To make the PRPP successful, provincial governments must adopt companion legislation to enable the PRPP to cover provincially regulated businesses across the country. We encourage the federal government to continue working cooperatively with the provinces on the PRPP model.
Finally, Canada's productivity I think is closely tied to the efficiency and effectiveness of its financial system, including the importance of having a streamlined national regulatory regime applicable across the country.
With that, I'll make two points, very briefly. We have concerns about the tendency towards growing fragmentation in the regulatory system, which is why we strongly supported the federal government including in the Bank Act a preamble that would state the federal purpose and remind us of its exclusive federal jurisdiction. We're strong supporters of that. We also remain strong supporters of the federal government's efforts to create a national securities regulator and encourage Minister Flaherty to continue his efforts in that regard.
Mr. Chairman, thank you very much. I look forward to questions.