First, Mr. Ste‑Marie, let me say how nice it is to see you. I thought I would get to see you in person, but I'm glad to have the chance to see and hear you. I know you have long been an actively contributing member of the committee.
I appreciate what you said about eliminating the efficiencies defence. You mentioned it as well. There seems to be a consensus on the issue—if not a consensus, at the very least, agreement among a wide range of experts that it is time for Canada to scrap the defence. I'm not so sure it has served Canada well. We now have a mature economy that is perfectly capable of functioning without it. For supporters of the Competition Act, the Investment Canada Act and other such laws, stability and predictability are key. Those are the things that matter to investors.
Obviously, these provisions aren't retroactive. I'm sure that, as an economist, you can appreciate why. The idea is to be able to take a forward-looking view. As you may have noticed, the vertical agreement provisions and other changes come into force a year after the bill receives royal assent. That is to give market participants time to make the necessary changes to contracts such as property leases.
Generally speaking, as you know, the law is forward-looking, not retroactive, in accordance with the principles of natural justice.