This is the problem. We want to have a common securities regulator in Canada. We are the only major industrialized country in the world that does not have one. This does create risk for people in Canada. We need to fix the risk.
Right now the de facto national securities regulator in Canada is in Ontario. It's called the Ontario Securities Commission. The Ontario government, of whatever stripe—Conservative, Liberal, whatever—has not agreed to accept the passport system. That has been true now for 15 years or so. That dog won't hunt, so we have to come up with something else.