Mr. Speaker, the entire world watched the Bre-X fraud being perpetrated on thousands of investors. It started out in the penny stock capital in Calgary and moved to the TSX. When it all came down, at the end of the day the RCMP had to say they did not have enough evidence to charge anybody with fraud or to go further.
The international community of investors pointed to Canada and said that we were a laughingstock in terms of our willingness to take on corporate fraud of the kind that had taken place with the Bre-X scam, with the other scams that had gone before it and with the other scams that came afterward.
I would like to ask my hon. colleague, even if we have a national regulator such that one can opt in or opt out depending on how one is feeling on a particular day in a particular province, what further steps will there be to ensure corporate accountability so that the kinds of flagrant scams like Bre-X and so many others will not continue to be perpetrated just because we have a single regulator, as opposed to a patchwork system?