Thank you, Mr. Chairman.
I thank the witnesses for being here today.
First of all, I have some questions for Mr. Albert, of the Autorité des marchés financiers.
As I spent 20 years in the financial services industry, I know something about the subject of securities regulation. I understand you don't think Canada needs to improve our securities regulation. Just about every international independent organization doesn't agree with you, including the OECD and the IMF.
I want to read to you a quote from the OECD:
Securities markets [in Canada] are highly fragmented, with 13 provincial and territorial regulators responsible for only loosely coordinated supervision.
A single national regulatory and enforcement body would greatly increase the attractiveness of listing in Canada by both foreign and domestic firms.
Mr. Albert, why is it you do not agree with the OECD? Why is the OECD saying these things if they are not correct?