Without commenting on whether or not this bill is perfect.... As I said, if it were passed, based on international standards and our own examination, it would leave an important gap for corporate beneficial ownership registries on a Canadian approach. It would cover up to 15% of incorporations in Canada that are done at a federal level, which, obviously, leaves up to 85% or more at a provincial and territorial level. That's why it's so important to continue to work with the provinces and territories to develop this pan-Canadian approach.
I'll say that, for several years now, we've had a working group with the provinces and territories. It's a rather mature relationship. It's an ongoing discussion, so we're well prepared to deepen that engagement. I believe Minister Champagne said that, last week, a letter went out from Minister Champagne and Minister Freeland to their provincial and territorial counterparts to help use the momentum of this bill to deepen and further that work. That's going to be one of our major priorities.
If this bill passes, it will be a very important step to then exploring that pan-Canadian approach even more.