I understand that, but I don't want you to take up all my time.
You said that membership is voluntary. In the Attorney General of Canada's factum to the Quebec Court of Appeal, your lawyers state that the government's objective is to create a Canadian securities regulatory body. Further on, the document clearly states that the progressive implementation shows the government's willingness to set up a single regulatory body. I think that your sales pitch doesn't hold water. You say that this is how things will turn out and that the opting in is a lock-in.
Are you not merely announcing that the federal government will take control of matters and then, as people will see, it will bulldoze ahead, end of story? If your bill passes, what will become of passports issued by Quebec, Alberta and other non-member provinces? Do you intend to force billers in Canada to switch to a passport system, and will your program result in two passport systems?
What would have happened when the merging took place, when the Montreal Exchange was taken over, when the Autorité des marchés financiers approved the transaction, but stated that there will be no substantial changes unless they are greenlit by that body? If everything becomes centralized in Toronto, how do you expect Quebec financial markets to remain independent?