Mr. Speaker, I will be sharing my time with the hon. member for Terrebonne—Blainville.
There is a good reason why the Bloc Québécois tabled a motion today calling on the government to desist immediately from trying to create a common securities regulator. This is a Quebec and provincial jurisdiction. In addition, this initiative has been universally criticized in Quebec.
When I say that there is a good reason, I mean that this is a fundamental issue for us, directly related to the status of the Quebec nation. The Autorité des marchés financiers is currently responsible for regulating securities in Quebec, and the system is working very well, thanks in particular to the passport system shared with the Canadian provinces except Ontario. This is a fundamental issue for us, therefore, because it is directly related to Quebec’s status as a nation, as recognized by all the parties in the House.
It is hard to imagine how the government could recognize a territory and a group of people and give them a certain status only to insist then on taking away a power they already had, especially as we are talking here about a key power that is vital for managing financial products and services within Quebec.
The Autorité des marchés financiers, which is responsible for managing securities in Quebec, has quite a diverse mission. It provides assistance to consumers of financial products and services and ensures that the financial institutions and other regulated entities of the financial sector comply with the solvency standards applicable to them as well as with the obligations imposed on them by law. It also supervises the activities connected with the distribution of financial products and services, supervises stock market and clearing house activities and monitors the securities market. Finally, it sees to the implementation of protection and compensation programs for consumers of financial products and services, and administers the compensation funds set up by law.
It is not immediately apparent, therefore, how the creation of a common securities market would improve a system that is already working very well. There are no doubts at all on the international level about the competence of the AMF or how well the system is working. As a matter of fact, the OECD’s most recent economic outlook puts Canada in second place when it comes to the regulation of securities.
Earlier, I heard the member for Charlottetown say that duplication does not work, to explain in part his disagreement with the Bloc Québécois' position. He said that duplication does not work and never will. I would point out to him that this is precisely why the Bloc Québécois is fighting for sovereignty in Quebec: duplication will indeed never work.
I would add that, in a report on global financial markets, the World Bank considered Canada as a leader in securities trading. This means that, at present, the securities commissions from every province and Quebec are allowed to make themselves heard at the International Organization of Securities Commissions. Given that the Canadian Constitution states that securities fall under the jurisdiction of the provinces, individual jurisdictions can legitimately represent themselves at the IOSCO without going through an intermediary. Quebec has to continue to enjoy this voice it currently has on the world stage.
In February, the government announced that an expert panel would be appointed to draft model legislation to establish a single securities commission.
The Conservative government's intention to create a single Canada-wide securities commission has been confirmed. The Conservatives are prepared to overstep Quebec's jurisdictions and we think that is unacceptable. What is more, how can we accept this intention when we know there has been consensus for a long time and there still is consensus in Quebec against this truly centralist idea of the Minister of Finance.
Following a motion tabled by Pauline Marois, leader of the Parti Québécois in the National Assembly of Quebec, the National Assembly unanimously passed a motion asking the federal government to abandon its Canada-wide securities commission project.
On October 2, 2007, Monique Jérôme-Forget, Quebec's finance minister, said that the Minister of Finance's proposal would drive up costs since this plan adds another layer of bureaucracy. We have enough bureaucracy, but they want to add more.
The Quebec federation of chambers of commerce supports the position of Quebec's finance minister and that of the Bloc Québécois. On February 28, 2008, Monique Jérôme-Forget sent a letter to the Minister of Finance on the creation of this expert panel. In my opinion, this letter sums up quite well the position of Quebeckers and the consensus in Quebec I was talking about earlier.
Ms. Jérôme-Forget said the following to the Minister of Finance:
I have noted the appointment of your expert panel charged with making suggestions and recommendations—
First of all, I reiterate that the existing regulatory system in Canada works well and satisfies both the needs of pan-Canadian participants and the interests of the various regions. Accordingly, I will continue to oppose the implementation of any model leading to the concentration of market oversight responsibilities in the hands of a common or single regulator, regardless of how you call it.
She also said that the passport system works quite well. In closing, she also said the following about the expert panel mentioned and included in the budget bill:
—I note that you have ignored the proposals made to you by the Provincial-Territorial Council of Ministers of Securities Regulation.
I will close by saying that, indeed, it does not make sense to go down this path.