You are in favour of a single national securities regulator for Canada. The government created a cooperative body. However, the problem is that two of the main players in this area, Alberta and Quebec, are fiercely opposed to participating in such a system.
If they do not get on board, would there not be risks in having a two-tier system, that is to say a cooperative body on the one hand, and on the other, very important players who are not a part of that system? What would be the impact of a two-speed system like that one?