No. The objective behind this is to incite regulatory co-operation. Federal departments have indicated that in its present form the one-for-one rule does not always encourage them to work with their counterparts in other jurisdictions to find ways to align their regulatory frameworks. This is meant to demonstrate to them that when you work together to align a framework and there's a cost reduction, then you can count that as your offset.
On May 8th, 2018. See this statement in context.