I'll just say one thing on that. I think it's more about what we could call “regulatory hesitance”. I'm not so sure about the independence part. I don't have enough knowledge and experience with that.
A Harvard study back in 2009 pointed to something that it called “regulatory hesitance” among Canadian regulators. We have good legislation and regulatory measures on the books, but when it comes down to brass tacks, regulators seem to lose their spine. I think that's the big issue here.