Mr. Speaker, I thank the member for what I think most members of the House would agree was an excellent question.
We need to crack down on corporate fraud and we need better systems to ensure that never again do these sorts of financial catastrophes happen. We think also of the thousands and thousands of investors who lost livelihoods in the Bre-X affair.
That is why a number of provinces are choosing voluntarily to come together in a common system. We as a federal government are not going to take away their provincial jurisdiction by blocking them from their voluntary efforts to form a common securities commission to tackle problems just like this one.
I would encourage more discussion and I look forward to seeing what voluntary decisions the various provinces make in improving the way in which we regulate and monitor our capital markets.