Our view on that subject is that it is an attractive feature to have one regulator on that front and one layer of regulation. The nearest comparable thing in tax policy, I would say, would be with respect to various provincial sales tax regimes. We do believe that having a harmonized sales tax—one regime across different provinces—is valuable in that circumstance, and it is directionally similar to be talking about a national securities regulator on that front.
And in the mergers and acquisitions world there can be enormous time spent dealing with the nuances between the different provincial regulators for an issue or in respect of a security. I would say sometimes the differences between the provincial regulators have nothing to do with the quality of the investment or the quality of the disclosure but are simply style differences between what needs to be presented. And the degree to which that can be simplified I think is attractive to foreign multinationals looking for access to public capital markets, or to big businesses operating in Canada as well.