Mr. Speaker, as the member knows, the area of securities regulation is a shared jurisdiction. Presently, we have a variety of provinces that have securities regulators.
The view of the government is that the wise persons' report is the way to go, that we should have a national securities regulator and that the current passport system, which presently is being implemented, is not as effective as it could be. In some respects we agree with the observations of the hon. member.