I also agree that we have to improve financial regulation in Canada. I think this is an ongoing exercise and that all of the regulators in Canada are continually trying to improve the regulation. The only problem is that Canada is a federation that has a Constitution, and this Constitution gives provinces the constitutional responsibility of managing securities.
Having said that, as far as next steps go, if we want to improve the system, the challenge for the federal government is not to set up a national commission, which unfortunately is contrary to the Constitution. The challenge is rather to work with the provinces and to promote a collaborative entity that would allow for the achievement of both federal and provincial objectives at the same time.
Moreover, I believe that the OECD representatives felt that the regulations needed improvement. The IMF made similar comments. We are of the same opinion. However, are these organizations proposing to amend the Constitution? If so, I would argue that that, unfortunately, is a dead end, because it is a solution that is not achievable at this time.
We want to improve the regulation. The Autorité des marchés financiers wants to do so, and all of the Canadian regulators with whom we work want to do so as well. However, we must never lose sight of the Supreme Court decision which said that the regulatory framework for securities is a provincial responsibility. This is one aspect that cannot be ignored.