I completely understand the Supreme Court's ruling and how it established the federal government's role with respect to systemic risk. However, it also confirmed that, from a constitutional standpoint, this issue falls under provincial jurisdiction.
How long does the federal government expect all the provinces to come on board and create that unique commission, even if it's cooperative, if we're only relying on the provinces to adhere to it or join it?
Right now we have provinces that are completely opposed to it. So what's the point of butting heads with the question of jurisdiction by trying to create that single securities regulator? Isn't there an easier way to try to achieve the objective of simplification and having a de facto single regulator by actually working with the provinces? I understand the rationale on the economic side and also how it is constitutionally impossible to do it. Is the government able to demonstrate it can do it in a constitutional manner? It hasn't demonstrated that it can, because we still see a strong opposition from the provinces.