Thank you for the question.
As I mentioned in my comments, we are very excited about the opportunities with an annual regulatory modernization bill. The fact that the first one has been incorporated into this bill is why we're here today. We are striving to deliver against the very ambitious agenda that the government has set out. I believe that when the officials were here, they talked about how the regulatory modernization banner that was added within the bill is to help cut costs for both regulated parties and regulators in a bid to make regulation more efficient, and many of these changes will respond to long-standing irritants.
I hope I've been able to highlight that today. We are going to be able to save $17.5 million a year for our companies. They won't have to make that initial investment to this unique requirement. I know from other stakeholders that we have support in the industry. The Canadian Paint and Coatings Association has also submitted a letter providing comments on how it's an $18.5 million cost to their industry. I know that our Chemistry Industry Association also has a member that is looking at a $3-million investment up front, with around $750,000 a year for this requirement. As well, Responsible Distribution, which is another organization that represents suppliers, is also looking at a $2-million cost per year to be able to implement this—unique to Canada.
We're hopeful that we'll be able to take this amendment and—