Thank you, Chair.
Thank you to our witnesses.
Clearly, to your comments, the day we live in is much different from the day of 2008, prior to the recession. We would all agree that much has changed.
To the CBA, I appreciate the thoughtfulness of your letter and your presentation. I'd like to ask questions on all three of your points, but I don't have time.
Let me address the first one, Mr. Facey, and I'll read it for the record:
The definition of state-owned enterprise (SOE) is unclear and, in conjunction with new powers that allow the Minister to deem an entity an SOE, make it difficult to ascertain whether an entity will be treated as an SOE under the ICA. As drafted, even Canadian companies could be subject to the SOE review provisions. The broad reach of the SOE definition engenders uncertainty for all investors.
I wonder if you could speak to your point on the broad range of the definitions. We've heard previous testimony that would suggest that the definition is fairly tight. Just discuss the uncertainty portion of that and how you feel that impacts our thoughts.