I would submit, however, that Quebec's government did accept it, as did Alberta's government and that of British Columbia. Currently, they are working together to create a passport system that would grant instant accreditation to all securities brokers, to all portfolio managers, etc. The provinces are therefore ready to work with the federal government in implementing these goals now.
One thing is causing a problem, and that is the federal government's will to establish a transition office to an organization under its responsibility. This blocks its implementation. Why not change course, and extend its hand to the provinces, who have already done a great deal of the groundwork, rather than stubbornly insist on creating a Canadian securities office?