Good afternoon, Minister.
I'd like to come back to the issue of securities regulation. You spoke of the Supreme Court's decision, and you mentioned the fact that the Supreme Court has said that the federal government still has responsibilities with regards to systemic risks. Furthermore, I would like to quote the Supreme Court's decision: “The proposed Securities Act represents a comprehensive foray by Parliament into the realm of securities regulation.”
It is clear that the provinces, including Quebec, Alberta, and British Columbia, want nothing to do with a single organization regulated by the federal government or on the federal level. It is also clear that the provinces wish to work together; at least, 9 of the 10 provinces want to work together. Indeed, they've created a passport system that would allow them to more easily establish the goals of pan-Canadian securities regulation. Why stubbornly insist on going in this direction when the provinces are ready to work together? Why insist that the federal government should hold the reins, rather than work with the provinces who wish to do so? It seems to me that the vast majority of them want to now.