Mr. Speaker, I thank the member for his question.
What we want in this debate is simply respect for the powers set out in the Canadian Constitution. It really is somewhat paradoxical, and unfortunately this happens frequently, that it is the Quebec sovereignists in this House who are calling for the pact that was made at the time of Confederation in 1867 to be honoured.
Second, the argument made by people promoting a Canada-wide securities commission, regardless of what form it takes, is effectiveness. No argument could be less sound. When it comes to effectiveness, the fact that there is a centralized commission in the United States did not prevent the Enron or WorldCom scandals, for example. So from that point of view, the argument does not hold.
As well, we can see the studies that have been done, for example by the OECD. Very recently, the International Monetary Fund said that savers and investors in Canada were very well protected. A 2006 study by the World Bank and Lex Mundi also placed Canada third when it comes to protecting savers. There is therefore no evidence that a centralized body would be more effective than what we currently have with the passports, and I would point out that a passport system is now being implemented. Unfortunately, Toronto is not joining the project, which would genuinely provide for effectiveness.
I will close simply by saying that in terms of the cost of funding it, there is nothing to show that the new system would be less costly for investors than the existing system. Essentially, it is a political project being put forward by the Conservative Party, and unfortunately the Liberal Party seems to be in agreement.