Mr. Speaker, in response to questioning yesterday on the government's intentions in the area of securities, the secretary of state for international financial institutions said that, in his opinion, the federal government would look after securities more effectively than the provinces.
In his letter to the President of the Privy Council of February 16, 1994, the former premier of Quebec, Daniel Johnson, said that federal regulation would be inappropriate and would lead to duplication of monitoring rules and inevitably to heavier administrative loads for issuers, investors and intermediaries.
My question is for the Minister of Finance or the secretary of state. On what basis can the government seriously state that it would be more effective in the area of securities than the provinces have been up to now, when this area of jurisdiction is solely theirs?