Thank you, Mr. Chair.
My questions are for the so-called retired professor, Mr. Lareau, and the Canadian Bankers Association representatives.
Mr. Lareau, I'd like to discuss two of the regime flaws you mentioned: light penalties and bearer shares.
I intend to use your comments as the basis for other questions, so I'd like you to elaborate briefly on those two topics. That will also give you a chance to touch on anything you missed during your opening statement.