Yes, thank you.
Firstly, as indicated in a previous committee hearing, we believe that the bill as drafted already respects existing frameworks and does not encroach upon the various jurisdictions.
However, this amendment would have an impact on the whole issue of the continuity of corporations which already exist. Several of them were incorporated under the previous regime. Such a provision would make the transition of those companies to the new regime problematical. This could lead to orphan companies during the transition.
Although we believe that the bill as drafted respects areas of jurisdiction and does not encroach upon them, we feel that the amendment would create that problem.