Again, the expectation and the point is that the whole purpose of the code of conduct is that all major players will implement it. That prevents regulation.
With regulation, for example, we have heard that capping the interchange fee, as has been done in the European Union and Australia at 0.3%, is not effective. The industry players will find other means to charge fees.
I was told at the last meeting that the fees charged to small businesses in France are closer to what Canadian businesses are paying, though the top line says it is regulated at 0.35%.
What mechanism do we have? Let me put it bluntly: Do you have a stick?