We'd have to see the statute and what powers it gives to a national securities regulator, and we would look for complementarities. There is some overlap between corporate law and securities law, and there are some aspects that are on parallel tracks. The corporate law in Canada works more or less hand in glove with securities law. The predominant thrust of our legislative agenda in 2001 was to eliminate duplication where possible or necessary, and to try to harmonize to the extent possible with the securities laws. Securities law can make rules, and the procedures are a little different from trying to get a bill through Parliament, so they can move much more quickly and adapt and be more flexible.
Again, it's a question of complementarity. I'm sure that in the event of a national securities agency, there would have to be some attention paid to the interface between the corporate law and the securities law.