I call back to order meeting number 34 of the Standing Committee on Finance. We are continuing our consideration of Bill C-31, An Act to implement certain provisions of the budget.
Colleagues, we have five witnesses for our second panel. We have Professor Cockfield as an individual from Queen's University. Welcome back to the committee. We have from the Investment Funds Institute of Canada, Mr. Ralf Hensel, general counsel. Welcome. We have the president of the Portfolio Management Association of Canada, Ms. Katie Walmsley. Welcome back to the committee as well. We have from London, Ontario, presenting as an individual, Ms. Lynne Swanson. Welcome, from London. By video conference, from New York, as an individual, we have Mr. Max Reed, an attorney. Welcome.
Thank you for joining us this afternoon. You each have a maximum of five minutes for an opening statement.
We'll begin with Professor Cockfield, please.