Mr. Speaker, I want to tell the hon. member that to promote a strong securities industry in Canada, we do need a Canadian securities commission. Based on initial requests from the provinces, we have continued to discuss with them the issues of developing a Canadian securities commission.
The hon. member is quite right to note that we need to ensure that Canadian companies and Canadian investors are not disadvantaged. A Canadian securities commission is not about federal intrusion, but it is about reducing overlap and duplication.