Thank you very much, Mr. Chair.
I'm going to go back to the basics because the answers I'm hearing are not really clear. I have asked myself the following question: What is a regulatory sandbox? I'd like to use an analogy and refer to what I have also seen in other countries. You start with a small parcel, a sandbox where you get to build castles and have fun. In some countries, demands framed around economic prosperity and innovation have pushed for more, and as I'm saying, this has now expanded into huge beaches. What I'm hearing this morning is that more sandboxes will be added and that this new practice will be expanded and regulated over time.
Personally, there are three things that make me extremely worried that things will get out of hand, and it concerns guardrails.
First, from a legal standpoint, how do you keep things from getting skewed when it comes to the competition?
Second, for the regulatory authority, working so closely with businesses can lead to a degree of proximity that may go too far. You can see where I'm going.
Third, there is the issue of transparency. Supposedly, decisions will be made publicly, but will they be properly justified? As parliamentarians, what is going to reassure us that the guardrails are in place?
When I hear a number of officials, who have appeared before this committee in person, tell us that they're not in a position to answer questions about how this will be regulated, how can I vote for this, seriously?
I would therefore like you to explain that, Mr. President of the Treasury Board.