Thank you for the question.
The proposal is for a single national regulator. It may be that some provinces will choose to continue with their own regulatory commissions; that's up to them. The Hockin report, by the way, recommended that this not be an optional system. It was our view that in the spirit of cooperative federalism the option should be given to each province and territory to decide what they wish to do.
These recommendations have been made in Canada since 1935. The big hole we have in regulation in Canada is securities regulation. This is a weakness that is an embarrassment for Canada around the world and we need to fix it.