Mr. Speaker, in this House, on March 13, I questioned the President of the Treasury Board about his intention to establish a Canadian securities commission. I pointed out to the minister that the various provincial securities commissions were already busy setting up the system for electronic document analysis and retrieval, commonly known as SEDAR. This new system, which should be operational in a few months, will ensure a true integration of financial markets. The funniest part of it is that the minister seemed totally unaware of the very existence of the system.
On this issue as on many others, the federal government is showing that good intentions do not necessarily give good results.
The Bloc Quebecois understands that a degree of harmonization is required between the various provincial commissions for the sake of efficiency and effectiveness. The private sector also came to that conclusion, and that is why, in a very near future, SEDAR will make the issue of securities easier between provinces.
The system that the federal government intends to establish, on the other hand, has nothing to do with wanting to simplify the process; chances are it is yet another attempt at centralizing and interfering. The idea is not new, by the way. Aggressive action to create a Canada-wide securities commission was undertaken as early as in 1964 by a royal commission. In 1979, another attempt was devised in the form of a draft bill. Finally, less than three years ago, the premiers of the maritime provinces also called for the establishment of a Canadian securities commission.
As is its custom, the federal government is once again duplicating what the provinces are already doing, without worrying about costs or effectiveness. To add insult to injury, it wants to interfere in an area in which the private sector is about to harmonize the rules in co-operation with the other provinces. Federal-provincial overlap? Totally out of the question, Mr. Speaker.
At a time when socio-economic stakeholders in Montreal deplore the serious economic problems plaguing Quebec's largest city, the federal government is once again trying to steer financial operations toward Toronto. Brokers, lawyers, accountants in the financial sector might be forced to leave Montreal for Toronto.
This is the effect the creation of a Canadian securities commission would have, by centralizing financial activity on that Ontario metropolis. It is not, moreover, mere happenstance that the English speaking provinces, and Ottawa, are trying to isolate Quebec and to force its commission to be subservient to the Canadian one.
The government must put an end right now to its centralist plans for the Montreal region, which are prejudicial to that region. Let us keep in mind that, only days ago in the throne speech, the federal government announced its intention to face up to the realities of the 20th century, and to withdraw from areas of provincial jurisdiction as much as possible.
Now, only a few days later, it makes a complete about face and wants to interfere in an area where the provinces and the private sector are managing very well.
We see clearly what is going on now; those old ghosts of centralization are still haunting this House.