not everyone is saying that.
I would say there are lessons learned from the recent international financial crisis that underline even more the importance of us having a single, unified approach to securities regulation in this country.
Certainly there are efficiencies to be gained, and in my view, the passport model, which some might say is okay, does not go far enough. The passport model entrenches infrastructure costs and time factors that in today's environment investors don't really want to afford. You have not only Canadian investors, but you have investors from overseas who come and look at the Canadian system and say, “I can't believe this. It's like driving my car across the country and having to get a licence in every different province. It's crazy.”
So I feel that for a variety of reasons, including in particular, Mr. Paillé, increased enforcement--