There were many lessons out of the financial crisis, but one of the key lessons was the critical importance of having a coherent, strong, focused, regulatory system. We have that on the prudential side in Canada and on the consumer side, but we do not have that on the security side. It is a fragmented system that is slow to make decisions. In a crisis, when international authorities need to get together to solve things, you need to have that single point of contact. So I think the coherence of the regulatory system is a key lesson from the financial crisis.
The second issue is enforcement. We hear time and again and read in the newspapers about the problems with enforcement in Canada because there is a fragmented regime across the country. I think the design of the system, as we have seen it through the proposals put forward by the Securities Transitions Office, would significantly strengthen enforcement. That's all to the good for investor confidence, individual consumers, and investors.
There have been a lot of improvements in the provincial security system over the years, but it hasn't gone far enough. I think public companies trying to raise money to create jobs would find it much easier and more efficient to be able to deal with a single authority. Of course, it will be spread across the country. There will be expertise across the country--in Calgary, from coast to coast. You will be able to draw on the pools of expertise that are there. We think it is very clearly and obviously a better system.