Thank you for the question and the comment.
I think what the federal government is trying to do is improve the securities regulatory framework. And to do that, it must indeed work with the provinces to come up with a governance framework that works, is more effective and better meets the needs of suppliers and the various marketplace participants. I think the objective you mentioned is very much in line with the government's, which is to strengthen the securities regulatory framework.
As for the initiatives involving the talks with provinces, I would say that there have been a number of discussions over the past 16 months and even prior to that. A group of advisors from the provinces and territories took part. It brought together the 10 provinces and the territories. The spirit of cooperation continues.
There is no doubt that the approach has changed since the Supreme Court's ruling, but the discussions are ongoing. A number of multilateral meetings have been held, and some of them were attended by representatives from every single province and territory. The ultimate goal is really to improve the securities regulatory framework, to make Canada more competitive internationally, while addressing the recommendations of the IMF and the OECD to establish a national body.