Concerning section 162, we move the following amendment:
(1.1) The Minister shall not make any payment to the Transition Office under subsection (1) until the Supreme Court of Canada has rendered a decision in the Matter of a Reference by Governor in Council concerning the proposed Canadian Securities Act, as set out in Order in Council P.C. 2010-667, date May 26, 2010, and the Minister has taken that decision into account in determining whether he or she should make any payments to the Transition Office.
Right now, as worded in Bill C-13, this section allows supplementary payments to be made to the Canadian Securities Regulation Regime Transition Bureau. As you know, Quebec is opposed to it, as well as six provinces. A $33 million payment has already been approved. We were told by the officials that $14 million have already been spent. All this issue has been referred to the Supreme Court of Canada and we still don't know whether it is constitutional.
Why then spend so much money for something which might be invalidated and which is opposed by Quebec and other provinces? Ironically, the Conservatives said during the 2001 election campaign that they would not proceed until they had a ruling by the Supreme Court.
That is the amendment we move.